A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—24.8.2021

 

CNX—BANK NIFTY

Open-35424.20---High-35427.40--Low—34817.50---Close-35124.40 on 23.8.2021

Support:34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35380/35428.15/35491.95/35584.30/35648/35811/35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It is into short term corrective mode but staged a relief rally today and closed with a gain of 90.55 points. Please note that it can come out of correction mode it if it moves above 35797 and sustain on the closing basis or it may complete the correction on the downside at the following points 34922---34635---34585(last figure can change). Furthermore if it closes above 35171.40(figure can change) it could stage a relief rally but it will gain some strength if it closes above 35797 only. Please note that break below 34922 will push it into deep short term correction mode and most importantly sustained break below 34585(figure will change every day) may put the uptrend in potential danger which may be kept in mind. Therefore moving down 34922 & 34585 are the benchmark point as of now.  The other support point would be at 34859.90---34632.60---35525---34410---34115---33908. Please note that break below 33908 could accelerate the fall.  It is important to mention here that for a steady and strong up momentum, it has to move above 36248 and sustain on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond also. Going up to the level of 37708.75 it will face resistance at 35648---35797---35811---36248---36317---36497---36615---37232---37417 points. Looking at last few day price movement it seems less likely to cross the critical mark of 36248 as of now. Last but not the least it is relatively very weak on the technical chart in comparison with Nifty-50. Therefore be alert and cautious in long trade at this point of time.

It is important to mention here that its long term technical setup is still good for the uptrend to continue till it holds 34585(figure will change every day). The short term technical setup has turned weak, so watch out for next 1-2 days whether it improves or not, furthermore certain  very important technical indicator are giving weak indication on the daily and weekly charts which is concerning and it may drag it down from here. The short term bias is mixed with downward tilt as of now.

In view of the above observation, since it has slipped into very short term correction mode therefore for safe traders long trade should be avoided till it gives visible indication of correction completion.  However aggressive traders can try long trade if it moves above 35171.40 and maintain for some time or on decline at appropriate points or near 34922 and then near 34585 but not below it. Please note that long trade in a weak market could be a risky affair. Since it has not yet crossed some of its critical long term averages and the overall technical setup is giving weak indication in short term, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 moves above 35172 and maintain for some time with a stop loss of 35000.It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 34922 and then near 34585 but not below it with a stop loss of 34800 & 34470. It is for the aggressive traders and could be a highly risky trade but worth trying.

2. Sell if it moves below 34922 and maintain for some time with a stop loss of 35050. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 35475---35560 with a stop loss of 35650 It could be a highly risky trade but worth trying for intraday gain.

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---24.8.2021

 

CNX-NIFTY

 Open—16592.25--High—16592.50—Low—16395.70---Close-16496.45 on 23.8.2021.

Support:16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16677/16688/16701.85/17415/17504/19575/20390.         

 (Bold and underlined figures are most important)

It is still into very short correction mode but staged a relief rally today and closed with a gain of 45.95 points. Please note that as long as it holds 16453 levels there is a chance that it could up move but it will  get out of correction mode once it closes above 16575 and sustained close above 16637 may resume the up move and take it its all-time high of 16701.85 or beyond. Please note that moving down its critical support points would be at 16495---16453---16421.40---16343, sustained break below 16421.40 on the closing basis will push it into deep short term correction mode and sustained break below 16343(figure will change every day) may drag it down fast and may put the on-going up move in potential danger which may please be noted. Therefore moving down the important benchmark points are 16421.40 & 16343(figure can change) and moving up the critical resistance and benchmark points are at 16495---16574.60---16637 and thereafter 16701.85---16805---16895---16960(last three figures will change every day). The steady and strong up momentum from here now seems an uphill task but it can still make an effort to continue the up move if it moves above 16637 and sustain on the closing basis, but the fast and very strong up momentum will begin once it moves above 16960(it will change every day) and sustain on the closing basis, but the up journey from here will be very tough till it crosses 16960. It is important to mention here that on the downside as long as it holds 15962.25 levels on the closing basis there is no major threat to the long term uptrend as of now.  

