Important Levels for 25-11-2021.
The index was definitely the weaker of the two indices and was stuck in a small range of 50 points before the bears gained complete control and closed strongly.
17350-17360 had seen good buying yesterday and will be a important zone to consider tomorrow.
If we open slight gap up or flat and start trading below 17350 we can take a short position with a SL of 17375 and aim for targets of 17310,17270 and 17250. The SL needs to be trailed aggressively once we trade below 17300 as we had witnessed strong buying yesterday at these levels.
If we see open flat and start trading above 17360, risky traders can look forward to take longs with half of normal quantity and aim for targets of 17440 and 17480. Safe traders avoid longs and wait for negative price action in the range of 17440-17480 and once we see a -ve candle well supported by volumes we can enter with a SL of 20-25 points and aim for initial target of 17360 and then targets mentioned above.
Option data as of now indicates 17300 and 17500 to act as good support & resistance respectively.
The index was definitely the weaker of the two indices and was stuck in a small range of 50 points before the bears gained complete control and closed strongly.
17350-17360 had seen good buying yesterday and will be a important zone to consider tomorrow.
If we open slight gap up or flat and start trading below 17350 we can take a short position with a SL of 17375 and aim for targets of 17310,17270 and 17250. The SL needs to be trailed aggressively once we trade below 17300 as we had witnessed strong buying yesterday at these levels.
If we see open flat and start trading above 17360, risky traders can look forward to take longs with half of normal quantity and aim for targets of 17440 and 17480. Safe traders avoid longs and wait for negative price action in the range of 17440-17480 and once we see a -ve candle well supported by volumes we can enter with a SL of 20-25 points and aim for initial target of 17360 and then targets mentioned above.
Option data as of now indicates 17300 and 17500 to act as good support & resistance respectively.