A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—21.12.2021

 

CNX--BANK NIFTY

Open—35124.35---High—35231.10--Low—34018.45---Close—34439.85 on 20.12.2021.

Support:34115/33908/33468.68/33273.95/32613.10/32415.25/32115/31906. 

Resistance: -34817.50/35327.90/35359.25/35531.35/35810.90/35977.97/36151.95/36525.95/36647/36655.40/36844/36876.35/37140/37232.20/37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important). 

It opened with a big down gap and plunged down further and finally closed with a huge loss of 1178.80 points. It is important to mention here that the gap it created today is still there and if it makes an attempt to fill this gap in next 3-4 days which is technically possible then it may come up to 35535, but it seems that it was a breakdown gap and if it is so then it may not fill it now which please note.  It is into long term correction mode, it has decisively moved below last critical support range of35525---35170(figure may change) and if it remains below 35170 it may put an end to the long term uptrend. Therefore to gain some foothold it has to move above 35170(figure will change for the next day) and sustain on the closing basis else down move will continue which may be kept in mind. Please note that it seems that it has gotten into the bear market and sustained break below 33468.68 levels which is a bear market threshold point will confirm it. Therefore moving down now the range of 34063---33468.68---32613---32465 could be considered as good support range but sustained break below 32465 could trigger an accelerated fall.

Similarly moving up from here it will face stiff resistance in the range of 35170---36950(figure may change for the next day), sustained close above 35170 may help it to get some foothold for the up move but it will gain some strength above 36950 only. But looking at today’s move it seems slightly difficult to cross this range in coming days instead chances of moving down looks much greater at this point of time. However its short and long term pullback threshold point is at 34859.22 & 35861.88(figures may change), so sustained close above 34859.22 may give mild pullback up move but sustained close above 35861.88 may give moderate to reasonable pullback up move.

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 into medium term correction mode it is below its short term moving averages on the daily and weekly chart, it is also below its medium term moving averages on the daily chart and below some on the weekly chart also and most importantly way below its long term parameters on the daily chart and below some on the weekly chart also and most importantly below all its long term moving averages on the daily chart, all together these are very weak indication and pointing towards further fall ahead in coming days, provided it remains below its critical points. Please note that few important technical indicators which were giving positive indication until 17.12.2021 has also turned completely negative today and it is already negative on the weekly chart for some time, therefore further fall from here look inevitable off course with in between short relief rallies, if it does not bounce back above its key price levels in the next few days. The short, medium and long term trend is drastically weak; therefore the overall bias looks tremendously weak as of now.

In view of the above, it slipped into long term correction mode now and almost on the verge of ending the uptrend for now, therefore for safe trader’s long trade should be avoided till clarity on correction completion emerges. However, aggressive traders can try long trade on decline near or within the range of 34060--- 33468.68, preferably near the lower end of the range but not below 33468.68. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time. It is suggested to avoid long trade for now. It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move gains.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline near or within the range of 34060—33468, preferably near the lower end of the range with a stop loss of 33300. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range 35050---35200 with a stop loss of 35300. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34400 and maintain for some time with a stop loss of 34650. 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---20.12.2021

 

CNX-NIFTY

 Open—17276--High—17298.15—Low—16966.45---Close-16985.20 on 17.12.2021.

Support:16891.70/16782.40/16701.85/16565/16376.05/16349.45/16162.55/15962.25---15895.75/15635.95/15632.75/15578.55/15513.45/15450.90.                                                           

Resistance: -17055/17216.10/17254.20/17326.10/17436.50/17452.90/17489.80/17543.25/17600.60/17613.15/ 17639.50/17757.95/17792.95/17798.20/17884.60/17947.65/17968.50/18012.20/18041.95/18112.60/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