It is important to mention here that its long term technical setup is still good for the uptrend to continue. The down move was a normal correction as of now and it gave a small pullback rally today , short term outlook is still o.k. as of now, therefore further rise may be ahead in coming days with intermittent corrections provided it moves above 16637 and sustain and holds 16343(it can change) on the downside on the closing basis.

In view of the above observation, since it is in correction mode long trade in general should be avoided by the safe traders and they can only try long trade if it moves and closes above 16637.However aggressive traders can try long trade if it holds 16450 or if it moves above16593 and maintain for some time or can buy on decline at appropriate points or near 16343 but not below it. Please note that long trade below 16450 could be a risky affair for the day. It is in corrective mode and still below some of its very 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 intraday gains.

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 moves above 16593 and maintain for some time with a stop loss of 16540. It is for the aggressive traders and could be a risky trade.

Or

Buy if it holds the level of 16453 with a stop loss of 16410. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 16343 but not below it with a stop loss of 16260. It is for the aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 16600---16640 with a stop loss of 16660. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16421 or below 16376 and maintain for some time with a stop loss of 16460 & 16430. It could be a highly risky trade but worth trying for intraday gain.

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—23.8.2021

 

CNX--BANK NIFTY

Open-35146.50---High-35306.50--Low—34926.50---Close-35033.85 on 20.8.2021

Support:34976/34930/34859.90/34663/34632.60/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35380/35428.15/35491.95/35584.30/35648/35811/35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

It continued the down move for the 4^th consecutive day and closed with a huge loss of 520.64 points. It is already into very short correction mode and it could come out of it if it moves above 35797 and sustain on the closing basis or it may complete the correction on the downside at the following points 34922---34635---34565(last figure can change). Furthermore if it closes above 35255 it could stage some relief rally but it will gain some strength above 35797 only. Please note that break below 34922 will push it into deep short term correction mode and most importantly sustained break below 34565(figure will change every day) may put the uptrend in potential danger which may be kept in mind. Therefore moving down 34922 & 34565 are the benchmark point as of now.  The other support point would be at 34859.90---34632.60---35525---34410---34115---33908. Please note that break below 33908 could accelerate the fall.  It is important to mention here that for a steady and strong up momentum, it has to move above 36248 and sustain on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond also. Going up to the level of 37708.75 it will face resistance at 35648---35797---35811---36248---36317---36497---36615---37232---37417 points. Looking at last few day price movement and particularly last two days move, it seems less likely to cross the critical mark of 36248 as of now. Last but not the least it is relatively very weak on the technical chart in comparison with Nifty-50. Therefore be alert and cautious in long trade at this point of time.

It is important to mention here that its long term technical setup is good for the uptrend to continue till it holds 34565(figure will change every day). The short term technical setup has turned weak, so watch out for next 1-2 days whether it improves or not, furthermore one very important technical indicator has turned weak again on the daily chart and on the weekly chart it continues to be negative this weekend also which is concerning and it may drag it down from here. The short term bias is mixed with downward tilt.

In view of the above observation, since it has slipped into very short term correction mode therefore long trade should be avoided till it gives visible indication of correction completion.  However aggressive traders can try long trade if it moves above 35255 and maintain for some time or on decline at appropriate points or near 34922 and then near 34565 but not below it. Please note that long trade in a weak market could be a risky affair. Since it has not yet crossed some of its critical long term averages and the overall technical setup gives weak indication in short term, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 moves above 35255 and maintain for some time with a stop loss of 35150.It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 34922 and then near 34565 but not below it with a stop loss of 34800 & 34450. It is for the aggressive traders and could be a highly risky trade but worth trying.

2. Sell if it moves below 34922 and maintain for some time with a stop loss of 35050. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 35475---35560 with a stop loss of 35650 It could be a highly risky trade but worth trying for intraday gain.

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---23.8.2021

 

CNX-NIFTY

 Open—16382.50--High—16509.55—Low—16376.05---Close-16450.50 on 20.8.2021.

Support:16376.05/16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                           

Resistance: -16677/16688/16701.85/17415/17504/19575/20390.         

