A TECHNICAL VIEW ON CNX-NIFTY FOR-23.6.2021

 

CNX-NIFTY

 Open—15840.50--High—15895.75—Low—15752.10---Close-15772.75 on 22.6.2021.

Support:15683.35/15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: - 15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750.   

 (Bold and underlined figures are most important)

It gave upside breakout from the range of 15780---15606 during the day and hit a high of 15895.75 intraday but could not sustain at the upper level and started moving down in the afternoon and eventually it negated  the breakout by closing shade below the important mark of 15780,which is a weak indication. Please note that for the steady up move and strong up momentum it has to close above 15780 and sustain on the closing basis and then close above 15869.20, else it may start moving down again. It is important to mention here that some technical indicators are showing weakness and pointing towards down move in coming days, provided it does not move up fast from here and clear the above mentioned points on the closing. Looking at today’s move crossing the critical points of 15780 & 15869.20 do not seem easy, so watch out and be alert and cautious.   

The long term technical setup is still looking good for  the continuation of the up move as of now but with intermittent down correction and as long as it holds  15471 & 15431.75 levels on the closing basis, then it could still scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15683.35---16606.35---15566.90---15488.55---15471---15431.75.  Please note that sustained break below 15683.35 may push it into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884. The long term outlook is positive as of now but short term bias still looks dicey till it moves above 15780 and sustain on the closing basis. Therefore it is suggested to be extra cautious and careful in the long trade at this point of time.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, it is suggested to trade the range of 15780—15606 as of now till either side breakout happens on the closing basis. But for highly safe traders it is strongly suggested to trade long only once it closes above 15780 and sustain.  Please note that long trade below 15683 could be a risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

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 15683 but not below it with a stop loss of 15650. It could be a risky trade.

Or

Buy on decline near 15606 but not below it with a stop loss 15560. It could be a highly risky trade.

Or

Buy if it moves above 15780 and maintain for some time with a stop loss of 15740. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 15870---15900 with a stop loss of 15940. It could be a risky trade but worth trying for intraday gain.

Or

 

Sell if it moves below15683 and maintain for some time with a stop loss of 15730.

Or

Sell if it moves below15606 and maintain for some time with a stop loss of 15640.

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—22.6.2021

 

CNX--BANK NIFTY

Open-34109.45--High-34927.65--Low—33937.50--Close-34871.30 on 21.6.2021

Support:34658.70/34641/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;34893.25/34930/34976/35380/35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It has been exhibiting huge volatility for the last two days, today also it plunged down sharply in the first half of the trade and hit an intraday low of 33937.50 and then staged a smart recovery to close with a gain of 313.30 points. Despite today’s rise it is still into short corrective mode, furthermore it is still below some of its short term moving averages and some technical indicators are also showing potential weakness, which is a bad sign and could drag it down. Please note that if it does not bounce back and move above 35248(this figure can change) as of now on the closing basis during the on-going week, then down move will continue with intermittent relief rallies.

It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move will definitely continue. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. But looking at today’s and last few days’ movement chances of moving above 36248 and sustain looks extremely bleak at this point of time. However going up to 36248 level from here it will face critical resistance at 34641.20---34894---34930---35070---35176---35472---35527---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34535.26(this figure can change)—34410---33908.95---33625 & 33273.  It is already into very short term corrective mode, sustained break below 34535.26 will push it into short term corrective mode, sustained break below 33908.95 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. The other critical support points are at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term outlook is positive as of now but short term bias still looks weak till it moves above its critical range as mentioned above. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, it is into very short corrective mode; therefore it is suggested to avoid long trade in general till clarity on correction completion emerges. However aggressive traders can try long trade if it moves above 34960 and maintain for some time or can buy on decline at appropriate points or near 34535 but not below it. Please note that long trade below 34535 could be a highly risky trade because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not crossed its critical resistance range as mentioned above and into corrective mode, therefore short trade should be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

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 34535 but not below it with a stop loss of 34435. It is for the highly aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 34960 and maintain for some time with a stop loss of 34850. It is for the highly aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35150---35250 with a stop loss of 35325. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34535 and maintain for some time with a stop loss of 34650. It could be a highly risky trade but worth trying.

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-22.6.2021

 

CNX-NIFTY

 Open—15525.25--High—15765.15—Low—15505.15---Close-15746.50 on 21.6.2021.

Support:15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: - 15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750.   

