A TECHNICAL VIEW ON CNX-NIFTY FOR---23.11.2021

 

CNX-NIFTY

 Open—17796.25--High—17805.25—Low—17280.45---Close-17416.55 on 22.11.2021.

Support:17326.10/17254.20/17055/16701.85.                                                                                 

Resistance: -17452.90/17576/17613.15/17688.50/17763/17792.95/17884.60/17947.65/17968.50/18012.20/18041.95/18069.25/18210.15/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a positive note but could not sustain and had relentless fall and finally closed with a whopping loss of 348.25 points.  It is into deep short term correction mode and break below 17312.85 will push it into medium term correction mode, which may please be noted. It is below its short term moving averages on the daily and the weekly chart, almost below all of the medium term moving averages and also below some of its long term parameters on the daily chart, which is a very weak indication and if it does not bounce back sharply in next 2-3 days then the accelerated fall may continue as it did today. Moving down further its other important support points are at 17326.10---17254.20---16785---16701---16565.60(figure may change), please note that sustained break below 16785 will put the long term uptrend in potential danger. Similarly moving up it will face stiff resistance from its critical points at 17452---17613---17792.95---17947.65---17961---18036---18112---18127---18224---18313(figures may change) and to regain the steady up momentum again it has to move above this range and sustain, but looking at today’s severe intensity down move chances of crossing this range is very slim at this point of time.

It is important to mention here that it is way below its correction completion point of 17875 & 18285.80, furthermore it is also below its pullback threshold points of 17500--17531 & 17593 (figure may change) which is a very weak indication and if it fails to bounce back above it and sustain on the closing basis then fall may continue with in between short up move. Please note that if it moves above 17500 & 17531 and sustain on the closing basis then it may give a weak intensity pullback rally and if it moves above 17593 and sustain on the closing basis then chances are that it may give slightly better and moderately strong pullback move. But the overall short term technical setup is very weak mind you.

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 o.k. for the uptrend to continue as long as it holds 16785(figure will change every day). It is into deep short term correction mode, it is below its all critical support points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak on the daily and weekly chart and indicating that it could seek much lower levels, therefore it seems that it may have an accelerated fall in coming days/weeks, as it did today, if the technical indicators or the price pattern does not improve fast. Since it is in deep corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. The, short term bias is hugely weak and negative.

In view of the above, it is into deep short term correction mode and also below its pullback threshold points, therefore for safe traders long trade should be avoided and can only be tried if it closes above 17593 and sustain for the pullback gains. However, aggressive traders can try long trade if it moves above 17453 and maintain for some time but should avoid buy on decline. I strongly 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 still 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 17453 and maintain for some time with a stop loss of 17400. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 17570---17590 with a stop loss of 17630. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it remains below 17453 for some time with a stop loss of 17510. It could be a 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—23.11.2021

 

CNX--BANK NIFTY

Open—38232.15---High—38241--Low—36655.40---Close—37128.80 on 22.11.2021.

Support:36876.35/36525.95/36151.95/35359.25/34817.50. 

Resistance: -37315.20/37708.75/38112.75/38377.25/38873.80/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important) 

It opened on a positive note but could not sustain and had relentless fall and finally closed with a whopping loss of 847.45 points.  It is into medium term correction mode and break below 35761.25 will push it into long term correction mode, which may please be noted. It is below its short term moving averages on the daily and the weekly chart, almost below all of the medium term moving averages and also below some of its long term parameters on the daily chart, which is a very weak indication and if it does not bounce back sharply in next 2-3 days then the accelerated fall may continue as it did today. Moving down further its other important support points are at 36876.35---36770---36525.95 (figure may change), please note that sustained break below 36770 will put the long term uptrend in potential danger. It did break 36770 levels intraday today but bounced back nonetheless it is a bad sign and indicates further fall may be ahead.  Similarly moving up it will face stiff resistance from its critical points at 38015---38234---38457---40390---40700---41001 (figures may change) and to regain the steady up momentum again it has to move above this range and sustain, but looking at today’s severe intensity down move chances of  crossing this range is very slim at this point of time.

It is important to mention here that it is way below its correction completion point of 38796---39959.70 & 40489, furthermore it is also below its pullback threshold points of 37236---37482.55 & 37876.50 (figure may change) which is a very weak indication and if it fails to bounce back above it and sustain on the closing basis then fall may continue with in between short up move. Please note that if it moves above 37236 & 37482.55 and sustain on the closing basis then it may give a weak intensity pullback rally and if it moves above 37876.50 and sustain on the closing basis then chances are that it may give slightly better and moderately strong pullback move. But the overall short term technical setup is very weak mind you.

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 o.k. for the uptrend to continue as long as it holds 36770(figure will change every day). But it got a warning signal today as this mark was breached intraday today. It is into medium term correction mode, it is below its all critical support points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak on the daily and weekly chart and indicating that it could seek much lower levels, therefore it seems that it may have an accelerated fall in coming days/weeks, as it did today, if the technical indicators or the price pattern does not improve fast. Since it is in deep corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. The, short term bias is hugely weak and negative.

