A TECHNICAL VIEW ON CNX--BANK NIFTY---31-7-2017

CNX--BANK NIFTY

Open-24744.55--High-24859.75--Low-24651.05—Close-24811.30 on 28-7-2017

MajorSupport:-24672/24551.78/24455/24254.55/24053.70/23897.85/23774/23708/23684/23610/23477/23403.

Major Resistance:-25356/25517/25543.                

For-31-7-17 the intra-day support and resistance levels are given here-under:-

Support:-24672/24580/24551.78/24455/24299.60/24250/24234/24146/24053.

Resistance:-25033/25250/25356.

It halted its continuous upsurge of last 12 days and took a pause today and closed with a loss of 111.10 points. It also filled the gap it created yesterday. It is important to mention here that the gap up & gap down open which it did in last two days near the top end is not a good sign and is a distinct indication of topping out. However since technically it is still on a strong footing, so today’s down move may not necessarily be an indicative that it can correct further from here ,it may resume the up move from here again , so next 2-3 days movement will confirm which way it will move. The present critical range for it is between 25033---24551 and if it breaks and sustain below 24551 then it may go in for deep correction and going down it may find support at 24455/24254.55/24053—14/23897.85/23774/23477/23403 and it may bounce back from any of these points, among the above support points the range of 24254—24000 is really important so it is possible that it could bounce back from this range and resume the up move again. But if it breaks below 24000 and sustain then it can go in for much deeper correction which may please be noted.

The bias is still upward but in view of todays down tick, it is suggested to be vigilant and cautious in your long trade commitments.  

TRADING STRATAGY FOR-31.7.2017

1. Long call can be tried if it moves and sustain above 24860 for some time with a stop loss of below 24780 for a target of 24930/25033/25150/25250.

2.  It would be relatively safe to try long call if it moves and sustain above 24925 for some time with a stop loss of below 24840 for a target of 25033/25150/25250.

3. Buy on decline strategy can also be tried in the range of 24650--580 but not below 24580 with a stop loss of below 24530.

Remark: - The trend is up. Therefore long call can be tried as suggested above. But it would be comparatively safe to try long call above 24930 or on decline at suggested range.

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--28-7-2017

CNX-NIFTY

Open-10063.25—High-10114.85---Low—10005.50---Close—10020.55 on

27-7-2017

Major Support: -9970/9928.20/9015/9870/9838/9792.05/9778.85/9709.30.  

Major Resistance: -10043.60/10072/10131/10150/10162/10369.

Critical Point:-9870 & 9970.

For-28-7-17 the intra-day support and resistance levels are given here-under:-

Support: - 9970/9928.20/9870/9838/9792.05/9778.85.

Resistance: - 10043.60/10072/10114.85/10131.

It opened with an up gap at 10063.25 and made a high of 10114.85 and then went down in the late afternoon and filled the gap it created. It came pretty close to my last expected top out point of 10131(see my earlier post) then slipped down and closed near the low of the day at 10020.55. Today’s movement indicate that one should be alert here, because if it fails to cross the range of 10043.60---10131 and sustain above it in next 3-4 trading session then it can be assumed that the top may already be in place. It is therefore suggested to be extremely vigilant and cautious in long trade commitments henceforth.  

I still feel that it is difficult to cross 10131 level and sustain, so now the crucial benchmark range would be between 10043.60----10131. It is therefore suggested to avoid long call below 10043.60. Please note that, in case if it moves beyond this range and sustain, then the next tough range would be 10162—10210 and then 10370/10537/10552.

For-28.7.2017 In view of today’s movement long call can only be tried if it moves and sustain above 10043.60 with a stop loss of below 10000. Avoid buy on decline strategy for the day.Although there is no sign of trying short call in the market now  but in view of today's movement it could be worth trying short call if it stays below 10000  with a stop loss of above 10044 for a target of 9970/9960/9928.20/9915/9870.

Remark: - The trend is up. But in view of today’s movement long call can only be tried if it moves and sustain above 10043.60 for some time. Short call can also be attempted 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---28-7-2017

CNX--BANK NIFTY

Open-24857.50--High-25032.25--Low-24799.40—Close-24922.40 on 27-7-2017

MajorSupport:-24672/24455/24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-25356/25517/25543.

