CNX-NIFTY
Open-8329.60—High-8404.35---Low—8327.20—Close—8391.20
on
23-1-2017
Support:-8373/8349.35/8340.95/ 8322.25/8293.80/8274.95/8223/8210.10/8185/8063.
Resistance: - 8428/8460.30/8461.05/8476.70/8506/8518/8558/8598.45/8678.75.
The broad
observation remains the same (see my post for 23-1-2017), although it staged a
short bounce back today but it seems that it could still go down till it closes
above 8436 and then sustain above its top end of the long term moving average
which is place at 8428(it changes every day) for 24-1-2017 or make higher high
and higher lows on the bar chart. It is therefore suggested that one should be
circumspect in initiating long trade now. However those who wish to try can go
for long trade above 8392 with a stop loss of below 8340 for a target of
8428/8436/8462. Similarly short call can also be tried on the rise near but not
above 8436 with a stop loss of above 8462 but it would be safe to try short
call below 8340.95 with a stop loss of above 8373 for a target of 8327/8312/8294/8274.95/8244/8230/8210.
Remark: - Despite today’s rise it still seems that
the buy on dip market may have ended for the time being and it may have turned
into sell on the rise market now till it starts making higher top & bottom
again. Therefore avoid long call now but aggressive trader can be try it as
suggested above or around the suggested range (see my post of 23-1-2017),
instead it is worth try short call at this point of time 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.
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Thank you for sharing your views.