CNX-NIFTY
Open-9670.35—High-9684.25---Low—9642.65—Close—9665.80
on
7-7-2017
Support: - 9657/9632/9608.60/9589/9560/9486/9448.75/9367/9341.65.
Resistance: - 9688.70/9698.85/9700.70/9709.30/9870/10043.
It did come near
to 9709.30 on 6-7-17 and made a high of 9700.70 but could not cross it. It has
multiple tops in the range of 9688.70---9709.30 which is posing stiff
resistance to it; therefore I still suggest it would be relatively safe to try
long call if it moves and sustain above 9709.30(see my post of 6-7-17). However
as long as it holds 9657 & 9632 level on the closing basis chance of
crossing 9709.30 mark is still alive , therefore those who wish to take an aggressive call can try long call now or on decline also with a stop loss of below 9550. Please note that
certain technical indicators are showing negative divergence on the charts and
if it breaks and sustains below 9550 then it may come into play and if it does then
it may break 9300 mark. It is therefore suggested to avoid long call below
9550.
Remark: - In view of the above observation, it
would be safe to try long trade if it moves and sustain above 9709.30.
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.
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Thank you for sharing your views.