It hit a high of 17639.50 and low of 16966.45 during the week ended on 17.12.2021 and closed near the low of the week with a loss of 263.20 points on the last day of the week, closing near the low of the week is a pretty weak sign. Furthermore it has slipped into medium term correction mode as it has decisively broken its threshold point of 17312.82, it has slipped  below its important pullback threshold point of 17212.40 and most importantly it has moved below its long term uptrend upholding threshold point of 16993(figure will change for the next day), all these are very weak indication and its long term uptrend is in question now and if it remains below these critical points it may be heading for moderate to big fall in coming days. Moving down its important support range would be 16956---16750(figure may change for the next day) and then 16380---16150---15986.42(figure may change for the next day), please note that it may stage a bounce back from these range but sustained break below 16150 will put the long term uptrend in real danger and sustained break below 15986.42 will push into long term correction mode and may put an end to the long term uptrend for some time which should be kept in the back of the mind. To keep the hope of long term uptrend intact or alive it has to maintain above these points on the closing basis 16150---15986.42(figure may change for the next day) but it may get some strength or chance of getting back some up momentum only if sustains above 16993(figure will change for the next day) on the closing basis. Therefore the range of 16150---15986.42(figure may change for the next day) is the last very critical support range and finally the benchmark or threshold point of getting into confirmed bear market is 14883.56.

Similarly moving up from here it will face stiff resistance in the range of 17350---17453--17640, moving above 17453 will give some strength and sustained close above 17640 may help it to gain up momentum. But looking at last few days price pattern it seems slightly difficult to cross this range in coming days instead chances of moving down looks much greater at this point of time. 

It is into medium term correction mode now, it is below its short term moving averages on the daily and weekly chart, it is also below its medium term moving averages on the daily chart, and way below some of its long term parameters and most importantly below its critical points as mentioned above, all together these are very weak indication and pointing towards further fall ahead in coming days, provided it remains below its critical points. But please note that few important technical indicators which were weak on the daily and weekly chart for some time, but some indicators are still giving positive indication on the daily chart but price pattern is not supporting which is not a good sign, therefore if it does not bounce back above its key price levels in the next few days then down move will continue with in between short relief rallies. The short and medium term trend has turned weak again and long term uptrend is also in question now therefore overall bias looks tremendously weak as of now.

In view of the above, it slipped into medium term correction mode now and knocking on to disturb long term uptrend, therefore for safe traders long trade should be avoided till clarity on correction completion emerges. However aggressive can try long trade on decline near the lower end of the range of 16956---16750(figure may change) and then 16380---16150---15986.42(figure may change) but not below 15986.42. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time. It is suggested to avoid long trade for now. It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move 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 the lower end of the range 16956---16750 and then 16380---16150---15986.42 with a stop loss of 16700 and 15940. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range 17150---17200 with a stop loss of 17250. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 16955 with a stop loss of 17020. 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—20.12.2021

 

CNX--BANK NIFTY

Open—36491.80---High—36550.75--Low—35535.05---Close—35618.65 on 17.12.2021.

Support:35531.35/35359.25/35327.90/34817.50/34115/33908/33273.95. 

Resistance: -35810.90/35977.97/36151.95/36525.95/36647/36655.40/36844/36876.35/37140/37232.20/37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important). 

It hit a high of 37581.05 and low of 35535.05 during the week ended on 17.12.2021 and closed near the low of the week with a huge loss of 930 points on the last day of the week, closing near the low of the week is a pretty weak sign. Furthermore it has slipped into long term correction mode as it has broken its threshold point of 35761.25(figure may change), it has slipped way below its important pullback threshold point of 36862.30(figure may change) and most importantly it has decisively moved below its long term uptrend upholding threshold point of 36958(figure will change every day), all these are very weak indication and its long term uptrend looks in deep trouble now and if it remains below these critical points it may be heading for moderate to big fall in coming days. Moving down its most important support range would be 35545---35170(figure may change), please note that it is already into long term correction mode but may stage a bounce back from this range but sustained break below 35170   may put an end to the long term uptrend for some time which should be kept in the back of the mind. To keep the hope of long term uptrend intact or alive it has to sustain above support range last point of 35170(figure will change every day) and it may get some strength if it moves above its long term uptrend upholding threshold point of 36958(figure will change every day) else down move should continue and finally the benchmark or threshold point of getting into confirmed bear market is 33463.68.

