A TECHNICAL VIEW ON CNX-NIFTY FOR---16.11.2021

 

CNX-NIFTY

 Open—18140.95--High—18210.15—Low—18071.30---Close-18109.45 on 15.11.2021.

Support:18041.95/18012.20/17968.50/17947.65/17884.60/17792.95/17763/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.                                                                                                                                                           

Resistance: -18210.15/18342.05/18604.50/18778/19549/19575/19639/20390.09/20656.   

 (Bold and underlined figures are most important)

It opened on a positive note and went up further but could not hold at the upper level but finally closed with a meager gain of 6.70 points. It is still into short term correction mode, but it bounced back above its short and medium term moving averages, which is good and positive sign for the up move to continue. But it is still way below its correction completion point of 18332.70 and below its first 2 top point of its critical resistance & support range of18263---18179---18082---18061---18000---17910---17860---17793---17613.10---17452(figures will change every day) which is concerning. Please note that it will regain the steady up momentum only if it closes above the upper band of the range i.e. above18263 and sustain.  Moving down it may take support at any of the remaining points and may bounce back also but sustained break below the 17910 will put the on-going uptrend in jeopardy and sustained break below 17613.10 may witness an accelerated fall. Moving down further its other important support points are at 17326.10---17254.20---16714---16701---16565.60(figure may change), please note that sustained break below 16714 will put the long term uptrend in potential danger.

 It is important to mention here that it could come out of corrective mode if it closes above 18332.70 and sustain, but since it is above its pullback threshold point of 17847.10 (figure may change) therefore chances are that it may continue the pullback move and if it moves above 18196.30 and sustain on the closing basis then it may come out of the corrective mode also. It is important to note here that break below18069.25 (figure will change every day) will be an alert sign and break below 17970 will tremendously weaken it and finally break below 17847.10 may resume the down move again with an accelerated pace, which may please be noted. However moving up from here its critical resistance points could be at 18226---18286----18302.75---18332.70---18370---18407---18454---18478---18512---18525---18550---18605(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that its long term technical setup is still looks good for the uptrend to continue as long as it holds 16714(figure will change every day). It is into short term correction mode but the pullback mode is still on, but it is still below its few critical resistance points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicator are still weak which is also concerning and if does not improve it may accelerate the fall in coming days. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. However aggressive traders can try long trade at appropriate points for pullback gains but with extreme caution.

In view of the above, it is into short term correction mode but well above the pullback threshold point of 17847.10 which is a positive indication, therefore for safe traders long trade can be tried if it moves above 18123 and maintain for sometime or on decline near 18069 but not below it. However, aggressive traders can also try long trade on decline at appropriate points or near17875 and then near 17613 but not below it. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can be attempted on the rise and at appropriate point 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 18123 and maintain for some time with a stop loss of 18055. It is for both the traders and could be a risky trade.

Or

Buy on decline near 18069 with a stop loss of 17980. It is for both the traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 17875 and then near 17613 but not below it with a stop loss of 17830 and 17580 respectively. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near 18240 with a stop loss of 18275. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18069 and maintain for some time with a stop loss of 18130. 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—16.11.2021

 

CNX--BANK NIFTY

Open—38849.45---High—39117.15--Low—38606.60---Close—387 on 15.11.2021.

Support:38377.25/38112.75/37708.75/37315.20/36876.35.

 

Resistance: -38873.80/39292.80/40011.15/40160.20/41367.25/41829.60/41965/42036/42222.

(Bold and underlined figures are most important)

It opened on a positive note and went up further and could not sustain at the upper level and finally closed with a meager loss of 31 points. It is still into short term correction mode. It is below its short and long pullback threshold point of 38774.20 & 39169(it may change) and also below its short and some medium term moving averages which is a very weak indication. Furthermore it is decisively below its first lair of critical support range of 40937—40650---40338(figure will change every day) which is concerning and if it does move above it in a short period of time further fall may be ahead with in between short relief rallies. Please note that it may regain up momentum only if it closes above this range and sustain.  Its second lair of critical support range is 38470---38272---38049(figure will change every day), it may bounce back from any of these points but sustained break below the range will put the on-going uptrend in jeopardy and it may witness an accelerated fall. Moving down further its other important support points are at 36876.35---36700---36525.95(figure may change), please note that sustained break below 36700 will put the long term uptrend in potential danger.