In view of the above, it is into medium term correction mode and also below its pullback threshold points, therefore for safe traders long trade should be avoided and can only be tried if it closes at least above 37482.55 and sustain for the pullback gains. However, aggressive traders can try long trade if it moves above 37236 and maintain for some time or on decline near 36876 but not below it. I strongly 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 still 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 36876 but not below it with a stop loss of 36800. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 37236 and maintain for some time with a stop loss of 37100. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 37500--37600 with a stop loss of 37700. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 36876 with a stop loss of 37150. It could be a risky trade but worth trying for intraday gains.

Or

Sell if it moves below 36655 with a stop loss of 36795. 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 RHI MANGNESITA INDIA LTD-20.11.2021 (On Request)

 

RHI MANGNESITA INDIA LTD

Open-349.90--High-350.50--Low-335—Close-336.65 on 18.11.2021. 

All-Time High---407 made on 14.9.2021.

All-Time Low----22.85 made on 13.4.2012.

March-2020 low---108 made on 24.3.2020.

Recent Low---325 made on 15.11.2021.

IT IS A LOW VOLUME STOCK THEREFORE VOLATILITY COULD BE HIGH AT TIMES. 

Support:332.30/330/325/320.05/317.30/293.10/268.55/260.65/229/219.95/212.60. 

Resistance:341.95/348/357/362.40/375/384.95/392.50/407. 

(Bold and underlined figures are most important) 

It is in short term corrective mode and few important technical indicators are also weak which indicates that further fall from here cannot be ruled out, however it has strong bed of support in the range of 336.45---325.60---312---306, please note that break below 336.45 will push it into long term corrective mode, sustained break below 325.60will push it into bear market and sustained break below 306 will put the long term uptrend in potential danger and fall may accelerate below this mark. Similarly moving up it will face stiff resistance at 346 and then in the range of 372---398(range may change), please note that if it moves above 346 and sustains on the closing basis than it could make an effort to retest its all-time high of 407 or may go beyond it also but on the rise it face very tough resistance in the range of 372---398(range may change), so the up journey may not be smooth. 

In view of the above observation short term investor can buy if it moves above 346 and sustain with a stop loss of 335 on the closing basis or buy on decline near 325.60 but not below it with a stop loss of below 319, please note that it would be relatively safe to try long trade above 346. However aggressive and long term investor can also try buying on decline at appropriate points or near 306 but not below it with a strict stop loss of 300 on the closing basis. I once again reiterate that long position should not be taken below 306. 

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 future growth 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---22.11.2021

 

CNX-NIFTY

 Open—17890.55--High—17945.60—Low—17688.50---Close-17764.80 on 18.11.2021.

Support:17763/17688.50/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.           

Resistance: -17792.95/17884.60/17947.65/17968.50/18012.20/18041.95/18069.25/18210.15/18342.05/18604.50/18778/19549/19575/19639/20390.09/20656.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a negative note and moved above yesterday’s close also but could not sustain and started moving down and finally closed with a loss of 133.85 points.  It is into deep short term correction mode, it is below its short and some of the medium term moving averages also, which is weak sign and could drag it down further. Furthermore it is still way below its correction completion point of 18332.70 and also below all its critical points of 18315---18228---18132---18119---18045---17971(figures will change every day) which is highly concerning. Since it has slipped below its critical support range which is now resistance therefore if it remains below the range of18119---18045---17971 the on-going uptrend will be in jeopardy and it will regain up momentum only if it moves above the upper band of the range i.e. above 18315 and sustain on the closing basis. Moving down further its other important support points are at 17613---17452---17326.10---17254.20---16770---16701---16565.60(figure may change), please note that sustained break below 17613 may accelerate the fall and sustained break below 16751 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, furthermore it is also below its pullback threshold point of 17847.10 (figure may change) which is a very weak indication and if it fails to bounce back above it and sustain on the closing basis then fall may continue with in between short up move. However moving up from here its critical resistance points could be at 17792.95---17884.60---17947.65---17968.50---18069.25---18112.60---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 o.k. for the uptrend to continue as long as it holds 16770(figure will change every day). It is into deep short term correction mode but the pullback mode is still on, but it is below its all critical support points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak on the daily and weekly chart and indicating that it could seek much lower levels, therefore it seems that it may have an accelerated fall in coming days/weeks if the technical indicators or the price pattern does not improve fast. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. The short term bias looks weak and negative.

In view of the above, it is into deep short term correction mode and also below pullback threshold point of 17847.10; therefore for safe traders long trade can only be tried if it closes above 17847.10 and sustain. However, aggressive traders can try long trade if it moves above 17784 and maintain for some time or  buy on decline near 17613 but not below it. Please note that long trade below the range of 18119---18045---17971(figure will change every day) could be a highly risky proposition.  I strongly 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 17784 and maintain for some time with a stop loss of 17750. It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline 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 17900---17930 with a stop loss of 17960. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17688 with a stop loss of 17770. 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—22.11.2021

 

CNX--BANK NIFTY

Open—38071.90---High—38233.95--Low—37748.45---Close—37976.25 on 18.11.2021.