 (Bold and underlined figures are most important)

It has been exhibiting huge volatility for the last two days and it is breaking the lower band of the important range of 15780---15606 decisively intraday, but  managed to close within the range at the end of the day and today it closed with a gain of 63.15 points. It has been making higher top and bottom on the line chart, therefore as long as it holds its recent bottom of 15683.35 (it may change) on the closing basis it is o.k. for the up move but break below it could drag it down and break below 15606 could accelerate the fall. Although it closed near the upper band of the range today, but for the steady up move and strong momentum it has to move above 15780 and sustain on the closing basis, else it may start moving down again. It is important to mention here that some technical indicators are showing weakness and pointing that if it does not improve fast then it could move down fast, which is bad sign, so be alert and cautious.  

The long term technical setup is still looking good for  the continuation of the up move as of now but with intermittent down correction and as long as it holds  15471 & 15431.75 levels on the closing basis, then it could still scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15683.35---16606.35---15566.90---15488.55---15471---15431.75.  Please note that sustained break below 15683.35 may push it into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884. The long term outlook is positive as of now but  short term bias  still looks dicey till it moves above 15780 and sustain on the closing basis. Therefore it is suggested to be extra cautious and careful in the long trade at this point of time.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, it is suggested to trade the range of 15780—15606 as of now till either side breakout happens on the closing basis. But for highly safe traders it is strongly suggested to trade long only once it closes above 15780 and sustain.  Please note that long trade below 15683 could be a risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

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 if it hold 15683 but not below it with a stop loss of 15650. It could be a risky trade.

Or

Buy on decline near 15606 but not below it with a stop loss 15560. It could be a highly risky trade.

Or

Buy if it moves above 15780 and maintain for some time with a stop loss of 15730. It could be a highly risky trade.

2. Sell on the rise near or within the range of 15800---15820 with a stop loss of 15845. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below15683 and maintain for some time with a stop loss of 15720.

Or

Sell if it moves below15606 and maintain for some time with a stop loss of 15640.

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 UPDATE ON S&P 500 INDEX –20.6.2021

 

S&P 500 INDEX

Open---4204.78---High---4204.78---Low---4164.40---Close---4166.45---on 18.6.2021.

Support:4136.15/4128.43/4118.38/4056.88/3983.87/3950.43/3886.75/3853.50/3805/3789.54/3749.62/3723.34/3694.12/3662.71/3633.40/3588.11/3544.82/3405.73.

Resistance:4167.50/4191.31/4208.41/4218.78/4238.04/4257.16/4287.32/4307/4350/4531.

(Bold and underlined figures are most important)

It has been falling for the last four days and moving down it has decisively broken its major rising trend line on 18.6.2021 drawn from the bottom of 2191.86 made on 23.3.2020, which is an extremely weak sign. Furthermore falling down it has broken some of  its short and medium term moving averages also and some important technical indicators are giving potential indication that it may further move down from here with intermittent short relief rallies in coming days, provided it does not bounce back sharply in the short period of time.

It is already into very short correction mode and to come out of it, it has to move above 4210 and sustain on the closing basis to resume the up move again, but if it continues to move down then its critical support point would be at 4136.15---4124.38---4009.90---3756.07---3405.73 levels. Please note that sustained break below 4124.38 on the closing basis will push it into deep short term correction mode, sustained break below 4009.90 on the closing basis will push it into medium term correction mode, sustained break below 3756.07 on the closing basis will push it into long term correction mode and will potentially threaten the uptrend and most importantly sustained break below 3405.73 on the closing basis will get it into bear market.

The long term technical setup is still looks o.k. as of now, but the short and medium term outlook is slightly weak now and if it does not bounce back sharply and move above 4210 and sustain on the closing basis then it could continue the down move and may seek lower levels in coming days. It is therefore suggested to be cautious in the long trade from now on.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –19.6.2021

 

DOW JONES INDUSTRIAL AVERAGE

Open—33622.70--High—33622.70—Low—33271.93—Close—33290.08 on 18.6.2021.

Support:33227.78/32980.57/32074.60/32009.64/31165.46/30919.50/30622.35/30606.48/30547.53/29856.30/29463.64/29229.10/

Resistance:33347.96/33473/33617.95/33687.01/33744/33810.87/34256.75/34454.05/34849.32/35019.56.

(Bold and underlined figures are most important)

It has been falling for the last five days and moving down it has decisively broken its major rising trend line drawn from the bottom of 18213.65 made on 23.3.2020, which is an extremely weak sign. Furthermore after making rounding top it started falling and in the process it has broken its short and medium term moving averages also and some important technical indicators are giving potential indication that it may further move down from here with intermittent short relief rallies in coming days, provided it does not bounce back sharply in the short period of time, chances of which seems less likely to happen at this point of time.