It is important to mention here that it could come out of corrective mode if it closes above 40661 & 41231 and sustain, now it is below its short and some medium term moving averages and also below its short and long term pullback threshold point of 38774.20 & 39169 (figure may change) which is a very weak sign and if it does not move above it and the moving averages in a shortest possible time and sustain on the closing basis then it could continue with the down move with short up rally in between. But if it moves above 38774.20 and sustain on the closing basis then chances are that it could still give a pullback rally may be of a weak intencity. However moving up from here its critical resistance points could be at 38774.20---39169---39727---40011.15---40128---40160---40247---40537---41027---41149---41367.25---41830(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted. Kindly note that now it is a sell on the rise markets till visible sign of correction completion emerges. The short term bias still looks weak. 

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly; therefore one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that its long term technical setup still looks good for the uptrend to continue as long as it holds 36700(figure will change every day). It is into short term correction mode and below its pullback threshold point of 38774.20 & 39169, it is below its few critical resistance points also as mentioned above, which indicates weakness, therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak therefore it seems that it may have an accelerated fall in coming days/weeks if it does not move above its key points mentioned above. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. It is suggested in general to avoid long trade as of now.

In view of the above, it is into correction mode and also below its pullback threshold point of 38774.20 & 39169(figure may change) therefore for safe traders long trade should be avoided till it gives visible sign of correction completion or it closes above the pullback threshold point of 38774.20. However, aggressive traders can try long trade if it moves above 38775 and maintain for some time or on decline in the range of 38470---38272---38049 but not below it for pullback gains. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can be attempted on the rise and at appropriate point 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 on decline near or within the range of 38470---38272---38049 but not below it with a stop loss of 37900. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 38775 and maintain for some time with a stop loss of 38690. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 39150---39190 with a stop loss of 39260. It could be a highly risky trade but worth trying for intraday gains.

Or

 

Sell if it moves below 38346 and maintain for some time with a stop loss of 38570. It could be a risky trade but worth trying for intraday gains.

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---15.11.2021

 

CNX-NIFTY

 Open—17977.60--High—18123—Low—17905.90---Close-18102.75 on 12.11.2021.

Support:18041.95/18012.20/17968.50/17947.65/17884.60/17792.95/17763/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.                                                                                                                                                           

Resistance: -18342.05/18604.50/18778/19549/19575/19639/20390.09/20656.       

 (Bold and underlined figures are most important)

It opened on hugely positive note and went up further and finally closed with a handsome gain of 229.15 points. It is still into short term correction mode, but it bounced back above its short and medium term moving averages, which is good and positive sign for the up move to continue. But it is still way below its correction completion point of 18332.70 and below its first 2 top point of its critical support range of18245---18165---18060---18028---17970---17880---17860---17793---17613.10---17452(figures will change every day) which is concerning. Please note that it will regain the steady up momentum only if it closes above the upper band of the range i.e. above18245 and sustain.  Moving down it may take support at any of the remaining points and may bounce back also but sustained break below the 17880 will put the on-going uptrend in jeopardy and sustained break below 17613.10 may witness an accelerated fall. Moving down further its other important support points are at 17326.10---17254.20---16701---16691---16565.60(figure may change), please note that sustained break below 16691 will put the long term uptrend in potential danger.

 It is important to mention here that it could come out of corrective mode if it closes above 18332.70 and sustain, but since it is above its pullback threshold point of 17847.10 (figure may change) therefore chances are that it may continue the pullback move and it did after yesterdays wild movement it gave a robust rise today and if it moves above 18196.30 and sustain on the closing basis then it may come out of the corrective mode also. It is important to note here that break below18028 (figure will change every day) will be an alert sign and break below 17930 will tremendously weaken it and finally break below 17847.10 may resume the down move again with an accelerated pace, which may please be noted. However moving up from here its critical resistance points could be at 18109---18226---18286----18302.75---18332.70---18370---18407---18454---18478---18512---18525---18550---18605(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that its long term technical setup is still looks good for the uptrend to continue as long as it holds 16691(figure will change every day). It is into short term correction mode but the pullback mode is still on and today’s price movement gave a positive indication that it may continue with  the up move, but it is still below its few critical resistance points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicator are still weak which is also concerning and if does not improve it may accelerate the fall in coming days. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. However aggressive traders can try long trade at appropriate points for pullback gains but with extreme caution.

