A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—26.4.2021

 

CNX--BANK NIFTY

Open-31490.60--High-32148.40--Low—31377.15--Close-31722.30 on 23.4.2021

Support:31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;31783.60/32157.05/32347.20/32415.15/32465.45/32613.10/32842.30/33306.80/33990.80/34360/34430/34658.70.

(Bold and underlined figures are most important)

After decent recovery on 22.4.2021 it ended the day today with a meager loss of 60.29 points. Its overall technical setup is tremendously weak but very short term technical parameters and some technical indicators are pointing that it may give some rise from here,which may please be noted. Its critical and most important points for the year 2021 are placed at- 32613.10---32465.45---31297.30 & 31264.05 and it is way below its first two points but above its last two points, even if it holds last two points then chances are that it could stage a moderate short term recovery, furthermore it is way below all its other key points which are placed at-36063.50---35815.75---35648---33625---32612.92(figures can change) which is hugely negative sign. Please note that it slipped into long term correction mode on 9-4-2021 and it could only come out of it if it moves above 32613.10 and sustain on the closing basis else it will drift downward in coming days and down move could be very painful price-wise and time wise both and most importantly it can potentially threaten the long term uptrend, which may please be noted. 

It is into long term correction mode for last few days. I once again reiterate here that its overall technical setup is extremely weak, but short term technical parameters and some technical indicators are showing some sign of improvement , so a rise form here cannot be ruled out before it resume the down move again, provided it holds its two tier critical support range of 31300---31260---31112---31000 and then 30915---30540 , please note that sustained break below the above mentioned range on the closing basis could trigger an accellerated fall. Similarly moving up its very critical resistance range  would be between 32130---32465---32613.10, if it moves and closes above 32130 then it could give moderate to reasonable up move and if it moves and sustain above 32613.10 on the closing basis then that would be a positive indication for resumption of strong up momentum again and it could extend the up move then, which may please be noted. Please note that if it remains below  the above mentioned support range on the closing basis then it is very likely to hit 28000---27000 levels or much below it on the downside in coming days.

In view of the above observation, it is into long term correction mode, but short term tercnical parameters and indicatorts are showing some positive sign therefore long trade can be tried on decline at appropriate points or near but not below 31112 and then within the range of 30915—30540 but not below it or buy if it moves and sustain above 32130 for some time.  Please note that long trade in long term corrective mode could be a very risky proposition, particulary buying on decline, but since chances of some rise seems quite bright at this point of time ,so one can try. Since it is into long term corrective mode therefore it is suggested to try sell trade on the rise  or sell on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy on decline at appropriate points  or near 31112 but not below it with a stop loss of 30980. It could be a highly risky trade.  

Or

Buy on decline  within the range of 30900---30540  but not below it with a stop loss of 30350. It could be a highly risky trade.  

Or

Buy if it moves and sustain above 32130 for some time with a stop loss of 32000. It could be a risky trade.   

2. Sell on the rise near or within the range of 32400---32550 with a stop loss of 32650. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 31112 for some time with a stop loss of 31300. It could be a risky trade but worth trying for intraday gain in weak market.

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

Dollar – Vs –Rupee A TECHNICAL VIEW)—21.4.2021

 

Dollar – Vs –Rupee

 Dollar   closed at Rs.75.44 on 20.4.2021. 

SUPPORT:75.05/74.98/74.86/74.52/74.43/7429/74.16/73.97/73.64/73.39/73.14/72.95/72.80/72.71/72.29---72.25. 

RESISTANCE: 75.51/75.78/76.34/76.8/77.34/77.42/77.45/77.75/78.35/79.30. 

TECHNICAL   OBSERVATION :- 

It is  bullish on the chart but weekly chart will pose some hurdles at the higher levels and the critical resistance points moving up would be at 75.51---75.78---76.22---76.41, please note that sustained close above 75.78 will make sure that it could rise further and if it could move above 76.41 and sustain on the closing basis then it could retest its all time-high of 77.45 or may go beyond to the level up to 77.75---78.35---79.30, chances of retesting its all time-high is pretty bright at this point of time. The overall technical setup is good as of now and long term bias is on the upside as long as it holds the range of 73.95---73.25(these figure can change) levels. Please note that sustained break below 73.25 on the closing basis can potentially threaten the uptrend.

