CNX--BANK NIFTY
Closed at 16812.10 on 18-11-15.(Open-17108.90/High-17186.70/Low-16812.10)
Support:-16670/16648/16587.25/16192/15762.20.
Resistance:- 16881.65/16932.85/17069/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.
It had a complete breakdown today and
as nifty it also lost the up momentum. It seems that the pull back rally may be
over but there is still a glimmer of hope because certain technical parameters
indicate that it could still bounce back if it holds the support range of
16740---16648 but price movement was extremely weak today and indicate
otherwise . In view of the above it is suggested to avoid long trade below
16881.65 for sure and can only be tried above 16935 with a stop loss of below
16870 or within the aforesaid range of 16740--16648. Similarly short call can
also be tried below 16881 with a stop loss of above 16935.
Remark:-The long term
trend is down. Since it had a breakdown today therefore it is suggested to
watch the market for at least 30-45 minutes before initiating any trades and
thereafter take a trading call as suggested above.
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.
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.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
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Thank you for sharing your views.