In view of the above, it is into short term correction mode but well above the pullback threshold point of 17847.10 which is a positive indication, therefore for safe traders long trade can be tried if it moves above 18123 and maintain for sometime or on decline at appropriate points or near 17980 but not below it. However, aggressive traders can also try long trade on decline at appropriate points or near17847.10 and then near 17613 but not below it. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can be attempted on the rise and at appropriate point 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 18123 and maintain for some time with a stop loss of 18055. It is for both the traders and could be a risky trade.

Or

Buy on decline near 17980 with a stop loss of 17925. It is for both the traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 17847.10 and then near 17613 but not below it with a stop loss of 17795 and 17580 respectively. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18225---18250 with a stop loss of 18300. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17925 and maintain for some time with a stop loss of 17980. 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—15.11.2021

 

CNX--BANK NIFTY

Open—38707.15---High—38822.85--Low—38467.80---Close—38733.35 on 12.11.2021.

Support:38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -38873.80/39292.80/40011.15/40160.20/41367.25/41829.60/41965/42036/42222.

(Bold and underlined figures are most important)

It opened on a positive note and finally closed with a gain of 173.15 points. It is still into short term correction mode. It is below its short and long pullback threshold point of 38774.20 & 39169(it may change) and also below its short and some medium term moving averages which is a very weak indication. Furthermore it is decisively below its first lair of critical support range of 40899—40616---40300(figure will change every day) which is concerning and if it does move above it in a short period of time further fall may be ahead with in between short relief rallies. Please note that it may regain up momentum only if it closes above this range and sustain.  Its second lair of critical support range is 38426---38247---38012(figure will change every day), it may bounce back from any of these points but sustained break below the range will put the on-going uptrend in jeopardy and it may witness an accelerated fall. Moving down further its other important support points are at 36876.35---36666---36525.95(figure may change), please note that sustained break below 36666 will put the long term uptrend in potential danger.

It is important to mention here that it could come out of corrective mode if it closes above 40661 & 41231 and sustain, now it is below its short and some medium term moving averages and also below its short and long term pullback threshold point of 38774.20 & 39169 (figure may change) which is a very weak sign and if it does not move above it and the moving averages in a shortest possible time and sustain on the closing basis then it could continue with the down move with short up rally in between. But if it moves above 38774.20 and sustain on the closing basis then chances are that it could still give a reasonable pullback rally. However moving up from here its critical resistance points could be at 38774.20---39169---39727---40011.15---40128---40160---40247---40537---41027---41149---41367.25---41830(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted. Kindly note that now it is a sell on the rise markets till visible sign of correction completion emerges. The short term bias still looks weak. 

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly; therefore one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that its long term technical setup still looks good for the uptrend to continue as long as it holds 36666(figure will change every day). It is into short term correction mode and below its pullback threshold point of 38774.20 & 39169, it is below its few critical resistance points also as mentioned above, which indicates weakness, therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak therefore it seems that the accelerated fall may continue in coming days/weeks if it does not move above its key points mentioned above. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. It is suggested in general to avoid long trade as of now.

In view of the above, it is into correction mode and also below its pullback threshold point of 38774.20 & 39169(figure may change) therefore for safe traders long trade should be avoided till it gives visible sign of correction completion or it closes above at least the first pullback threshold point of 38774.20. However, aggressive traders can try long trade if it moves above 38775 and maintain for some time or on decline in the range of 38426---38247---38015 but not below it for pullback gains. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can be attempted on the rise and at appropriate point 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 on decline near or within the range of 38426---38247---38015 but not below it with a stop loss of 37900. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 38775 and maintain for some time with a stop loss of 38700. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 39200---39250 with a stop loss of 39350. It could be a highly risky trade but worth trying for intraday gains.

Or

 

Sell if it moves below 38346 and maintain for some time with a stop loss of 38570. It could be a risky trade but worth trying for intraday gains.

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 MULTI COMMODITY EXCHANGE OF INDIA LTD-12.11.2021(On Request)

 

MULTI COMMODITY EXCHANGE OF INDIA LTD

Open-1942--High-1965.55--Low-1903—Close-1952.80 on 11.11.2021. 

