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My subjective chart reading:=
1)3193 to 3198 is the last 3 days Price action confluence zone.
2)Last 2 days lows when attached with a Trendline are upward sloping ,this line
projects 3186 Today .Similarly the upper is 3251.
3)Reversal Point earlier identified was 3071.30 & 3050 the
probable Pivot Low.
Strategy & Options:=
a)If i Buy Above 3251 stop can be 3179.95 (Stop is 70 points not acceptable)
If Long side wins then EoD tgt can be expected optimistically upto
3521.85/3626.75.(Hence may keep those 3400 Str CE ,will decide
after looking intrachart.)
b)May Short Below 3186 with 3205.05 ( Stop is 19 points good ;if i can get a
RESISTANCE POINT in between 3186 & 3205 in today's Intraday chart then
may take this option .Reward would be good only if 3050 breaks
otherwise max 100 points,hence scaleing in with Addition in every rise
not all lots of Shorts in one shot would be a better strategy.
Addition would protect the avg. of the Shorts to be always on the Higher side,
moreover expecting good volatility today ,so price should not go much above
my Short's entry,otherwise only thing that will increase is my Sugar Level.
c)Good chances for 3071.30 to hold,if so will Long as done on earlier.
May take any 1 option as Intraday chart unfolds.
1)3193 to 3198 is the last 3 days Price action confluence zone.
2)Last 2 days lows when attached with a Trendline are upward sloping ,this line
projects 3186 Today .Similarly the upper is 3251.
3)Reversal Point earlier identified was 3071.30 & 3050 the
probable Pivot Low.
Strategy & Options:=
a)If i Buy Above 3251 stop can be 3179.95 (Stop is 70 points not acceptable)
If Long side wins then EoD tgt can be expected optimistically upto
3521.85/3626.75.(Hence may keep those 3400 Str CE ,will decide
after looking intrachart.)
b)May Short Below 3186 with 3205.05 ( Stop is 19 points good ;if i can get a
RESISTANCE POINT in between 3186 & 3205 in today's Intraday chart then
may take this option .Reward would be good only if 3050 breaks
otherwise max 100 points,hence scaleing in with Addition in every rise
not all lots of Shorts in one shot would be a better strategy.
Addition would protect the avg. of the Shorts to be always on the Higher side,
moreover expecting good volatility today ,so price should not go much above
my Short's entry,otherwise only thing that will increase is my Sugar Level.
c)Good chances for 3071.30 to hold,if so will Long as done on earlier.
May take any 1 option as Intraday chart unfolds.
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