Similarly moving up from here it will face stiff resistance in the range of 36400---36958(this figure will change every day) ---37581 moving above 36958 will give some strength and sustained close above 37581 may help it to gain some up momentum. But looking at last few days price pattern it seems slightly difficult to cross this range in coming days instead chances of moving down looks much greater at this point of time.

It is into long term correction mode now, it is below its short term moving averages on the daily and weekly chart, it is also below its medium term moving averages on the daily chart, and way below some of its long term parameters and most importantly below its critical points as mentioned above, all together these are very weak indication and pointing towards further fall ahead in coming days, provided it remains below its critical points. But please note that few important technical indicators which were weak on the daily and weekly chart for some time, but some indicators are still giving positive indication on the daily chart but price pattern is not supporting them which is not a good sign, therefore if it does not bounce back above its key price levels in the next few days then down move will continue with in between short relief rallies. The short and medium term trend has turned weak again and long term uptrend is also in question now therefore overall bias looks tremendously weak as of now.

In view of the above, it slipped into long term correction mode now and almost on the verge of ending the uptrend for now, therefore for safe trader’s long trade should be avoided till clarity on correction completion emerges. However aggressive traders can try long trade on decline near the lower end of the range of 35545---35170(figure may change) but not below 35170. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time. It is suggested to avoid long trade for now. It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move 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 the lower end of the range 35545---35170 with a stop loss of 35000. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range 36180---36280 with a stop loss of 36400. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35530 with a stop loss of 35650. 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---14.12.2021

 

CNX-NIFTY

 Open—17619.10--High—17639.50—Low—17355.95---Close-17368.25 on 13.12.2021.

Support:17326.10/17254.20/17216.10/17055/16782.40/16701.85/16565/16376.05/16349.45/16162.55/15962.25---15895.75/15635.95/15632.75/15578.55/15513.45/15450.90.                                                           

Resistance: -17436.50/17452.90/17489.80/17543.25/17600.60/17613.15/ 17639.50/17757.95/17792.95/17798.20/17884.60/17947.65/17968.50/18012.20/18041.95/18112.60/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

As envisaged it gave both side big swing today but finally closed in the negative territory with a loss of 143.05 points. It has given a copy book downward reversal today after the recent up move which is a bad sign and now it is expected to drift down from here; furthermore it is still into deep short term correction mode. Its immediate critical points are at 17613---17463.02---17452.90---17437.22---17312.82---17212.40(figures may change) it did move above all the points intraday today but could not sustain and at the end closed below its first four points which is highly concerning. Since it has closed below 17437.22 today therefore it has slipped into very short term correction within the deep short term correction mode which is already on, break below 17312.82 will push it into medium term correction mode. However, as long as it holds 17212.40 chances of up move will be there but break below this mark may end the hope of pullback move and an accelerated down move may resume. Today’s reversal indicates that it may not hold the important pullback threshold point of 17212.40. Therefore moving down further its important support points would be 17326---17254---17212.40---17055---16951---16891.70---16860---16782.40---16766(figures may change). Please note that break below 16951 may put the long term uptrend in jeopardy. However it has very good support in the range of 16950—16750 (range figure will change every day) and then in the range of 16340--16102(range figure will change every day) and it may bounce from these range but sustained break below 16102 may put an end to long term uptrend.

Similarly moving up from here it will face stiff resistance at 17437.22—17452.90---17463.02---17543.25---17562.25---17600& 17613---17665---17694---17746---17873---17908---17925---17974---18030---18174.50---18210.15---18240, it may correct at any of these points which may please be noted. Looking at today’s reversal chances of moving up seems capped now.

