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

CNX-NIFTY

Open-8262.70—High-8293.80---Low—8261—Close—8288.60 on

10-1-2017

Support:-8274.95/8259.35/8243.80/8230.65/8210.10/8185.80/8162/8133.80/8077/8060/8056/8002/7992/7988/7940/7927.05/7916.40/ 7897/7893.80/7715.80/7678.35/7644/7615.85/7405.15.

Resistance:- 8294.95/8306.85/8330/8400.25/8433/8476.70/8506/8518/8558/8598.45.

After showing slackness for two days, it showed strength again today and it is needless to mention that it is still making higher top & bottom on the line chart as well as on the bar chart, so no doubt it is buy on decline market till it closes below 8236 and breaks 8223.70 on the bar chart. As you are already aware that the benchmark points for the year 2017 are 8210.10 & 8185.80(see my earlier post), therefore get alerted in long position if any and avoid fresh long trade below 8210.10 for sure and exit trade if it consistently started trading below 8185.80.  

TRADING STRATEGY

1. Long call can be tried above 8289 with a stop loss of below 8255 and can add on position if it moves and sustain above 8307 with a stop loss of below 8270 for added position. The upside target could be 8338/8380/8421.

2. Aggressive trader can try long call on decline also but not below 8260 with a stop loss of below 8230, it could be a risky trade but with even chances.

Remark: - As of now it is a buy on dip market and it showed strength today, so it may resume the up move from here, therefore long call can be tried as suggested above.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.