Remarks:-- The long term trend is bullish now, it is suggested to structure your trade with the help of support ,resistance other critical points mentioned above. The bias is positive as of now.

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

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—22.4.2021

 

CNX--BANK NIFTY

Open-31568.95--High-31731.65--Low—30891--Close-31112.70 on 20.4.2021

Support:31010/30870/30843/30669/30648/30520/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;31190/31264.05/31297.30/31649.49/31661/31783.60/32157.05/32347.20/32415.15/32465.45/32613.10/32842.30/33306.80/33990.80/34360/34430/34658.70.

(Bold and underlined figures are most important)

It opened with an up gap today but could not sustain at the higher level and during the day it  filled the yesterday gap by more than 75% and completely filled today's gap,which is good and ended the day with a  loss of 95.70 points. Since it is already  into long term correction mode for the last few days, so it is into the downtrend  now and therefore steady and significant rise from here is ruled out on the closing basis but it may give intermittent short relief rallies from time to time.  Its critical and most important points for the year 2021 are placed at- 32613.10---32465.45---31297.30 & 31264.05 and it is below all these points now which is a very weak sign, furthermore it is way below all its other key points which are placed at-36063.50---35815.75---35648---33625---32612.92(figures can change) which is hugely negative sign. Please note that it slipped into long term correction mode on 9-4-2021 and it could only come out of it if it moves above 32613.10 and sustain on the closing basis else it will drift downward in coming days and down move could be very painful price-wise and time wise both and most importantly it can potentially threaten the long term uptrend, which may please be noted. 

It is into long term correction mode. It is well below its short and medium term moving averages on daily and weekly chart which indicate extreme weakness, furthermore it is below some of its long term averages and other parameters and some technical indicators are showing very weak sign on the weekly chart also and most importantly it has decisively broken its long term rising trend line way back on 24-3-2021, which indicates even greater weakness therefore  further fall looks inevitable but with intermittent short relief rallies in coming days and provided it sustains below 32613.10 and 31264 on the closing basis. Please note that its pullback threshold point is now at 32130(figure can change) and it is way below it now, but if it moves above it and sustain on the closing basis then only it could give moderate to reasonable up move else it will drift down again. Going up it will face resistance at-32130---31264---31297.30---31650---31757---32141---32330---32415.15---32465---32613.10---32842.30---33303.90---33455.50---33588---33625---33991---34268---34438---34658.70---35062---35687---35815.75---36460---36650levels. Please note that if it remains below 32613.10 & 31264 on the closing basis then it is very likely to hit 29000---28000 levels or much below it on the downside in coming days. I once again reiterate that it has to move above 32613.10 and sustain on the closing basis to give positive indication and to keep the hope alive for resumption of strong up momentum again else down move will continue with in between short relief rallies. Going down it can find support at-31010---30840---30520---30477---30220---29687.7---29612.55---29156---28976.75---28525.45---28388---27652. Kindly, note that the short term technical setup and parameters are tremendously weak. So short term bias is hugely negative as of now, furthermore it is knocking on the door to break the long term parameters and l below some of it now which is a bad sign therefore the long term trend could be in potential danger now if it does not bounce back sharply in a short period of time.

In view of the above observation, it is into long term correction mode, therefore for safe trader or otherwise long trade in general should be avoided till it gives visible indication of correction completion. It is suggested to try long trade only once it moves above 31300 & 32130(pullback threshold point) and sustain on the closing basis. But the aggressive traders can try long trade if it moves above 31300 and maintain for some time or buy on decline near 30840 but not below it. Please note that long trade in long term corrective mode could be a very risky proposition, particularly buying on decline. Since it is into long term corrective mode therefore it is suggested to adopt sell on the rise strategy  or sell on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy on decline near 30840 but not below it with a stop loss of 30750. It for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and sustain above 31300 for some time with a stop loss of 31100. It for aggressive traders and could be a risky trade.   

