CNX--BANK NIFTY-A TECHNICAL VIEW 10-1-2017

CNX--BANK NIFTY

Closed at 18286.65 on 10-6-1-2017(Open-18316.25/High-18373.10/Low-18256.15)

Support:-18242.10/18177.20/18143.70/17952.60/17910.80/17829/17606.

90/17425.80/17350.45/16946.05/16431.65/16368/16186/15762.

Resistance:- 18325.50/18443.65/18532/18537/18551/18713.60/17739.65/18824.40/18961.15/19059/19096.70/19125/19158/19493.50.

The broad observation remains the same (see my post of 9-1-2017). Although it closed on a positive note today but its movement looked a bit stressed therefore it may correct from here before moving up again. It is therefore suggested to follow almost the same trading strategy of 9-1-2017 with slight difference in figures on 10-1-2017.

  TRADING STRATEGY

1. Long call can be tried if it sustain above 18326 for some time with a stop loss of below 18250. The upside target could be 18370/18444/18473/18513.

2. Aggressive trader can try long call on decline also but not below 18242 with a stop loss of below 18170 or near but not below 18097 with a stop loss of below 18000, it could be a risky trade.

3. Contrarian short call can be tried for an expected down correction if it moves below 18242 and sustain with a stop loss of above 18330 for a target of 18177/8143/17952.

Remark: - As of now it is a buy on dip market but it looked stressed today and may correct from here before resuming up move again, therefore it is advised to exercise some caution in long trade and it is suggested to try long trade only above 18326. Avoid long call below 18242.30 and below 18177.20 for sure.

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.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.