A TECHNICAL VIEW ON CNX--BANK NIFTY---21-7-2017

CNX--BANK NIFTY

Open-24170.65--High-24299.60--Low-24170.65—Close-24213.35 on 20-7-2017

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

Resistance:-24455/24672.

It is showing good strength technically and it is still within its range of 23897.85—24455 and breakout on either side will decide which way it will move, as of now it seems that an upside breakout could be possible. It is important to mention here that it has been moving up for the last seven days and 21-7-17 will be the 8^th day which is a Fibonacci number also, so the possibility of a correction is also there before the expected breakout happens which may be noted. 

The in between support & resistance point within the range for 21-7-17 are as follows:-

Support:--24170/24117/23964/23897.85.

Resistance:-24280/24300/24405/24455.

For 21-7-2017 :- In view of the above observation long call can only be tried if it maintains above 24213.35 for some time with a stop loss of below 24170 because if it do not sustain above 24213.35 then there is a strong possibility that it may correct before moving up again. The upside target could be 24280/24300/24400/24455. Similarly moving down it will find minor & major support at 24117 & 23897.85.

The daily support and resistance levels mentioned above can help you to manage your trade in a better and efficient manner. 

Remark: - The trend is up, but since it is moving up for seven days in a row, so there is a strong possibility of correction too. Therefore long call can only be tried if it sustains above 24213.35 for some time with suggested stop loss else avoid long trade for the day.

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.