CNX-NIFTY- A TECHNICAL VIEW -9-2-2017

CNX-NIFTY

Open-8774.55—High-8782.85---Low—8715—Close—8769.05 on

8-2-2017

Support: - 8757.60/8740.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8786/8801.05/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

As expected yesterday’s correction extended today and it hit a low of 8715 for the day but in last hour of trade it recovered sharply to close with a meager gain of .75 points which shows good strength in it. Looking at today’s movement it seems that a short bottom may be in place at 8715 and the correction may have ended so now it may resume the up move again. Therefore long call can be tried if it moves above 8786 and sustain with a stop loss of below 8740 for a target of 8815 and can add on position if it moves and sustain above 8515 with a stop loss of below 8780 for added long position for a target of 8830/8866/8874.

Remark:- Technically it is o.k. and with today’s movement it seems that correction may be over, therefore long call can be tried above 8786.  

 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.