It is already into short term corrective mode and to come out of it, it has to move above 34380 and sustain on the closing basis to resume the up move again, but if it continues to move down, chances of which looks  pretty bright now then moving down, its critical support point would be at 32979.88---31108.37---30606.48---28073 levels. Please note that sustained break below 32979.88 on the closing basis will push it into medium term correction mode, sustained break below 31108.37 on the closing basis will push it into long term correction mode, sustained break below 30606 will potentially threaten the uptrend and most importantly sustained break below 28073 on the closing basis will get it into bear market.

The long term technical setup still looks o.k. as of now, but the short and medium term outlook is pretty weak now and if it does not bounce back sharply and move above 34380 and sustain then it could continue the  down move and may breach 30000 levels in coming days.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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—21.6.2021

 

CNX--BANK NIFTY

Open-34735.15--High-34787.40--Low—33908.95--Close-34558 on 18.6.2021

Support:34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;34641/34658.70/34893.25/34930/34976/35380/35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It exhibited huge volatility today, it plunged down sharply in the first half of the trade and hit an intraday low of 33908.95 and then in the late afternoon it made sharp recovery but closed with meager loss of 47.40 points. It is already into very short correction mode, furthermore it is below some of its short term moving averages and some technical indicators are also showing potential weakness, which is an extremely bad sign. Please note that if it does not bounce back sharply and move above 35248(this figure can change) as of now on the closing basis in the next week starting from 21.6.2021, then down move will continue with intermittent relief rallies. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move will definitely continue. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. But looking at today’s and last few days’ movement chances of moving above 36248 and sustain looks extremely bleak at this point of time. However going up to 36248 level from here it will face critical resistance at 34641.20---34894---34930---35070---35176---35472---35527---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34535.26(this figure can change)—34410---33908.95---33625 & 33273.  It is already into very short term corrective mode, sustained break below 34535.26 will push it into deep short term corrective mode, sustained break below 33908.95 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. The other critical support points are at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. Please avoid long trade completely if it moves below 32465 and sustain on the closing basis. The long term outlook is positive as of now but short term bias looks terribly weak as of now and likely to drag it down. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, it is into very short corrective mode; therefore it is suggested to avoid long trade in general till clarity on correction completion emerges. However highly aggressive traders can try long trade if it moves above 34860 and maintain for some time or can buy on decline at appropriate points or near 34374 but not below it. Please note that any type of long trade in the corrective mode could be a risky affair, mind you. Since it has not crossed its critical resistance range as mentioned above and into corrective mode again, therefore short trade should be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

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 34374 but not below it with a stop loss of 34140. It is for the highly aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 34860 and maintain for some time with a stop loss of 34760. It is for the highly aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 34900---35100 with a stop loss of 35175. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34358 and maintain for some time with a stop loss of 34570. It could be a highly risky trade but worth trying.

Or

Sell if it moves below 33908 and maintain for some time with a stop loss of 34050. It could be a highly risky trade but worth trying.

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-21.6.2021

 

CNX-NIFTY

 Open—15756.50--High—15761.50—Low—15450.90---Close-15683.35 on 18.6.2021.

Support:15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: - 15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750.   

 (Bold and underlined figures are most important)

It exhibited huge volatility today, it plunged down sharply in the first half of the trade and hit an intraday low of 15450.90 and then in the late afternoon it made sharp recovery but closed with meager loss of 8.05 points. It managed to close within the range of 15780---15606 which is o.k. but decisively breaking the range intraday is a weak sign. Furthermore it is below some of its short term moving averages and some technical indicators are also showing weakness, which is bad sign. Therefore to negate the present weakness it has to move above 15780 and sustain on the closing basis and eventually has to close above 15870 to continue the up move and this should happen in the next week starting from 21.6.2021 else it can move down sharply again and this time it may not bounce back as it did today, which may please be noted. Similarly sustained break below 15606 can pull it down sharply as it did today intraday. The long term technical setup is still looking good for  the continuation of the up move as of now but with intermittent down correction and as long as it holds  15471 & 15431.75 levels on the closing basis, then it could still scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15635.35---16606.35---15566.90---15488.55---15471---15431.75.  Please note that sustained break below 15635 may push it again into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884. The long term outlook is positive as of now but  short term bias looks dicey and if it does not give sharp up move in short time period  then it could start down move again. Therefore it is suggested to be extra cautious and careful in the long trade at this point of time.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, it is suggested to trade the range of 15780—15606 as of now till either side breakout happen on the closing basis. Please note that long trade below 15635 could be a risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not yet crossed some of its critical long term averages and broken some short term moving average , therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

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 if it hold 15635 & 15606 but not below it with a stop loss of 15560. It could be a highly risky trade.

Or

Buy if it moves above 15780 and maintain for some time with a stop loss of 15740. It could be a risky trade.

2. Sell on the rise near or within the range of 15780---15820 with a stop loss of 15845. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15606 and maintain for some time with a stop loss of 15660.

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.