A TECHNICAL VIEW ON CNX-NIFTY FOR---24.11.2021

 

CNX-NIFTY

 Open—17281.75--High—17553.70—Low—17216.10---Close-17503.35 on 23.11.2021.

Support: 17452.90/17326.10/17254.20/17055/16701.85.                                                                

Resistance: -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 hugely negative note and went down further and thereafter sharply bounced back and after 4 days of fall closed with a gain of 86.80 points.  It is still 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 still below its short term moving averages on the daily and below some averages on the weekly chart also, 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 1-2 days and move above some of the key points then the fall may continue. Moving down further its other important support points are at 17326.10---17254.20---16782---16701---16565.60(figure may change), please note that sustained break below 16782 will put the long term uptrend in potential danger. Similarly moving up it will face stiff resistance from its critical points at 17613---17792.95---17947.65---17963---18042---18119---18137---18237---18325(figures may change) and to regain the steady up momentum again it has to move above this range and sustain, but looking at last few days of 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, but its pullback threshold points are at 17451--17482 & 17544 (figure may change) and it has closed above first two points and if it sustain above these points then it may give a pullback up move may be of a weak intensity, but if it moves above 17544 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 as of now 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 16782(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, 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 important pullback threshold point of 17544, therefore for safe traders long trade should be avoided and can only be tried if it closes above 17544 and sustain for the pullback gains. However, aggressive traders can try long trade if it holds the range of 17482---17451 for some time or if it moves above 17544 and maintain for some time. 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 17554 and maintain for some time with a stop loss of 17500. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it holds the range of 17482---17451 for some time with a stop loss of 17410. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 17600---17630 with a stop loss of 17670. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17453 with a stop loss of 17510. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17410 and maintain for some time with a stop loss of 17465. 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—24.11.2021

 

CNX--BANK NIFTY

Open—36787---High—37448.75--Low—36647.55---Close—37272.80 on 23.11.2021.

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 hugely negative note and went down further and thereafter sharply bounced back and after 5 days of fall and finally closed with a gain of 144 points. It is still 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 1-2 days and move above some of the key points then the fall may continue. Moving down further its other important support points are at 36876.35---36785---36525.95---36151 (figure may change), please note that sustained break below 36785 will put the long term uptrend in potential danger. It did break 36785 levels again intraday for the second day 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 37477---37591---37871---37989---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 last few days of 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, but its pullback threshold points are at 37231---37477 & 37871  (figure may change) and it has closed above first points and if it sustain above it then it may give a pullback up move may be of a very weak intensity, but if it moves above 37477 and sustain then up move may get some feeble strength and finally if it closes above 37871 and sustain on the closing basis then chances are that it may give slightly better and moderately strong pullback move, but break below 37231 may resume the down move again. The overall short term technical setup is very weak as of now 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 36785(figure will change every day). But it is getting a warning signal for the last two days as this mark was breached intraday. 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 important pullback threshold point of 37871, therefore for safe traders long trade should be avoided and can only be tried if it closes at least above 37871 and sustain for the pullback gains. However, aggressive traders can try long trade if it holds 37231 for some time or if it moves above 37471 and maintain for some time. 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 holds 37231 levels for some time with a stop loss of 37110. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 37471 and maintain for some time with a stop loss of 37350. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 37540--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 37128 with a stop loss of 37300. It could be a risky trade but worth trying for intraday gains.

Or

Sell if it moves below 36876 with a stop loss of 37000. 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---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.