 (Bold and underlined figures are most important)

It slipped into very short correction on 18.8.2021 and today it opened with a huge down gap but recovered from the low of the day and finally closed with a loss of 118.35 points. Please note that the possible correction completion points were at 16421.40---16368.56---16338---16289—16270---16248---16162 and it did bounce back from near 16368.56, so it may have completed the correction, but it will confirm that the correction is over once it closes above 16575, furthermore if it close above 16453 and sustain on the closing basis then also it may give some pullback or may resume the up move again, but if it moves below 16421.40 and sustains on the closing basis then it will get into deep short term correction mode and sustained break below 16338(figure will change every day) may drag it down fast and may put the on-going up move in potential danger which may please be noted. Therefore moving down the important benchmark points are 16421.40 & 16338(figure can change) and moving up the critical resistance and benchmark points are at 16495---16574.60 and thereafter 16701.85---16795---16881---16950(last three figures will change every day). The steady and strong up momentum seems an uphill task from here but it can still make an effort to continue the up move if it moves above 16574.60 and sustain on the closing basis, but the fast and strong up momentum will begin once it moves above 16950(it will change every day) and sustain on the closing basis, therefore the journey from here seems tough till it crosses 16950. It is important to mention here that on the downside as long as it holds 15962.25 levels on the closing basis there is no major threat to the long term uptrend as of now.  

It is important to mention here that despite last two days fall its long term technical setup is still good for the uptrend to continue. The down move was a normal correction as of now and short term outlook is still o.k. as of now, therefore further rise may be ahead in coming days with intermittent corrections provided it moves above 16575 and sustain on the closing basis. It is a buy on dip market now but one should be cautious and avoid buying if it breaks 16338 and sustain on the closing basis.

In view of the above observation, since it is in correction mode long trade in general should be avoided, but it can be tried if it moves and closes above 16575.However aggressive traders can try long trade if it moves above 16453 or 16510 and maintain for some time or can buy on decline at appropriate points or near 16338 but not below it. It is in up move but still below some of its very 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 intraday gains.

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 moves above 16453 or 16510 and maintain for some time with a stop loss of 16400 & 16470. It is for the aggressive traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16338 but not below it with a stop loss of 16260. It is for the aggressive traders. It could be a risky trade.

2. Sell on the rise near or within the range of 16575---16600 with a stop loss of 16630. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16421 and maintain for some time with a stop loss of 16460. It could be a highly risky trade but worth trying for intraday gain.

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—20.8.2021

 

CNX--BANK NIFTY

Open-36222.50---High-36248.90--Low—35432---Close-35554.50 on 18.8.2021

Support:35491.95/35428.15/35380/34976/34930/34859.90/34663/34635.95/34555/34525.45/34410/34374/34357.35/34322/34287/34115.20/33908.95/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35584.30/35648/35811/35985.25/36248/36317/36455.15/36497/36615/37100/37232/37708.75/39010/39695/.

(Bold and underlined figures are most important) 

As it failed to cross its critical mark of 36248 despite various attempts in last few days therefore as envisaged it slipped down for the 3^rd consecutive day with a loss of 312.95 points. It has broken some of its short term moving averages also which is a weak sign and most importantly it has decisively broken its threshold point of 35797.40 for getting into very short term correction mode this is concerning, so technically it is into correction mode now till it bounce back above it or give visible indication of correction completion at the lower levels. The possible correction completion levels could be at 35216---34922---34635---34546 or earlier, but please note that sustained break below 34922on the closing basis could push it into deep short term correction mode and fall may accelerate and most importantly sustained break below 34546(this figure will change every day) may put the uptrend in potential danger which may be kept in mind. Therefore moving down 34922 & 34546 are the benchmark point as of now.  The other support point would be at 35531---35186---34859.90---34632.60---35525---34410---34115---33908. Please note that break below 35531 could also accelerate the fall.  It is important to mention here that for a steady and strong up momentum, it has to move above 36248 and sustain on the closing basis then it could possibly retest its all time high of 37708.75 or may go beyond also. Going up to the level of 37708.75 it will face resistance at 36248---36497---36615---37232---37417 points. Looking at last few day price movement and particularly today’s move, it seems less likely to cross the critical mark of 36248 as of now. Last but not the least it is relatively very weak on the technical chart in comparison with Nifty-50. Therefore be alert and cautious in long trade at this point of time.

