A TECHNICAL VIEW ON CNX--NIFTY---1-11-2017

 CNX-NIFTY

Open-10364.90—High-10367.70---Low—10323.95---Close—10335.30 on 31-10-2017

Major Support:10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

 Critical Point :-9870 & 9970                                                                                                                                                                                                                        

For-1-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10334/10331.26/10296/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10375/ 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

Further to my last post on 23-10-2017, it was less likely to move beyond the tough resistance area but it managed to get into the tough resistance territory and still moving within it and the range for now is between10385---10301(it changes every day and rising now). The broader range is between 10385---10251---10226---10123.35---10080.67. It is not showing any weakness in price movement now but to keep the up momentum going it has to move above 10385(the upper band of the resistance range which changes every day and on the rise now) and sustain on the closing basis then it may hit the level of 10459.76, 10482.63&10578.  Similarly moving down if it breaks 10226.15 level and sustain then the on-going up move will be threatened and sustained break and close below 10123.35 & 10080.67 may signal the end of the current up move and then it  may get into the corrective mode before resuming the up move again. It is important to mention here that its long term uptrend can only be threatened if it breaks and sustain below 9797(it changes every day and it is rising now). The bias as of now is up but if it fails to move above 10385 and sustain then the down correction looks imminent.                                                                                                                                                                                                                         

In view of the above observation long call can be tried above 10385 with a stop loss of below 10300 or can also be tried on decline at appropriate level and the possible point could be near 10226 & 10175 but not below 10175 with a stop loss of below 10160 & 10080 respectively. But it would be better and safe to try long call if it moves and sustain above 10385 or else after a reasonable decline but only when it starts moving up again.

Remark: - The trend is up so long trade is suggested but the vulnerability of correction cannot be denied at this point of time because it is still moving within the tough resistance area, therefore it would be safe to try long call if it sustain above 10385. 

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY---23-102017

CNX--BANK NIFTY

Open-24238.40--High-24255.30--Low-23923.70—Close-24009.75 on

 19-10-2017

MajorSupport:- 23978.40/23923.70/23897/23852/23822.20/23708.65/23611.

MajorResistance:- 24103.30/24151—156/24331.85/24422.45/24455/24494.35/24496.20/24591/24651.05/24791.5524878.65.

For-23-10-17 the intra-day short support and resistance levels are given here-under:-

Support:-23978.40/23923.70/23897.85/23852.65/23822.20/23648/23611.20.

Resistance: 24103/24151---185/24240—296/24341---395/24422---455—494—497/24591/24651.

Further to my last post on 16-10-2017 it moved in an envisaged manner, it did not cross 24881.26 level therefore it did not indicate to initiate long trade but clearly gave indication to try  short trade as it did not cross the aforesaid mark therefore those who have  tried short call were suitably rewarded.

It is exhibiting tremendous weakness and in last two days it has opened with a down gap which is a bad sign, but there is a possibility that it may give an up move in next 3-4 days to fill the gap which is technically possible and if it attempts to fill the gap then it can move up to24270.05 and then 24571.85 and if it does not then not to bother about gap filling now. Furthermore it has broken  is short term rising trend line decisively and heading towards long term rising trend line which is placed at 23750—791 for the coming week and also broken short and medium term moving averages convincingly which indicates further fall ahead if it sustains below the averages on the closing basis. Looking at the price destruction moving up seems difficult but it may move up for filling the gap and in that case rise may not be sustainable and it is likely to slip again. So be careful and cautious if one initiate long trade.   

I once again reiterate here that the RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode (see my post of 16-10-17), so the indications does not seems good indicator-wise for the rise and since the prices pattern is extremely weak and it is below its short & medium term averages and if this weakness persist for few days then the negative divergence may come into play and it could see a moderate to sharp fall  in coming days/weeks. It is also important to mention here that its long term moving averages are placed in the range of 23648---23411---22370 now (it changes every day) and its recent bottom at 23611.10, so sustained break below 23648 will threaten the long term uptrend, break below 23611.10 will accelerate the fall and sustained break and close below 22370 may put the uptrend in real danger which may please be noted. 

