CNX-NIFTY--A TECHNICAL VIEW--19-11-2015

CNX-NIFTY

Closed at 7731.80 on 18-11-15.(Open-7823.15/High-7843.30/Low-7725.05)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It had a breakdown today but it is still holding the strong support range of 7723---7667(see my post for 16-11-15) and break below 7667 only will accelerate the fall. Please note that the short pull back up momentum which it built on 16^th & 17^th Nov-15  was lost today, but certain technical parameters still indicate that it could bounce back but the price movement is not supporting it now . It is therefore suggested to avoid long trade if it consistently trades below 7730.90 and below 7714 for sure. Aggressive trader can still try long call above 7730.90 with a stop loss of below 7700. Similarly short call can be tried if it trades below 7714 with a stop loss of above 7765. 

Remark:-The long term trend is down. Since it is holding critical support range of 7723—7667 both side trade can be initiated 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.