It is important to mention here that its long term technical setup is good for the uptrend to continue till it holds 34546(figure will change every day). The short term technical setup has got a jolt today, so watch out for next 1-2 days how it pans out, but one very important technical indicator is positive on the daily chart but on the weekly chart it is was negative last weekend which is concerning but if it moves up sharply then it may also come into positive territory this weekend and if does not happen then it may start drifting down. So till it comes into positive mode it is suggested that not to be fearless but be cautious and careful in your long trades.

In view of the above observation, since it has slipped into very short term correction mode therefore long trade should be avoided till it closes above 35797.40 and safe traders should only try long trade if it moves and closes above 36248 and sustain.  However aggressive traders can try long trade if it moves above 35797 and maintain for some time or on decline at appropriate points or near 34922 and then near 34546 but not below it. Please note that long trade in a weak market could be a risky affair. Since it has not yet crossed some of its critical long term averages and the overall technical setup gives weak indication in short term, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 moves above 35797 and maintain for some time with a stop loss of 35650.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 34922 and then near 34546 but not below it with a stop loss of 34800 & 34450. It is for the aggressive traders and could be a highly risky trade but worth trying.

Or

Buy if it holds 35531 for some time with a stop loss of 35400.It is for the aggressive traders and could be a risky trade.

2. Sell if it moves below 35531 and maintain for some time with a stop loss of 35620. It could be a risky trade but worth trying.

Or

Sell on the rise near or within the range of 36050---36150 with a stop loss of 36300 It could be a highly risky trade but worth trying for intraday gain.

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---20.8.2021

 

CNX-NIFTY

 Open—16691.95--High—16701.85—Low—16535.85---Close-16568.85 on 18.8.2021.

Support:16359.25/16240/16223/16180/16162.55/16074/16024/15962.25/15920/15915.65/15899.80/15885.75/15877/15835.55/15780/15673.95/15635.95/15632.75/15606.55/15578.55/15566/15471/15450.90/15431.75.                                                                                                                                                         

Resistance: -16677/16688/16996/16701.85/17415/17504/19575/20390.     

 (Bold and underlined figures are most important)

It hit a new all-time high today and as expected it corrected too and closed with a loss of 45.75 points. But it looks good for the continuation of the up move and the upside target or resistance points could be 16574.60---16778---16688---16770---16857---16920---16996---17415---17504---19575---20390,   please note that moving up the most critical and tough resistance range would be 16783---16870—16935(figures will change every day) so please be careful in this range it may correct here before moving up further or it may top out in this range or earlier also. Similarly moving down its critical support points are at 16486---16421.40---16412---16333(these figures may change). Please note that as it has closed shade below its threshold point of 16574.60 for getting into very short term correction, therefore technically it has slipped into correction, furthermore break below16421.40 (this figure may change) could push it into deep short term correction mode and break below 16333 may weaken it further, but as long as it holds 15962.25 levels there is no major threat to the long term uptrend. The other support points will be at 16223---16162---16133---16084---15962.25, sustained break below 15962.25 may accelerate the fall which may please be noted.

It is important to mention here that its long term technical setup is good for the uptrend to continue. Today’s down move was most normal correction and short term outlook is also good, furthermore one very important technical indicator has also become positive on the daily and weekly chart which is an extremely positive sign. Therefore further rise may be ahead in coming days with intermittent corrections. It is a buy on dip market now but one should be cautious if it breaks 16333 and sustain on the closing basis.

In view of the above observation, long trade can be tried if it moves above  16615 and maintain for some time or buy on decline at appropriate point or near 16486 but not below it, however aggressive traders can try long trade on decline at appropriate points or near 16333 but not below it. Please note that long trade below 16486 could be a risky affair for the day.  It is in strong up move but still below some of its very 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 intraday gains.

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 moves above 16615 and maintain for some time with a stop loss of 16565. It is for both the traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16486 but not below it with a stop loss of 16440. It is for both the traders. It could be a risky trade.

Or

Buy on decline at appropriate points or near 16333 but not below it with a stop loss of 16285. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 16660---16680 with a stop loss of 16710. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16486 and maintain for some time with a stop loss of 16540. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 16615 in first one and half hour of trade even intraday with a stop loss of 16640. It could be a highly risky trade but worth trying for intraday gain.

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.