In view of the above observation long trade is not suggested , however if it opens with a down gap again that is below 23923.70 then one can try long call near 23852—790 or try once it bounce back again above 23923.70 with a stop loss of below 23750 & 23850for a very short pull back. Long call can also be tried now above 24053 with a stop loss of below 23978 for an anticipated gap fill up but please note that trying long trade for a pullback or gap fill up could be very treacherous and can trap you unaware. The price destruction in last two days and other technical indicator indicates that short trade could be relatively a safer bet now, therefore sell on the rise strategy should be adopted and the possible sell point could be 24270---300 & then 24400—500 with a stop loss of above24350 & 24590 respectively or sell below 23923.70 with a stop loss of above 24020.  

Remark: - In last two days it has shown extreme weakness and looking at overall technical setup it may deepen further, therefore for safe trader it is suggested to avoid long call now, however aggressive trader can try long call as suggested above but it could be a risky affair. The bias is on the downside therefore, I would personally avoid long call for a pullback move and would only try once it moves above 24500 and sustain on the closing basis, instead now I would look for an opportunity to try short trade as suggested above.

 Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX---NIFTY---23-10-2017

 CNX-NIFTY

Open-10210.35—High-10211.95---Low—10123.35---Close—10146.55 on

19-10-2017

Major Support:10137.85/10103.82/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792--   -88/9740/9709.30/9700/9688/9687.55/9685.55.                                                                                                                 

 Major Resistance: 10178.95/10185--220/10251.85/10269—310---350 /10578.                                                                                                                                                                                                                                   

Critical Point:-9870 & 9970

For-23-10-17 the intra-day short support and resistance levels are given here-under:-

Support: -10137.85/10120/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance:    10178.95/ 10185--220/10251.85/10269—310- -350  /10578.                                                                                                                                                                                                                         

Further to my last post on 16-10-2017 as envisaged the range of 10245—260 proved to be a good sell range and market respected it ,after hitting new all time high of 10251.85 it retreated back and closed the week near the low at 10146.55. Please note that the price pattern has weaken in last two days, furthermore it has broken its short term rising trend line also today which is a bad sign, therefore it seems that the correction may accelerate in coming days/weeks provided it breaks and sustain below 10080.67 on the closing basis. Moving up from here seems slightly difficult because it has strong resistance in the range of 10178.95---10185---10225---235 and then 10251.85---270---310---350 and piercing it may not be easy therefore chances of going up is less likely.

 I once again reiterate here that the RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode (see my post of 16-10-17), so the indications does not seems good indicator-wise for the rise and since the prices are showing weakness and if it persist for few days then the negative divergence may come into play and it could see a moderate to sharp fall in coming days/weeks. It is also important to mention here that its long term moving averages are placed in the range of 9738---9370 now (it changes every day) and it has double bottom at 9687--9685, so sustained break below 9738 will threaten the long term uptrend, break below 9685 will accelerate the fall and sustained break and close below 9370 may put the uptrend in real danger which may please be noted.  

In view of the above observation long trade could be dicey at this point of time because moving up it has string of important resistance in the range of 10178.85—225---235 and then10251.85---270---310---350, so if anyone wish to try long call then should try only if it moves and sustain 10235 for some time with a stop loss of below 10170. Short call seems a better bet now on the rise and in the range of 10210---235 but not above 10235 with a stop loss of above 10275 or sell below 10120 with a stop loss of above 10180.

Remark: - The last two days down move showed good weakness and indicate further fall may be ahead therefore it is suggested to avoid long call now and can only be tried if it moves and sustain above 10235. Short call seems a relatively safer bet now; therefore it can definitely be tried as suggested above. I would personally surely avoid long call till it closes above 10235. The bias is on the downside as of now.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON BITCOIN—14-10-2017

BITCOIN

Support:$5461.02/4975.04/4922.70/4751.63/4661/4625.68.

Resistance: -$5840.30 /6228.60/6743.57/8257.02.