It is still into deep short term correction mode, but it is still above some of its short term moving averages on the daily chart, which is a positive sign but it is still below it on the weekly chart. It is also below some of its medium term moving averages on the daily chart, therefore it has to be seen whether it sustain above its short term moving averages and move above its medium term moving averages or not in next 1-2 trading session. Furthermore it is way below some of its long term parameters which are in the range of 18101---18455(figure will change every day) therefore it is still not out of woods and  the ongoing up move was just a good pullback rally which seems has ended today and down move is likely to resume. But please note that few important technical indicators which were weak on the daily and weekly chart for some time, but now some indicators are giving positive indication on the daily chart which is again a positive sign, therefore if it holds the key price levels for the next few days then chances are that it may pick up good and steady up momentum in coming days/weeks, else it may resume down move again. The short term trend improved a bit but got a jolt today therefore it has to be seen how it pans out in next few days, because it is still in a corrective mode. The long term uptrend is intact as of now till it holds 16951(figure will change every day).   It is suggested to avoid long trade below 17212.40 for sure.  

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.

In view of the above, it is still into deep short term correction mode now, It is much above its pullback threshold point of 17212.40  but below its alert point of  17452.90 therefore for safe traders long trade can only be tried if it closes above 17452.90  and sustain else avoid. However, aggressive traders can try long trade on decline at appropriate points or near 17212.40 but not below it for pullback gains. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time.  It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move 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 17212 but not below it 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 17490---17530 with a stop loss of 17590. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17355 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—14.12.2021

 

CNX--BANK NIFTY

Open—37358.20---High—37581.05--Low—36861.20---Close—36925.25 on 13.12.2021.

Support:36876.35/36844/36655.40/36647/36525.95/16151.95/35977.97/35810.90/35531.35/35359.25/35327.90/34817.50/34115/33908/33273.95. 

Resistance: -37140/37232.20/37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important). 

It opened with an up gap and went further up but could not sustain at the upper levels and slipped down to close with a loss of 180.40 points. It seems that it has given a downward reversal today after the recent up move which is a bad sign; furthermore it is still into medium term correction mode. Its immediate critical points are at 37372---37049.30---36921—36862.30(figure may change). It did move above and below all the points intraday today but at the end closed below first two points and just managed to hold the range of 36921—36862.30 . It is into very short term correction now within the medium term correction mode as it closed below 37049.30, however as long as it holds the range of 36921---36862.30(on the closing basis) chances of pullback up move will be there and if it moves above 37982 and sustain then it may gain good up momentum, but if it breaks below 36921 then the long term  uptrend will be in jeopardy  and break below 36862.30 on the closing basis may end the pullback rally hope and it may resume down move again, which may please be noted. Moving up from here it will face stiff resistance from its critical points at 37049.30---37372---37398---37477---37591---37871---38182---38440---38690---40418---40723---41040 (figures may change) and to regain the steady up momentum again it has to move above this range and sustain, looking at today’s reversal chances of moving up seems capped now and crossing of this range seems out of question in near future as of now. Similarly moving down its important support points will be at 36921---36862.30---36844---36647---36525---36497---36327---36151---35696.75---35359.25---35327.90 (figure may change).

It is still into medium term correction mode, but above some of its short term moving averages on the daily chart, which is a positive sign, but it is still below it on the weekly chart. It is still below almost all of its medium term moving averages on the daily chart, therefore it has to be seen whether it sustain above its short term moving averages and move above its medium term moving averages or not in next 1-2 trading session. Furthermore it is way below some of its long term parameters which are in the range of 38220---41038(figure will change every day) therefore it is still not out of woods and the ongoing  up move was  just a good pullback rally which seems has ended today and down move is likely to resume. But please note that few important technical indicators which were weak on the daily and weekly chart for some time, but some indicators are giving positive indication on the daily chart now, therefore if it holds the key price levels as mentioned above for the next few days then the chances are that it may pick up good and steady up momentum in coming days/weeks, else it may resume down move again. The short term trend improved a bit but got a jolt today therefore it has to be seen how it pans out in next few days, because it is still in corrective mode. The long term uptrend is intact till it holds 36921. It is suggested to be alert in long trade below 36921 (figure may change) and avoid long trade below 36824(figure may change) for sure.    

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.

