CNX--BANK NIFTY-A TECHNICAL VIEW 11-1-2017

CNX--BANK NIFTY

Closed at 18409.60 on 10-1-2017(Open-18351.45/High-18441.15/Low-18275.75)

Support:- 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60/17910.80/17829/17606.

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

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

It has given vertical rise of 550 points intra-day in last 4 days and still showing strength but in view of the straight rise chance of it correcting from here is also reasonably bright, therefore long call should be handled vigilantly and with caution. No doubt it is buy on dip market now till it holds its critical benchmark points of 18242.30 & 18177.20 for the year 2017(see my earlier post).

 TRADING STRATEGY

1. Long call can be tried if it sustain above 18410 for some time with a stop loss of below 18310. The upside target could be 18444/18473/18513—18551/.

2. Aggressive trader can try long call on decline also but not below 18275 with a stop loss of below 18240.

Remark: - As of now it is a buy on dip market but since it had vertical rise it may correct any time, however long call can be tried as suggested above but it is advised to exercise some caution. 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.