A TECHNICAL VIEW ON CNX--BANK NIFTY--25-7-2017

CNX--BANK NIFTY

Open-24307.70--High-24460.55--Low-24234.65—Close-24420.85 on 24-7-2017

Major Support:-24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-24455/24672.

Broad Range: - 23897.85----24455.

Range for the week starting from 24-7-17:--24299.30---23913.65.

For-25-7-17 the support and resistance levels are given here-under:-

Support:-24365/24299.60/24275/24234/24118/24053.

Resistance:-24455/24460.55/24575/24672.

It is showing robust strength technically. Today it has crossed its last week high of 24299.60 decisively, crossed its broad range upper end point of 24455 intra-day and making new high every day which indicates technical firmness and further rise ahead.  Although it looks extremely good technically but here I once again reiterate that after making bottom of 22996.40 on 30.6.2017, it has been vertically moving up, furthermore for the last 9 days in a row, it has been moving unabated, therefore the vulnerability of correction is immense here and it may creep in any time now before it could rise further from here. Therefore trader should be very circumspect in their long trade commitment at this point of time.

For 25-7-2017- Long trade can only be tried if it moves and sustain above 24455 with a stop loss of below 24360. Although it is buy on decline market now and aggressive trader may initiate long trade around 24118—24050 but trying long call on decline for the day could be a risky bet as I am anticipating correction on the closing basis and if it happens how it will culminate no one knows.

Remark: - The trend is up, In view of the above observation it seems that it is highly vulnerable for correction and it could set in any time now. Therefore long trade can only be tried if it moves and sustain above 24455 with suggested stop loss.

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.