A TECHNICAL VIEW ON CNX--BANK NIFTY--26-7-2017

CNX--BANK NIFTY

Open-24622.90--High-24624.65--Low-24450.20—Close-24520.70 on 25-7-2017

Major Support:-24455/24053.70/23897.85/23717/23708/23684/23610.

Major Resistance:-24672/24880.

Broad Range: - 23897.85----24455---24672

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

For-26-7-17 the support and resistance levels are given here-under:-

Support:-24506/24455/24389/24299.60/24275/24234/24146/24053.

Resistance:-24651/24672/24880.

It is showing robust strength technically. But it has moved up by more than 1100 points vertically in last 10 days in a row, which makes it highly vulnerable for a correction before it moves further up and the correction may set in any day. It is therefore suggested to exercise extreme caution in long trade commitments at this juncture. 

For 26-7-2017- for Safe trader it would be better to avoid long trade, however the aggressive trader can still try long trade only if it sustain above 24521 for some time with a stop loss of below 24450 for a target of 24625/24651--672. Avoid buy on decline strategy for the day.  Please note that If it moves up today it will be 11^th day of up move which may be difficult to sustain therefore exit long position and try short call in the range of 24624---24672 with a stop loss of above 24700 or can buy 24600 put option of July series with a stop loss of above 24700 or if it breaks below 24455 then 24400 put option of July series can also be bought with a stop loss of above 24525.

Remark: - The trend is up, but since it is highly vulnerable for correction therefore long trade should be avoided, instead look for the opportunity to try short trade 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.

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.