A TECHNICAL VIEW ON CNX--BANK NIFTY--20-7-2017

CNX--BANK NIFTY- 20-7-2017

Open-24069.20--High-24180.75--Low-24053.70—Close-24152.65 on 19-7-2017

Support::-23897.85/23717/23708/23684/23610..

Resistance:-24455/24672.

It is showing good strength technically and at present its range is between 23897.85—24455 and breakout on either side will decide which way it would go. The in between support & resistance point within the range for 20-7-17 are as follows:-

Support:--24045/23897.85.

Resistance:-24215/24360/24455.

Therefore the range for the day is 24045—24215---24360—24455, so structure your trade accordingly, avoid long trade if it slips below 24045 and sustain.

It is important to mention here that although it is technically looking on the strong footing now and expected to rise further, but since it is vertically moving up after making bottom of 22996.40 on 30.6.17 therefore with every rise the possibility of correction also increases, therefore it is advised that long call should be handled cautiously.

Remark: - The trend is up therefore long call can be tried as suggested above but after watching the market for some time and with extreme caution and care.

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.