2. Sell on the rise near or within the range of 31750---31850 with a stop loss of 32000. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 31264 for some time with a stop loss of 31350. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it moves below 30840 and sustain for some time with a stop loss of 31050. It could be a risky trade but worth trying for intraday gain in weak market.

 

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR-22.4.2021

 

CNX-NIFTY

 Open—14526.70--High—14526.95—Low—14207.30---Close-14296.40 on 20.4.2021.

Support:14264.40/14248/14222.80/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.                                                                                                                                                           

Resistance:14350.10/14459.50/14467.75/14484.12/14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.                                                                                                                

 (Bold and underlined figures are most important)

It opened with a huge up gap today but could not sustain at the higher level and during the day it almost filled yesterday gap and completely filled todays gap and ended the day with a  loss of 63.04 points. Since it has already broken its major rising trend line yesterday  and it is already in deep correction mode for quite some time and slipped into medium term correction mode today, so it is into  downtrend  now and therefore steady and significant rise from here is ruled out on the closing basis but it may give intermittent short relief rallies from time to time. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points now and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 15131.35---14998.70---14888.80---14336.34---13562.48---12430.50(except for 12430.50 other figures can change). It is way below its first 3 key point’s of15131.35---14998.70 &14888.80 for the last so many days, therefore it is already into deep short term correction mode and it seems that it will last long. It has broken its 4^th key of 14336.34 today, pushing it into  medium term correction mode which can last even longer and most importantly sustained break below 13562.48 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

It was into deep short term correction mode for quite some time and today it slipped again into medium term correction mode which is further bad sign . It is  below its short and  some medium term moving averages, furthermore it is well below some of its long term averages and parameters and some important technical indicators are showing very weak sign on the weekly chart also and most importantly it has broken its major rising trend line on 19-4-2021 and it is placed at 14490(this figure will scale up every day) for 22.4.2021, which gives potential  indication that further fall from here looks inevitable in coming days off course with in between short relief rallies from time to time and provided it does not bounce back above its medium term correction mode threshold point of 14336.34 and within the trend line again and crosses some of the key points, chances of which  happening looks very bleak at this point of time. Furthermore its pullback threshold point is at 14484.12 (it can change) and it is well below it now, please note that if it moves above it and sustain on the closing basis then only it could move up further and could give a moderate to reasonable recovery, else down move will continue. Going up it will face critical resistance at-14350---14467.75---14484.12---14653---14703---14753.55----14811---14840--14888.80---14998.70---14985---15131.32---15156.30---15176.50---15198.30---15273.15---15336.35---15431.75---15471 levels. Please note that sustained close below the trend line and below 14336.34 could witness further fall in it and it could hit the range of 13750---13600 or below on the downside in coming days. Going down it can find critical support at-14264.10---14248.70---14222.80---14191---14024.85---13996.11---13981.75---13953.75---13777.50---13596.75---13562.50---13399---13131. Kindly, note that the short term technical setup looks very weak. Therefore short term bias is hugely negative as of now, but the long term setup is still holding up as of now.

In view of the above observation, it was into  deep short term correction mode and it slipped into medium term correction mode today, furthermore it has already broken its long term rising trend line which is tremendously weak sign and the overall short term technical setup is already weak, therefore for safe trader long trade should be avoided till it gives visible indication of correction completion or till it closes above 14484.12. However aggressive traders can try long trade if it holds the range of 14235---14191 but not below it. I once again caution you that long trade in a corrective or downtrend market could be a risky propositions and particularly buying on decline. Since it is still in corrective mode and broken major rising trend line therefore adopt sell on the rise strategy or sell on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy on decline within the range of 14264---14191 levels with a stop loss of 14170. It is for aggressive traders and could be a highly risky trade.  

2. Sell on the rise near or within the range 14450---14500 with a stop loss of 14530. It could be a risky trade but worth trying in a corrective market for intraday gain.