All-Time High---2135 made on 14.10.2021.

All-Time Low----238.15 made on 19.8.2013.

Recent Low---1432.30 made on 6.4.2021. 

Support:1875/1847.90/1797.70/1750/1690/1632.20/1575.15/1510/1471/1450/1432.30. 

Resistance: 1995/2044/2135/2150/2275/2327/2446/2471/2591.

(Bold and underlined figures are most important). 

It is in a long term uptrend as long as it holds the range of 1750---1743---1708---1687---1565(underline figures may increase or decrease marginally every day depending on the price movement). Please note that break below the range of 1750---1743---1708 will be an alert sign, break below 1687 will push it into long term correction mode and sustained break below 1565 will put the long term uptrend in potential danger. 

Long term uptrend is intact as of now but it is in short term correction mode and it could come out of it if it closes above 1969.20 and sustain, however as long as it holds 1750 chances are that it could move up and if it moves above 2035 and sustain on the closing basis the it could retest it all-time high of 2135 or may go beyond it also. 

In view of the above observation for traders, it is suggested to try long trade if it moves above 1969.20 with a stop loss of 1875 and for the investor it is suggested to accumulate on decline in a staggered manner but not below 1708 with a strict stop loss of 1550 on the closing basis. I once again repeat that avoid buying below 1708. The overall technical setup looks good for the continuation of the up move as of now. 

NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore  investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the better future of the company before taking investment decision.

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---12.11.2021

 

CNX-NIFTY

 Open—17967.45--High—17971.35—Low—17798.20---Close-17873.60 on 11.11.2021.

Support:17792.95/17763/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.           

Resistance: -17884.60/17947.65/17968.50/18012.20/18041.95/18342.05/18604.50/18778/19549/19575/19639/20390.09/20656.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a negative note and slipped down sharply and hit an intraday low of 17798.20 and then recovered but finally closed with a loss of 143.60 points. It is still into short term correction mode; furthermore it has slipped below its short and some medium term moving averages also which is a very weak sign and if it does not bounce back above the averages in a shortest possible time  then  it may move down further from here with an accelerated pace. It is below its first 5 top point of its critical support range of18216---18134---18035---17996---17934---17860---17852----17793---17613.10---17452(figures will change every day) which is concerning, on moving down it may take support at any of the remaining points and may bounce back also but sustained break below the 17852 will put the on-going uptrend in jeopardy and sustained break below 17452 may witness an accelerated fall. Please note that it will regain the steady up momentum only if it closes above the aforesaid critical resistance range (which seems less likely to happen at this point of time). Moving down further its other important support points are at 17326.10---17254.20---16701---16669---16565.60(figure may change), please note that sustained break below 16669 will put the long term uptrend in potential danger.

 It is important to mention here that it could come out of corrective mode if it closes above 18332.70 and sustain, but since it is above its pullback threshold point of 17847.10 (figure may change) therefore chances are that it may continue the pullback move(it did break this mark intraday but managed to close above it, thereby indicating inherent weakness) and may make an effort to come out of the corrective mode also but since it closed below its short and some medium term moving averages and if it does not bounce back above it fast then chances of pullback move will fade out and break below 17847.10 may resume the down move again with an accelerated pace. However moving up from here its critical resistance points could be at 17947.65---17968.50---18078.55---18109---18226---18286----18302.75---18332.70---18370---18407---18454---18478---18512---18525---18550---18605(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that its long term technical setup is still looks good for the uptrend to continue as long as it holds 16669(figure will change every day). It is into short term correction mode but the pullback mode is still on, but it is still below its few critical resistance points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days, so be alert in long trades. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges.

In view of the above, it is into short term correction mode but above pullback threshold point of 17847.10 which is a slightly positive indication, therefore for safe traders long trade can be tried if it holds 17847.10 for some time else avoid. However, aggressive traders can also try long trade on decline at appropriate points or near 17613 but not below it. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can be attempted on the rise and at appropriate point 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 holds 17847.10 for some time with a stop loss of 17790. It is for both the traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 17613 but not below it with a stop loss of  17580 . It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 17990---18050 with a stop loss of 18100. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17790 and maintain for some time with a stop loss of 17880. 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.