For-28-7-17 the intra-day support and resistance levels are given here-under:-

Support:-24799.40---72.40/24672/24500/24455/24299.60/24250/24234/24146/24053.

Resistance:-25033/25210/25356.

It just refuses to stop going up and today was the 12th day in a row it moved up .Furthermore it opened with a up gap and finally closed at a new high but the gap it created still exist, so if it attempts to fill the gap in next 3-4 days which is technically possible then it may come down to 24720.

Please note that the gap up open at the top end of the market could be sign of a strength or weakness. If it is a breakaway gap then further big rise is ahead and if this is an exhaustion gap then the top may be near. Since after rising for 11 day in a row it opened with a gap on the 12^th day at the top and the gap is still there, therefore it seems that it could be an exhaustion gap. However next 3-4 trading session will confirm it. It is needles to mention here that the vulnerability for correction is increasing by leaps and bound with each passing up day. It is therefore advised to be extremely vigilant and careful in long trade commitments henceforth.

  

For 28-7-17 long call can only be tried if it moves and sustain above 25033 with a stop loss of below 24900 for a target of 25190—210/ Avoid buy on decline strategy for the day for sure. Although there is no sign of trying short call in the market now  but in view of above observation it could be worth trying short call  below 24799 with a stop loss of above 24930 for a target of 24720/24672/24500.It could be a highly risky trade.

Remark: - The trend is up, but since it is highly vulnerable for correction therefore I would definitely avoid long call for the day personally, instead look for a short call opportunity.

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--27-7-2017

CNX-NIFTY

Open-9983.65—High-10025.95---Low—9965.95---Close—10020.65 on

26-7-2017

Major Support: - 9970/9928.20/9015/9870/9838/9792.05/9778.85/9709.30. 

Major Resistance: -10044/10131/10150/10369.

Critical Point:-9870 & 9970.

For-27-7-17 the intra-day support and resistance levels are given here-under:-

Support:-9970/9960//9928.20/9870/9838/9792.05/9778.85.

Resistance:-10044/10071/10131/10150.

It is showing good strength technically, but since it is moving closer to the expected top out points of 10044/10131(see my earlier post) therefore one should be extremely cautious and careful in long trade commitments henceforth.

For-27.7.2017 long call can be tried if it moves and sustain above 10026 or on decline near but not below 9970 with a stop loss of below 9915.   Please note that if it moves up in the range 10044—10071 then one can buy put option of 10050 for the day with a stop loss of above 10100. Since it is July-17 series expiry day so volatility is expected therefore both way trade is suggested.

Remark: - The trend is up. Long call can be tried as long as it sustains above 9970, but it would be safe to try long call only if it sustains above 10026 with a short stop loss of below 9960 for the day.

 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---27-7-2017

CNX--BANK NIFTY

Open-24578.15--High-24720.90--Low-24484.90—Close-24670.70 on 26-7-2017

Major Support:-24455/24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-24672/25356.

For-27-7-17 the intra-day support and resistance levels are given here-under:-

Support:-24590/24455/24299.60/24250/24234/24146/24053.

Resistance:-24672/24755/24965.

It has been moving up vertically and relentlessly for last 11 days in a row. Although it is showing good strength technically, but the vertical rise is scary, however it may continue to rise for another few days but it cannot go on like this without correcting. Furthermore with each passing up day in a row the vulnerability for correction increases immensely, so the correction may set in any moment before further up move and it may trap long trader on wrong foot. Furthermore in technical parlance it is said that a vertical rise may have vertical fall too, so the correction could be devastating, which may please be noted. Therefore I once again caution that one should be extremely vigilant and careful in long trade commitments henceforth.

