CNX-NIFTY
Open-9807.30—High-9824.95---Low—9787.70---Close—9816.10
on
12-7-2017
Support: - 9782/9747/9709.30/9700/9698/ 9657/9632.
Resistance: - 9843/9870/10043/10131.
It moved in a
short range of 37.25 points today but managed to hold 9812 level (see my post
of 12.7.17) and closed above it. Technically it is O.K. and the bias is on the upside, but since it is vertically moving up from its last bottom of 9448.75 made on 30.6.17
and with every rise the vulnerability of correction increases but you never
know when it will happen, therefore one should always be watchful and alert in
long trade at this juncture because it is near all time high also.
The support for
13-7-17 is at 9782&9747 .Long trade can be tried now or on decline near 9782
&9747 with a stop loss of below 9740 for the day. The upside target could
be 9845/ 9870/9905/9938. Please note that it may gain strength if it maintains
above 9845 for the day.
The SGX-Nifty is
showing up by 46 points this morning so if it opens with an up gap today and
near the target points then wait for the market to settle down before creating
fresh long position, in fact in that case at least partial profit should be
booked in the range 9870—9905 in the existing long trade and fresh long trade
should be avoided 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.
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.