In view of the above, it is still into medium term correction mode now, but since it closed above its pullback threshold point of 36862.50 and long term uptrend upholding point of 36921(figure will change every day) therefore for safe traders long trade can be tried if it holds the range of 36921---36862.30 for some time for pullback gains else avoid. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time.  It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move 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 the range of 36921---36862.30 but not below it with a stop loss of 36760. It is for both the traders. It could be a risky trade.

2. Sell near if does not move above 37398 in first one and half hour of trade with a stop loss of 37500. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 36820 with a stop loss of 36950. 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---13.12.2021

 

CNX-NIFTY

 Open—17476.05--High—17534.35—Low—17405.25---Close-17511.30 on 10.12.2021.

Support:17489.80/17452.90/17436.50/17326.10/17254.20/17216.10/17055/16782.40/16701.85/16565/16376.05/16349.45/16162.55/15962.25---15895.75/15635.95/15632.75/15578.55/15513.45/15450.90.                                                         

Resistance: -17543.25/17600.60/17613.15/17757.95/17792.95/17798.20/17884.60/17947.65/17968.50/18012.20/18041.95/18112.60/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a negative note and finally closed with a meager loss of 5.55 points. It is still into deep short term correction mode. It gave both side swings during the day as it did yesterday but managed to hold its critical points of 17452.90---17389.50---17363.70---17312.82---17212.40(figures may change) and if it moves above 17613 levels and sustain on the closing basis then it may possibly pick up some up momentum. Similarly break below 17452.90(it did break this mark intraday yesterday and today also) would be an alert sign and break below 17389.50 & 17363.50 will push it into very short term correction within the deep short term correction which is already on, break below 17312.82 will push it into medium term correction mode. However, as long as it holds 17212.40 chances of up move will always be there but break below this mark may end the hope of pullback move and down move may resume. Moving up from here it will face stiff resistance at 17543.25---17562.25---17600& 17613---17665---17694---17746---17873---17908---17925---17974---18030---18174.50---18210.15---18240, it may correct at any of these points which may please be noted. Looking at last two days price pattern it seems that it is expected to give a big move on the either side in next 1—2 trading session, so be alert and watch out.

It is still into deep short term correction mode, but it is above its short term moving averages on the daily chart, which is a positive sign but it is still below some of it on the weekly chart. It is still below some of its medium term moving averages on the daily chart, therefore it has to be seen whether it sustain above its short term moving averages and move above its medium term moving averages or not in next 2-3 trading session. Furthermore it is way below some of its long term parameters which are in the range of 18101---18455(figure will change every day) therefore it is still not out of woods and  the ongoing up move is just a good pullback rally as of now and you are well aware that these rallies can fizzle out abruptly. But please note that few important technical indicators which were weak on the daily and weekly chart for some time, but now some indicators are giving positive indication on the daily chart which is again a positive sign, therefore if it holds the key levels for the next few days then chances are that it may pick up good and steady up momentum in coming days/weeks, else it may resume down move again. The short term trend has improved a bit but it has to be seen how it pans out in next few days, because it is still in a corrective mode. The long term uptrend is intact as of now.   It is suggested to be alert in long trade below 17452.90 and avoid long trade below 17212.40 for sure.  

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.

In view of the above, it is still into deep short term correction mode now, but since it closed above its pullback threshold point of 17212.40 and other key point of 17452.90 therefore for safe traders long trade can be tried if it holds 17452.90 on decline or if it moves above 17544 and maintain for some time, else avoid. However, aggressive traders can also try long trade on decline near 17363 and then near 17212.40 but not below it for pullback gains. I strongly caution here that long trade in a corrective mode for pullback gains could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time.  It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move 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 17544 and maintain for some time with a stop loss of 17475. It is for both the traders and could be a risky trade.

Or

Buy on decline near 17452.90 but not below it with a stop loss of 17380. It is for both the traders and could be a risky trade.

Or

Buy on decline near 17363 and then near 17212 but not below it with a stop loss of 17300 & 17180 respectively. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near 17620---17640 with a stop loss of 17680. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17450 and maintain for some time with a stop loss of 17520. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17360 with a stop loss of 17410. 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.