For 27-7-2017- It is July-17 series expiry, so huge volatility is expected. It is therefore suggested to trade in option rather than in future for the day. However aggressive trader can try long trade only if it sustain above 24672 for some time with a stop loss of below 24580 for a target of 24755/24880, it could be risky trade for the day. Avoid buy on decline strategy for the day for sure. Call option of 24700 can be tried now with a stop loss of below 24590. If it moves above in the range of 24755--24800 then buy put option of 24700 for the day with a stop loss of above 24850 or buy put option of 24600 if it starts to trade below 24660 with a stop loss of above 24725   

Remark: - The trend is up, but since it is highly vulnerable for correction therefore I would prefer to avoid long call personally. Instead look for opportunity to try short trade in option 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--26-7-2017

CNX-NIFTY

Open-10010.55—High-10011.30---Low—9949.10---Close—9964.55 on

25-7-2017

Major Support: - 9928.20/9015/9870/9838/9792.05/9778.85/9709.30.  

Major Resistance: -9970/10013/10043/10131/10150/10369.

Critical Point:-9870 & 9970.

For-26-7-17 the support and resistance levels are given here-under:-

Support:-9934/9928.20/9896/9870/9838/9792.05/9778.85.

Resistance:-9970/10012—43/10131.

It opened with an up gap at 10010.55 and made a high of 10011.30 but could not sustain above 10000 mark and immediately slipped down and finally closed with a meager loss of 1.85 points at 9964.55. The overall observation remains the same. (As stated in my post of 25-7-17) Technically it looks o.k. as of now. But I still feel that it may top out in the range of 9970—10043/10131 for time being then correct and consolidate before moving up further. Please note that the expected target points are not far away from here, therefore it is suggested to exercise extreme caution in long trade commitments now. 

For-26.7.2017 long call can be tried if it moves and sustain above 9970 or on decline near but not below 9928.20 with a stop loss of below 9900.   Please note that if you feel that it can close below 9915 then it is suggested to buy 9900 put option of July series with a stop loss of above 9930.   

Remark: - The trend is up. Long call can be tried as long as it sustains above 9928.20.

 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--26-7-2017

CNX--BANK NIFTY

Open-24622.90--High-24624.65--Low-24450.20—Close-24520.70 on 25-7-2017

Major Support:-24455/24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-24672/24880.

Broad Range: - 23897.85----24455---24672

Range for the week starting from 24-7-17:--24299.30---23913.65.

For-26-7-17 the support and resistance levels are given here-under:-

Support:-24506/24455/24389/24299.60/24275/24234/24146/24053.

Resistance:-24651/24672/24880.

It is showing robust strength technically. But it has moved up by more than 1100 points vertically in last 10 days in a row, which makes it highly vulnerable for a correction before it moves further up and the correction may set in any day. It is therefore suggested to exercise extreme caution in long trade commitments at this juncture. 

For 26-7-2017- for Safe trader it would be better to avoid long trade, however the aggressive trader can still try long trade only if it sustain above 24521 for some time with a stop loss of below 24450 for a target of 24625/24651--672. Avoid buy on decline strategy for the day.  Please note that If it moves up today it will be 11^th day of up move which may be difficult to sustain therefore exit long position and try short call in the range of 24624---24672 with a stop loss of above 24700 or can buy 24600 put option of July series with a stop loss of above 24700 or if it breaks below 24455 then 24400 put option of July series can also be bought with a stop loss of above 24525.

Remark: - The trend is up, but since it is highly vulnerable for correction therefore long trade should be avoided, instead look for the 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--25-7-2017

CNX-NIFTY

Open-9936.80—High-9982.05---Low—9919.60---Close—9966.40 on

24-7-2017

Major Support: - 9928.20/9015/9870/9838/9792.05/9778.85/9709.30.  

Major Resistance: -9970/10013/10043/10131/10150/10369.

Critical Point:-9870 & 9970.

For-25-7-17 the support and resistance levels are given here-under:-

Support:-9928.20/9908/9870/9838/9792.05/9778.85.

Resistance:-9970/10017—43/10103.

I envisaged that it may top out after a reasonable rise during the last week ended on 21.7.17 around the mentioned levels (see my post of 17.7.17) but it did not happen. However looking at today’s move it seems that it may happen in coming days/ weeks. 