Support:37708.75/37315.20/36876.35/36525.95/36151.95/35359.25/34817.50. 

Resistance: -38112.75/38377.25/38873.80/39292.80/40011.15/40160.20/41367.25/41829.60/41965/42036/42222.

(Bold and underlined figures are most important)

It opened on a flat to positive note but could not sustain and started moving down and finally closed with a meager loss of 65.30 points. It is into medium term correction mode, furthermore it is decisively and way below its first lair of critical resistance range of 41000—40709---40401(figure will change every day) and also below  Its second lair of critical resistance and support range is 38467---38256---38044(figure will change every day), which is very concerning Since it has broken the second lair of support therefore the on-going uptrend  is in jeopardy and if it fails to bounce back above it i.e. 38467 in next 1-2 days then it may witness an accelerated fall. Moving down further its other important support points are at 36876.35---36771---36525.95(figure may change), please note that sustained break below 36771 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, it is well below its short and some medium term moving averages and also below its short and long  pullback threshold point of 38317.65 & 38711.60 (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 38317.65 and sustain on the closing basis then chances are that it could still give a pullback rally may be of a weak intensity. However moving up from here its critical resistance points could be at 38317.65---38711.60---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 is down. 

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 is still o.k. for the uptrend to continue as long as it holds 36771(figure will change every day). It is into medium term correction mode now and below its pullback threshold point of 38317.65 & 38711.60 (figures may change) it is also way below its all critical resistance points as mentioned above, which indicates tremendous weakness, therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak on the daily and weekly chart and indicating that it could seek much lower levels, therefore it seems that it may have an accelerated fall in coming days/weeks if the technical indicators or price pattern does not improve. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. It is therefore suggested to avoid long trade in general as of now.

In view of the above, it is into medium term correction mode and also below its pullback threshold point of 38317.65 & 38711.60 (figure may change) therefore for safe traders long trade should be avoided till it gives visible sign of correction completion or if it closes above at least the pullback threshold point of 38317.65. However, aggressive traders can try long trade on decline near 37750 but not below it. Please note that long trade below the range of 38467---38256---38044(figure will change every day) could be a highly risky proposition. I strongly 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 37750 but not below it with a stop loss of 37700. It is for the aggressive traders and could be a highly risky trade.

Or

 

2. Sell on the rise near or within the range of 38425---38475 with a stop loss of 38550. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it does not move above 38260 in first one and half hour of trade with a stop loss of 38350. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 37748 with a stop loss of 37990. 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---18.11.2021

 

CNX-NIFTY

 Open—17939.35--High—18022.85—Low—17879.25---Close-17898.65 on 17.11.2021.

Support:17884.60/17792.95/17763/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.       

Resistance: -17947.65/17968.50/18012.20/18041.95/18069.25/18210.15/18342.05/18604.50/18778/19549/19575/19639/20390.09/20656.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a negative note and moved above yesterday’s close also but could not sustain and started moving down and finally closed with a loss of 100.55 points.  It is still into short term correction mode, it is below its short and some of the medium term moving averages again, which is weak sign for the continuation of the up move. Furthermore it is still way below its correction completion point of 18332.70 and also slipped below all its critical points of 18301---18214---18120---18105---18036---17962(figures will change every day) which is highly concerning. Since it has slipped below its critical support range which is now resistance therefore if it remains below the range of18105---18036---17962 the on-going uptrend is in jeopardy and it will regain up momentum only if it moves above the upper band of the range i.e. above 18301 and sustain on the closing basis. Moving down further its other important support points are at 17613---17452---17326.10---17254.20---16733---16701---16565.60(figure may change), please note that sustained break below 17613 may accelerate the fall and sustained break below 16751 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 still above its pullback threshold point of 17847.10 (figure may change) therefore chances are that it may still continue the pullback move but the last two days price movement indicate otherwise and signal much weakness in it and if it moves below 17873 & 17847.10 and sustain then it could witness an accelerated fall, which may please be noted. However moving up from here its critical resistance points could be at 18069.25---18112.60---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 16751(figure will change every day). It is into short term correction mode but the pullback mode is still on, but it is below its all critical support points also as mentioned above therefore further fall cannot be ruled out if it remains below it. Furthermore please note that few important technical indicators are also weak and indicating that it could seek much lower levels, therefore it seems that it may have an accelerated fall in coming days/weeks if the indicator does not improve. 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. The short term bias looks weak.

In view of the above, it is into short term correction mode but well above the pullback threshold point of 17847.10; therefore for safe traders long trade can be tried if it holds 17873 for some time but not below it. However, aggressive traders can also try long trade on decline at appropriate points or near 17613 but not below it. Please note that long trade below the range of 18105---18036---17962(figure will change every day) could be a highly risky proposition.  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 17873 for some time with a stop loss of 17820. 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 17986---18000 with a stop loss of 18050. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17873 with a stop loss of 17950. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17847 with a stop loss of 17910. 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.