Further to my post of 2-10-2017 as expected it crossed its all time high of $4975.04 and hit a new high of $5840.30 on 13-10-2017 and now trading at ($5726 at 6.55 PM). Its overall technical setup is very good and it is likely to make new highs in coming days/weeks & months provided it holds $4975.04 level on the closing basis, chances of which is very bright. Once it crosses its recent high of $5840.30 the next target point could be $6228.60 & $6743.57 for the near term. However in between the rise it may witness corrective down move also and going down it will find good support at $5461.02 & 4975.04. Since the trend is up, so buy on decline is suggested but not below $4975.04 because sustained break below this mark may take it for deeper down correction therefore in that case you can still buy on decline but at good support points or buy when it bounces back above $4975.04 again. It would be prudent to buy above $4975.04. The bias is highly bullish as of now.

Remark: - It is in long term uptrend; therefore buy on decline strategy should be adopted as suggested above.

 Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY---16-10-2017

CNX--BANK NIFTY

Open-24411.10--High-24779.75--Low-24387.80—Close-24689.15 on

 16-10-2017

MajorSupport:- 24496.20/24494.35/24455/24422.45/24331.85/24200.60/24156—151/24103.30/24066/24053/23978.40//23897/23852/23822.20/23708.65/23611.

MajorResistance:-24779.75/24807—25/24881.26/24979.35/25032.25/25105.35/25198.80/26029/26180.

For-16-10-17 the intra-day short support and resistance levels are given here-under:-

Support:- 24496.20/24494.35/24455/24422.45/24387.

Resistance:24779.75/24807—25/24881.26/24979.35/25032.25/25105.35.

Further to my last post on 3-10-2017 after making bottom at 23611.10 on 28.9.2017 as expected it moved sideways for couple of days and then shot up reasonably well in last two days, although it is moving up but the RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode, so the indications does not seems good indicator-wise for the rise, furthermore its relative strength is weak in comparison with Nifty. However the prices are somewhat firm but to pick up smooth up momentum it has to move above its important points of 24806.50 & 24881.26 and sustain on the closing basis then possibly it can make an attempt to test or cross its previous top of 25105.35 &25198.80(all time high) and may make a new high also, else it may retreat from here and going down it will find very good support in the range of 24496---460---422 and break below this range can accelerate the fall.

In view of the above observation it is suggested to try long call only if it moves and sustain above 24806.50 & 24881.26 points with a stop loss of below 24770. Buy on decline should be avoided for now, however aggressive trader can try long call on decline also if they wish to near 24422 with a stop loss of below 24350, but it could be a risky trade mind you.  Please note that price movement does not indicate short trade here but if it fails to move above the aforesaid important points in next 1-2 days then contrarian trader can try short call below 24881.26 with a stop loss of above 24920, but it could be a risky trade mind you.

Remark: - The pull back move is on and it would be relatively safe to try long call if it moves and closes above 24806.50&24881.26. The underline strength does not seem that great therefore long trade should be handled with caution.

 Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY---16-10-2017

 CNX-NIFTY

Open-10123.70—High-10191.90---Low—10120.10---Close—10167.45 on

13-10-2017

Major Support:10137.85/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792---88/9740/9709.30/9700/9688/9687.55/9685.55.                                                                                                                    

 Major Resistance: 10178.95/10191.90/10210—230---260/ 10340---365/10578.                                                                                                                                                                                                                           

Critical Point:-9870 & 9970

For-16-10-17 the intra-day short support and resistance levels are given here-under:-

Support: -10137.85/10120/10080.67/10062.97.                                                                                                            

Resistance:10178.95/10191.90/10210---230---260.                                                                                                                                                                                                                               

Further to my last post on 3-10-2017 after making double bottom at 9687(previous bottom was at 9685) it was expected to move sideways or up, it moved up and hit a new all time high of 10191.90 which was not expected at that point of time. Although it hit a new high but RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode, so the indications does not seems good indicator-wise for the rise, furthermore the movement of 11-10-17 was also disturbing because after hitting a high of 10067.25 for the day it plunged down sharply to hit a low of 9955.80 in no time before closing the day at 9984.80,so it seems that the undercurrent is not that strong and this up move could deceive the trader at any point of time. But since the price pattern is strong, therefore till the price movement shows weakness the negative divergence may not come into play. So it may move up further from here and moving up it will face stiff resistance at 10178.95/10191.90/10210---230---260--295/10340—365/10578. Similarly moving down it will find good support at 10137.85 &10080.67 and break and sustained close below 10080.67 may signal end of the rally for the time being or for good and correction may creep in then which may be kept in back of your mind. Please note that the uptrend can only be threatened if it breaks and sustains on the closing basis below the range of 9709—9685. As of now the price pattern suggests long trade only but not to forget that huge resistance range is ahead, so be extremely cautious in your trade.

