A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—26.11.2021

 

CNX--BANK NIFTY

Open—37362.05---High—37475.65--Low—37118.40---Close—37364.75 on 25.11.2021.

Support:37232.20/37140/36876.35/36655.40---36647/36525.95/36151.95/35977.95/35810.90/35531.35/34817.50. 

Resistance: -37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important) 

It opened on a negative note and moved in a short range and after two days of pullback move it finally closed with a loss of 77.20 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 and move above at least some of the key points in shortest possible time then the fall may continue. Moving down further its other important support points are at 36876.35---36819---36525.95---36151 (figure may change), please note that sustained break below 36819 will put the long term uptrend in potential danger. Similarly moving up it will face stiff resistance from its critical points at 37477---37591---37871---37989---38001---38244---38467---40422---40735---41032 (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 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,  its pullback threshold points are at 37231---37477 & 37871  (figure may change) after breaking the 1^st point of 37231 intraday it managed to hold  it for the 2^nd day  and if it sustain above it then it may give a pullback up move may be of a very weak intensity, 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 up move, but sustained 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 36819(figure will change every day). But the warning sign is that the prices are hovering near it and breached the aforesaid point intraday couple of times which is a weak sign. 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, 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 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 above 37871 and sustain for the pullback gains. However, aggressive traders can try long trade, if it moves above 37477 and maintain for some time or on decline near 37231 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 37231 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 37477 and maintain for some time with a stop loss of 37400. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 37780--37820 with a stop loss of 37920. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 37110 with a stop loss of 37260. 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---25.11.2021

 

CNX-NIFTY

 Open—17550.05--High—17600.60—Low—17354---Close-17415.05 on 24.11.2021.

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 and went up further but could not sustain at the upper level and slipped down and finally closed with a loss of 88.30 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 and move above some of the key points in shortest possible time then the fall may continue. Moving down further its other important support points are at 17326.10---17254.20---16797---16701---16565.60(figure may change), please note that sustained break below 16797 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---17968---18052---18131---18149---18248---18337(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 price movement 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, its pullback threshold points are at 17451--17482 & 17544 (figure may change) and after staying above 2 points for a day it slipped below all the points today which is a very weak sign and if sustains below these points it may have an accelerated fall in coming days/weeks. 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 16797(figure will change every day). It is into deep short term correction mode and making lower top & bottom on the line and the bar chart, 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 witness 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  all its  pullback threshold point of  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 moves above 17453 and maintain for some time or can try long trade on decline near 17216 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, therefore it is suggested to avoid long trade now.  It is still in the long term uptrend but now in deep 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.

Or

Buy on decline at appropriate points or near 17216 for some time with a stop loss of 17170. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 17510---17530 with a stop loss of 17580. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it remains 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 with a stop loss of 17465. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17350 with a stop loss of 17420. 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—25.11.2021

 

CNX--BANK NIFTY

Open—37384.75---High—37891.90--Low—37238.05---Close—37441.95 on 24.11.2021.

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

Resistance: -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 and went up further and finally closed with a gain of 169.15 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 and move above some of the key points in shortest possible time then the fall may continue. Moving down further its other important support points are at 36876.35---36804---36525.95---36151 (figure may change), please note that sustained break below 36804 will put the long term uptrend in potential danger. 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,  its pullback threshold points are at 37231---37477 & 37871  (figure may change) it did move above its all the threshold points intraday today but could manage to close above the first point of 37231 only which is also a weak indication, however 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 36804(figure will change every day). It is into medium term correction mode and making lower top & bottom on the line and the bar chart, 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 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 above 37871 and sustain for the pullback gains. However, aggressive traders can try long trade, if it moves above 37477 and maintain for some time or on decline near 37231 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 37231 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 37477 and maintain for some time with a stop loss of 37400. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 37790--37870 with a stop loss of 38000. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 37110 with a stop loss of 37260. 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 ESCORTS LTD-23.11.2021 (On Request)

 

ESCORTS LTD

Open-1790.10--High-1826.60--Low-1785.05—Close-1802.55 on 23.11.2021. 

All-Time High--- 1831.30 made on 22.11.2021.

All-Time Low----30.50 made in 2008.

March-2020 low---526.05 made on 19.3.2020.

Recent Low--- 1415.25 made on 17.9.2021. 

Support:1666.35/1588.80/1571.90/1468.45/1441/1422/1415.25/1389/1352/1288. 

Resistance:1831.30/1979/2031/2065/2395/2660.75/2940. 

(Bold and underlined figures are most important). 

It is in a very strong uptrend and likely to move up further with intermittent correction, but please note that break below 1659(figure may change) will push it into very short term correction mode, break below 1621 will weaken it further and break below 1499 & 1406.30(figures may change) will push it into medium and major long term correction mode which may be kept in mind. It is important to mention here that moving down it will have two lair of critical support range of the long term moving averages, 1st lair is placed between 1473---1383 and the 2nd lair is placed between 1382---1293(the range will inch up every day, therefore it has to be reviewed at regular intervals) for 24.11.2021 sustained break below 1^st lair will be an alert sign to exit long trade and sustained break below the 2^nd lair will put the long term uptrend in potential danger. 

It is important to mention here that it has made triple top in the range of 1824.95—1831.30 in the last three days and if it does not cross this range and sustain then it may correct from here. 

In view of the above observation long trade is suggested if it moves above 1831.30 and sustain with a stop loss of 1780 or on decline near or within the range of 1666.35---1659----1621 but not below it with a stop loss of 1580. I once again repeat that it is in a very strong uptrend now but the market sentiment is very weak, therefore one should be very alert and careful in the long trade at this point of time and trade with strict stop loss only. 

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---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.