Today it decisively crossed its last week’s high and all time high of 9928.20 after moving around it for last few days and made new high of 9982.05 which indicates strength. It has already hit the first expected top out point of 9970 today, therefore now it seems that it may possibly also move near or hit the other expected top out target points of 10043/10131 in coming days provided it holds above 9970. I still expect it to top out around the aforesaid levels but in case if it moves beyond 10131 then 10150/ 10369 could be the critical points. It is important to mention here that, although technically it is on a sound footing as of now but with every rise the vulnerability for correction is also increasing, therefore it is advised to be highly cautious in your long trade commitment. Long trade can be tried till it maintains above 9928.20.

For-25.7.2017 long call can be tried if it moves and sustain above 9970 or on decline near but not below 9928.20 with a stop loss of below 9900.  Please note that if you feel that it can close below 9915 then it is suggested to buy 9900 put option of July series with a stop loss of above 9930.    

Remark: - The trend is up. It gave a robust upside breakout, therefore long call can be tried as long as it sustains above 9928.20.

 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--25-7-2017

CNX--BANK NIFTY

Open-24307.70--High-24460.55--Low-24234.65—Close-24420.85 on 24-7-2017

Major Support:-24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-24455/24672.

Broad Range: - 23897.85----24455.

Range for the week starting from 24-7-17:--24299.30---23913.65.

For-25-7-17 the support and resistance levels are given here-under:-

Support:-24365/24299.60/24275/24234/24118/24053.

Resistance:-24455/24460.55/24575/24672.

It is showing robust strength technically. Today it has crossed its last week high of 24299.60 decisively, crossed its broad range upper end point of 24455 intra-day and making new high every day which indicates technical firmness and further rise ahead.  Although it looks extremely good technically but here I once again reiterate that after making bottom of 22996.40 on 30.6.2017, it has been vertically moving up, furthermore for the last 9 days in a row, it has been moving unabated, therefore the vulnerability of correction is immense here and it may creep in any time now before it could rise further from here. Therefore trader should be very circumspect in their long trade commitment at this point of time.

For 25-7-2017- Long trade can only be tried if it moves and sustain above 24455 with a stop loss of below 24360. Although it is buy on decline market now and aggressive trader may initiate long trade around 24118—24050 but trying long call on decline for the day could be a risky bet as I am anticipating correction on the closing basis and if it happens how it will culminate no one knows.

Remark: - The trend is up, In view of the above observation it seems that it is highly vulnerable for correction and it could set in any time now. Therefore long trade can only be tried if it moves and sustain above 24455 with suggested stop loss.

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 DOW JONES INDUSTRIAL AVG INDEX---24-7-2017

DOW JONES INDUSTRIAL AVG INDEX.

CLOSED AT 21580.07 ON 21.7.17.

SUPPORT: - 21535.05 / 21471.14 / 21279.30 / 21197.08 / 21169.11 / 21070.90 / 21051.70 / 20798.90.

RESISTANCE: - 21661.91 / 21681.53 / 21743.88.

(Figures in bold are important)

Technically it looks O.K.as of now, but in last few days it has been moving in a short range, which indicates that a big move may be ahead on either side in coming days. Moving up it has critical resistance points at 21657.05 & 21743.88 and to keep the up momentum on it has to sustain above these points on the closing basis. It did move above 21657.05 intra-day couple of times in last few days but could not close above it which shows indecisiveness. However even if it crosses the aforesaid points and sustain the further rise may not be smooth because it will face very tough resistance in the range of 21865---21970 (the range changes every day). Similarly moving down it will find support at 21471.14 / 21279.30 / 21169.11 and sustained break below 21169.11 on the closing basis can take it down for deeper correction.

It seems that it hangs in balance now and can move either way in coming days, but looking at last few days’ movement it seems that the bias is slightly on the down side. So watch out.

REMARKS: - In view of last few days trading movement, it is suggested to be very circumspect in long trade commitments.

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.

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.

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

A TECHNICAL VIEW ON CNX--NIFTY--24-7-2017

CNX-NIFTY

Open-9899.60—High-9924.70---Low—9838---Close—9915.25 on

21-7-2017

Major Support: - 9870/9838/9792.05/9778.85/9709.30/9700/9688/ 9657/9632.     

