A TECHNICAL VIEW ON CNX--NIFTY--2-8-2017

CNX-NIFTY-FOR-2-8-2017

Open-10101.05—High-10128.60---Low—10065.75---Close—10114.65 on 1-8-2017

Major Support: -10080.78/10043.60/10038.85/9970/9944/9919.60/9870/9838/9928.20/9792.05/9778.85/9709.30.                                                                                                                            

Major Resistance: -10114.85/10131/10162/10369.

Critical Point:-9870 & 9970.

For-2-8-17 the intra-day support and resistance levels are given here-under:-

Support: -10080.78/10043.60/10038.85/9970/9944/9928.20/9919.60/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10114.85/10131/10150/10184/10220.

It has given upside breakout from the weekly and the monthly upper range of 10114.85 and went near to its critical point of 10131 but did not get past it and closed at 10114.65 just shade below its weekly & monthly upper band of 10114.85. However looking at the technical setup, it seems that it is likely to cross the critical point of 10131 and rise further.  Therefore long call can only be attempted if it maintains above 10114.85. On the downside 9930 is an important level and sustained break below this level only could take it for deeper correction. But not to forget here that the R.B.I is slated to announce its credit policy today, so it may witness huge volatility during the day. Therefore it is suggested to be extremely careful in long trade commitments for the day.

TRADING STRATAGY FOR-2.8.2017

1. Long call can be tried if it maintains above 10114.85 with a stop loss of below 10060 for a target of 10131/10150/10220.

2. Aggressive trader can try long call on decline near but not below the range of 10043.60—10038.85 with a stop loss of below 10010.

Remark: - The trend is up as of now. But Long call can only be tried if it moves and maintain above 10114.85. Safe traders should avoid buy on decline strategy 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.