Or

Sell if it moves below 14191 and maintain for some time with a stop loss of 14270. It could be a risky trade but worth trying for intraday gain in corrective market.

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 are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR-20.4.2021

 

CNX-NIFTY

 Open—14306.60--High—14382.30—Low—14191.40---Close-14359.45 on 19.4.2021.

Support:14350.10/14264.40/14222.80/14024.85/13996.11/13981.75/13777.50/13596.75/13399.30/13145.85/13131.45.                                                                                                                                                           

Resistance:14459.50/14467.75/14528/14653.35/14753.55/14883.20/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.                                                                                                                

 (Bold and underlined figures are most important)

It opened with a huge down gap and went down further and made a low of 14191.40 and it ended the day with a loss of 258.40 points. It is important to note here that if it makes an effort to fill this gap in next 3-4 days which is technically possible then it could come up to 14559 level, but since it has broken its major rising trend line decisively today and it is already in deep correction mode for quite some time, therefore it may give some rise from here but filling the complete gap looks less likely. Its most critical points for the year 2021 are 14024.85---13996.11 & 13981.75 and it is way above these points now and as long as it holds these points on the closing basis uptrend will remain intact. Its other key points are at 15131.35---14998.70---14888.80---14336.34---13562.48---12430.50(except for 12430.50 other figures can change). It is way below its first 3 key point’s of15131.35---14998.70 &14888.80 for the last so many days, therefore it is already into deep short term correction mode and it seems that it will last long. Please note that sustained break below 14336.34 on the closing basis will push it into medium term correction mode which can last even longer and most importantly sustained break below 13562.48 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend and finally sustained break below 12430.50 on the closing basis will further dampen the uptrend for sure, which may please be noted.

It is still into deep short term correction mode. It is  below its short and  some medium term moving averages, furthermore it is well below some of its long term averages and parameters and some important technical indicators are showing very weak sign on the weekly chart also and most importantly it has broken its major rising trend line today and it is placed at 14475(this figure will scale up every day) for 20.4.2021, which gives potential  indication that further fall from here looks inevitable in coming days off course with in between short relief rallies from time to time and provided it does not bounce back within the trend line again and crosses some of the key points, chances of which seems less likely to happen at this point of time.  Furthermore its pullback threshold point is at 14484.12 (it can change) and it is well below it now, please note that if it moves above it and sustain on the closing basis then it could move up further and could give a moderate to reasonable recovery, else down move will continue. Going up it will face critical resistance at-14350---14467.75---14484.12---14653---14703---14753.55----14811---14840--14888.80---14998.70---14985---15131.32---15156.30---15176.50---15198.30---15273.15---15336.35---15431.75---15471 levels. Please note that sustained close below the trend line and below 14336.34 could witness further fall in it and it could hit the range of 13750---13600 on the downside in coming days. Going down it can find critical support at-14350---14264.10---14248.70---14222.80---14024.85---13996.11---13981.75---13953.75---13777.50---13596.75---13562.50---13399---13131. Kindly, note that the short term technical setup looks very weak. Therefore short term bias is negative as of now, but the long term setup is still holding up as of now.

In view of the above observation, it is in  deep short term correction mode, furthermore it has broken its long term rising trend line today which is tremendously weak sign and the overall short term technical setup is already weak, therefore for safe trader long trade should be avoided till it gives visible indication of correction completion or till it closes above 14484.12. However aggressive traders can try long trade if it holds the range of 14310---14264. I once again caution you that long trade in a corrective market could be risky propositions and particularly buying on decline. Since it is still in corrective mode and broken major rising trend line therefore adopt sell on the rise strategy or sell on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy on decline within the range of 14310---14264 levels with a stop loss of 14220. It is for aggressive traders and could be a highly risky trade.  

2. Sell on the rise near or within the range 14490---14530 with a stop loss of 14570. It could be a risky trade but worth trying in a corrective market for intraday gain.

Or

Sell if it moves below 14248 and maintain for some time with a stop loss of 14300. It could be a risky trade but worth trying for intraday gain in corrective market.