In view of the above observation long trade can be attempted only if it moves above 10191.90 and sustain for some time with a stop loss of below 10120, please note that 10178.85 & 10137.85 would be the alert point. Although price movement does not suggest a short trade now but since it has strong resistance range ahead in the region of 10210---230---260—295, so contrarian trader can try short call in the range of 10245—260 with a stop loss of above 10295. It could be a risky trade but worth trying. Please note that if market opens with an up gap then watch the market for sometime and let it settle down before initiating trade.

Remark: - It is in up momentum now and may rise further from here but long call should only be tried if it moves and sustain above 10191.90. But this up move could be deceptive so be alert in long trade.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL OBSERVATION ON BITCOIN---2-10-2017

 BITCOIN

Support: $4344.65/4224.64/4094.07/4039.29/3998.11/3970.55/3951.04/3906.18/3868—57/3681—66/3553.53/3445.64/3247.67/3155.53/2946.62.                                                                                                                  

Resistance: -$4455.70/4455.97/4484.70/4626.52/4655—61/4714.08/4975.049 (All Time High).

After hitting an all time high of $4975.04 on 2.9.2017 it corrected sharply on adverse news in China about it and hit a low of $2946.62 on 15.9.2017 but gradually recovered reasonably well and now trading at around $4422 (2.10.17 at 10.25 A.M). Its long term trend is up but moving up from here it will face  stiff resistance at $4428.12/4496.33 &4569.35 but once it moves above $4569.35 and sustain on the closing basis then it is likely to test or cross it’s all time high of $4975.04 ,chances of which are looking pretty bright at this point of time. Similarly moving down it will find good support at 4344.65—4338.71/4224.64/4094.07/4039.29. Please note that the range of 4344.65—4338.71 is very important for the month of October-2017, so sustained break below this range can drag it down to lower support levels as mentioned above and break below 4039.29 can take it down for deeper correction, therefore it is suggested to hold buying if it moves below 4039.29 and sustain till it gives indication of correction completion or bounce back above 4094.07 and sustain on the closing basis or one may try long call near important support points as mentioned at the top(see support points at the top). The technical setup is good, long term trend is up and bias as now is also up, therefore it is suggested to buy now or on decline as advised.

It is important to mention here that long term up trend will only be threatened if it breaks 3274 level (it changes every day) and sustain, chances of which looks very slim in near time period as of now.                                                                          

                                                                                                                                                                                                                     

Remark: - It is in long term uptrend; therefore buy on decline strategy should be adopted as suggested above.

 Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--NIFTY--3-10-2017

 CNX-NIFTY

Open-9814.30—High-9854---Low—9775.35---Close—9788.60 on

29-9-2017

Major Support: 9740/9709.30/9700/9688/9687.55/9685.55/9560.80/9448.75.                                                                                                                    

 Major Resistance: -9792/9850/9870/9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-3-10-17 the intra-day short support and resistance levels are given here-under:-

Support: -9786/9736/9709/9700/9688/9685.55/9634/9560.80.                                                                                                               

Resistance: 9792/9803.52/9821/9878/.                                                                                                                                                                                                                          

It tested its major bottom of 9685.55 on 28.9.2017 and made a slight higher bottom at 9687.55 and reasonably bounced back from there, so it has made double bottom in the range of 9687—9685 which is a good sign. On 29-9-17 it opened with an up gap and further went up but late in the afternoon it wiped out all the major gain and closed with a moderate gain of 19.64 points. The movement for day indicated weakness. Furthermore it is also below its short and medium term moving averages   and other technical indicator such as RSI and MACD are also badly poised therefore the overall technical setup is weak as of now and indicate that further fall may be ahead in coming days/weeks. But since it has made double bottom at 9687—9685 it may move sideways or up from here for a while before it witness further fall. Moving up it will face resistance at 9803.52/9821/9870--9878/9934/9970—92.