Major Resistance: -9928.20/9970/ 10043/10131.

Range for the week starting from 24-7-17:--9928.20---9792.05.

Critical Point:-9870.

For-24-7-17 the support and resistance levels are given here-under:-

Support:-9870/9838/9792.05/9778.85.

Resistance:-9928.20/9959/9970—76/10015—43/10070.

It opened on a firm note and traded in a range above its critical point of 9870 for quite some time but later in the day it plunged down sharply breaking 9870 decisively and hit a low of 9838 and after some time it made a sharp recovery and made a high of 9924.70 before closing the day near the high at 9915.25.

It went near its all time high of 9928.20 in last three days but could not cross it; similarly it broke its critical point of 9870 during the day in last three days but managed to close above it and finally ended the week near the higher end of the weekly range. Therefore looking at last three days volatile movement it seems that still some more upside steam may be left in it before it tops out for the time being and start correcting. However I feel that even if it moves up there is not much room left for a big upside move and it could still be expected to top out at 9970/10043/10131 or around these levels (see my earlier post). It is important to mention here that if it fails to cross 9928.20 marks in next 2-3 days time then possibility of crossing this mark will recede but as long as it holds 9870 level chances of moving up will be alive. Please note that sustained break below 9870 on the closing basis may confirm that the top may be in place.  

For 24-7-17- Since it has closed near the higher end of the weekly range, therefore long trade should only be attempted if it moves and sustain above 9928.20 for some time with a stop loss of  below 9870 for a target of 9959/9970—76/10015. Avoid long trade on decline for the day. Please note that in last few minutes before close, if you feel that it can close below 9910 then buying put option of 9900 is suggested with a stop loss of above 9930 or if it closes near or below 9870 then buy put option of 9850 with a stop loss of  above 9920.

Remark: - The trend is up as of now. But looking at last few days movement it seems that it hangs in balance and critically poised, so it can move either way from here therefore long call should only be attempted if it moves and sustain above 9928.20 for some time, else avoid.

 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--24-7-2017

CNX--BANK NIFTY

Open-24231.40--High-24289.30--Low-24066.90—Close-24257.05 on 21-7-2017

Major Support::-23897.85/23717/23708/23684/23610..

Major Resistance:-24455/24672.

Broad Range: - 23897.85----24455

Range for the week starting from 24-7-17:--24299.30---23913.65.

For-24-7-17 the support and resistance levels are given here-under:-

Support:-24195/24053/23985/23930.

Resistance:-24300/24378/24455.

It is showing good strength technically therefore further rise in it is expected, but since it has been moving up unabated for the last 8 days, furthermore after making bottom of 22996.40 on 30.6.2017 it has been vertically moving up and lastly it is also near the upper end of its weekly range of 24299.30 and the broad range of 24455 therefore there is a strong possibility that it may correct from here before it continues the up move again. Please note that if it breaks below 23897.80 and sustain on the closing basis then correction may deepen further.

For 24-7-2017- Volatility is expected and possibility of correction is also there, therefore the long trade seems very difficult to handle at this juncture. It is therefore suggested that safe trader should avoid long trade for the day.  But the aggressive day trader  can try long call if it maintains above 24258 for some time with a stop loss of below 24190 or can try if it breaks out above the weekly range of 24300 and sustain for some time with a stop loss of below 24240. Buy on decline can also be tried near the range of 24053—23985 with a stop loss of below 24930 but it could be a risky trade for the day because as I am anticipating it to correct any day on the closing basis and if that happens then it may not move up and can  go down further also. Therefore overall I feel that it is a highly risky zone for long trade at any point, so be vigilant and cautious in long trade.    

Remark: - The trend is up, but in view of the above observation it seems that it is highly vulnerable for a correction and possibility of it increase with each passing up day and it can happen anytime soon now. Therefore I would avoid long call for the day. However if I have to try it at all I would prefer to try it only if it moves and sustains above 24300 for some time with suggested stop loss.

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.