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 are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—20.4.2021

 

CNX--BANK NIFTY

Open-30993.45--High-31304.30--Low—30405.65--Close-31208.40 on 19.4.2021

Support:30870/30669/30648/30520/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;31264.05/31297.30/31649.49/31661/31783.60/32157.05/32347.20/32415.15/32465.45/32613.10/32842.30/33306.80/33990.80/34360/34430/34658.70.

(Bold and underlined figures are most important)

It opened with a huge down gap and went down further and made a low of 30405.65 for the day and it ended the day with a loss of 769.05 points. It is important to note here that if it makes an effort to fill this gap in next 3-4 days which is technically possible then it could come up to 31912 level, but since it is already into long term correction mode for quite some time, therefore it may give some rise from here but filling the complete gap looks less likely. Its critical and most important points for the year 2021 are placed at- 32613.10---32465.45---31297.30 & 31264.05 and it is below all these points now which is a weak sign, furthermore it is way below all its other key points which are placed at-36063.50---35815.75---35648---33625---32612.92(figures can change) which is hugely negative sign. Please note that it slipped into long term correction mode on 9-4-2021 and it could only come out of it if it moves above 32613.10 and sustain on the closing basis else it will drift downward in coming days and down move could be very painful price-wise and time wise both and most importantly it can potentially threaten the long term uptrend, which may please be noted. 

It is into long term correction mode. It is well below its short and medium term moving averages on daily and weekly chart which indicate extreme weakness, furthermore it is below some of its long term averages and other parameters and some technical indicators are showing very weak sign on the weekly chart also and most importantly it has decisively broken its long term rising trend line way back on 24-3-2021, which indicates even greater weakness therefore  further fall looks inevitable but with intermittent short relief rallies in coming days and provided it sustains below 32613.10 and 31264 on the closing basis. Please note that its pullback threshold point is now at 32130(figure can change) and it is way below it now, but if it moves above it and sustain on the closing basis then only it could give moderate to reasonable up move else it will drift down again. Going up it will face resistance at-31264---31297.30---31650---31757---32141---32330---32415.15---32465---32613.10---32842.30---33303.90---33455.50---33588---33625---33991---34268---34438---34658.70---35062---35687---35815.75---36460---36650levels. Please note that if it remains below 32613.10 & 31264 on the closing basis then it is very likely to hit 29000---28000 levels or much below it on the downside in coming days. I once again reiterate that it has to move above 32613.10 and sustain on the closing basis to give positive indication and to keep the hope alive for resumption of strong up momentum again else down move will continue with in between short relief rallies. Going down it can find support at-31030---30520---30220---29687.7---29612.55---29156---28976.75---28525.45---28388---27652. Kindly, note that the short term technical setup and parameters are tremendously weak. So short term bias is hugely negative as of now, but it is still holding up the long term uptrend somehow with a very thin margin, so it has to be watched for next couple of days to judge the long term direction.

In view of the above observation, it is into long term correction mode, therefore for safe trader or otherwise long trade in general should be avoided till it gives visible indication of correction completion. It is suggested to try long trade only once it closes above 31300 & 32130(pullback threshold point) and sustain. But the aggressive traders can try long trade if it moves above 31300 and maintain for some time or buy on decline near 30800 but not below it. Please note that long trade in long term corrective mode could be a very risky proposition, particularly buying on decline. Since it is into long term corrective mode therefore it is suggested to adopt sell on the rise strategy  or sell on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY(Suggested)

1. Buy on decline near 30800 but not below it with a stop loss of 30650. It for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and sustain above 31300 for some time with a stop loss of 31150. It for aggressive traders and could be a risky trade.   

2. Sell on the rise near or within the range of 31880---31980 with a stop loss of 32120. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it maintains below 31264 for some time with a stop loss of 31400. It could be a risky trade but worth trying for intraday gain in weak market.

Or

Sell if it moves below 30800 and sustain for some time with a stop loss of 31050. It could be a risky trade but worth trying for intraday gain in weak market.

 

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.