The key points are 9803.52(fix point)/9821 &9878(it changes every day) so if it maintains and close above 9803.52 then it can be assumed that the pullback move may continue for a while, move and close above 9821 &9878(it changes every day) will indicate that the up move may strengthen but it will regain the strong up momentum only above 9970—92 which may be please be noted. The last two days positive close was a pullback move and may continue for some time if it behaves in the aforesaid manner else it may end anytime soon.

In view of the above observation long trade for taking advantage of the pullback move should only be attempted if it moves and sustain above 9803.52 with a stop loss of below 9735 for a target of 9821/9850—78/9920. Similarly short trade can also be attempted below 9735 with a stop loss of above 9790 for a target of 9685/9640 or sell if it fails to cross 9878 then near it but not above it with a stop loss of above 9930.   Please watch the market for sometime before initiating the trade.  

It is important to mention here that the ongoing up move after the impulse down move of 8 days seems to be a pullback move and may end anytime until and unless it crosses 9970--92 level and sustain above it; therefore long trade should be handled with extreme caution and care at this point of time.

Remark: - Since it  has made double bottom in the range of 9687—9685, therefore it may stage a pullback rally from here before it resumes the down move again, so those who wish to take advantage of this rally may try long call as suggested above. But broadly it still seems a sell on the rise market as of now, so be alert and cautious in long trade.

  

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY---3-10-2017

CNX--BANK NIFTY

Open-24114--High-24227.45--Low-24004.80—Close-24053 on

 29-9-2017

MajorSupport:-23963.74/23897/23852/23822.20/23708.65/23611.10/23311.85/23029/22996/22978/22578.

MajorResistance:24103/24151—156/24455/24494.35/24496.20/24591.80/24651.05.

For-29-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-23963.74/23852/23822/23708/23650—611/23580/23341/24216.

Resistance: 24055—78//24103/24151—156/24228/24389/24422--55.

After making major lower top at 25105.35 on 18.9.2017 it started correcting and in 8 trading session it lost close to 1500 points. But on 28.9.2017 after hitting a low of 23611.10 it recovered sharply to close at 24008.15 which indicates that after the huge impulse fall of 8 days it has made a short bottom at 23611.10 and may move up further before it witness further fall. On 29.9.2017 it opened with an up gap and further went up but late in the afternoon it wiped out all the major gain and closed with a moderate gain of 44.84 points. The movement for day indicated weakness. Furthermore it is also below its short and medium term moving averages   and other technical indicator such as RSI and MACD are also badly poised therefore the overall technical setup is weak as of now and indicate further fall may be ahead in coming days/weeks. But since it seems that a short bottom at 23611.10 is in place therefore it may move sideways or up from here for a while before it starts down journey again. Moving up it will face resistance at 24182/24227/24388/24422—55/24496--535.

The key points are 23963.74(fix point)/24055 &24227(it changes every day) so as long as it maintains above 23963.74 then it can be assumed that the pullback move may continue for a while, move and close above 24055 &24227(it changes every day) will indicate that the up move may strengthen but it will regain the strong up momentum only above 24550 which may be please be noted. The last two days positive close was a pullback move and may continue for some time if it behaves in the aforesaid manner else it may end anytime soon.

In view of the above observation long trade for taking advantage of the pullback move can be tried as long as it holds 23963.74 level but it would be relatively better to initiate long call if it sustains above 24055 for the day with a stop loss of below 23950 for a target of 24103—182/24227/24388. Similarly short trade can be attempted below 23950 with a stop loss of above 24055 for a target of 23852/23812/23708 or sell if it fails to cross 24227 then near it but not above it with a stop loss of above 24300. Please watch the market for sometime before initiating the trade.  

It is important to mention here that the ongoing up move after the impulse down move of 8 days just seems to be a pullback move and may end anytime until and unless it crosses 24502--24550 level and sustain above it; therefore long trade should be handled with extreme caution and care at this point of time.

Remark: - It seems that it has made short bottom at 23611.10, therefore it may stage a pullback rally from here before it resumes the down move again, so those who wish to take advantage of this rally may try long call as suggested above. But broadly it still seems a sell on the rise market as of now, so be alert and cautious in long trade.

 Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

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