CNX-NIFTY
Support:-8102.05/8056.85/8002.25/7992/7952.55/7946/7935/7927/7916.40/7897/7859/7807/7735-7714.
Resistance:- 8224.50/8230.65/8244/8257.42/8261.75/8274.95/8300/8337.90/8371/8402/8445/8476.70/8489/8506/8518/8540-8555/8598.45.
It gave sharp
down correction today but its recent higher bottom of 8102.05 on the line chart
and 8056.85 on the bar chart is intact therefore it could still make an
attempt to move up till it closes below 8102.05 and break 8056.85 mark. But the
overall technical setup is weak and since it is a pullback rally only therefore
it would be better and safe to avoid long call instead it is suggested that every
rise has to be sold into at proper points.
Please note that
its last long term moving average support is at 8157 for 13-12-2016(it changes
every day and at present it is moving up by 4-6 points every day), therefore it
is suggested to avoid long call below 8157, but since it has not broken its
recent bottom on the line & bar chart, so day trader can try long call in
the range of 8102—8063 if they wish to with a stop loss of below 8050.It
could be a risky trade mind you. Since the technical setup is weak therefore
it would be better to try short call instead either on the rise at appropriate points
with proper stop losses or if it sustain below 8154 with a stop loss of above
8210.
Remark: - The uptrend is threatened and it is in
intermediate downtrend now. It corrected sharply today therefore it is
suggested to avoid long call below 8157 instead short call seems a safer bet
below 8154 with suggested stop loss mentioned above. The overall technical
setup is bearish as of now.
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.
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Thank you for sharing your views.