CNX-NIFTY
Open-9881.20—High-9881.50---Low—9848.85---Close—9857.05
on 24-8-2017
Major Support: -9838/9792.05/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.
Major Resistance: -9884.55/9947.75/9970/9988.35/10031/10048/10088.10/10114.85/10131/10137.85.
Critical Point:-9870 & 9970.
For-28-8-17 the intra-day short support
and resistance levels are given here-under:-
Support: -9856—48/9819/9804/9790/9740/44/9928.20/9912/9870/9857.25/9838/9792.05/9778.85.
Resistance: - 9870—75/9899/9907--9927/9947.80/9970/9988.35/10031/10048.10088.10/10114.85/10131/10138.
It has been moving up for last 3 days but
within the last big down bar which it made on 21.8.2017( bar High—9884.35 &
Low-9740.10) It went near the high of the bar but could not cross it, which
shows lack of strength. However since it has made higher bottom at 9740.10 and
if it crosses the high of the last down bar i.e. 9884.35 it could move further
and may make an attempt to cross the previous top of 9947.80 to make higher top.
But doing so, it will face resistance at 9899/9907 & 9931. But once its
crosses 9947.80 and sustain then the up move may be extended. Moving up further
it would face strong resistance at 9965.04/9970/10031&10048 and it could
only regain up momentum if it gives sustained close above 10048. Similarly
moving down it will find support at 9843/9818/9792/9783.65/9740.10.
In view of the above observation the
trading range for 28.8.17 is between 9947.80---9848 and moving up it will face
resistance at 9884.35---9907---9931. So trying long call before it crosses
9947.80 could be a risky proposition. But since it made a higher bottom,
therefore those who wish to try long call can try above 9858 with a stop loss
of below 9819, but it would be relatively safe to try long call if it moves and
sustain above 9884.35 with a stop loss of below 9843.
I once again reiterate (see my post of
22.8.17) that the technical indicators still indicates that it is most likely
to drift down and break 9448.75level in coming days, however to move otherwise
it has to go beyond 9970 and then 10048 and sustain on the closing basis. The
pullback is on but the bias is on the downside as of now, so for safe trader it
would be better to avoid long call.
Remark: - It seems that it has certainly topped
out for now, but since it has made a higher bottom and the pullback rally is on
and may be extended . Therefore aggressive trader can try long call as suggested
above. But I caution that these relief rally can fizzle out abruptly also,therefore instead of taking advantage of the pullback rally
look for an opportunity to sell on the
rise at appropriate points(strong resistance points could be the potential sell points-see resistance points mentioned above) or sell below the critical points till it gives sign
of complete bottoming out, which looks reasonably
away at this point of time.
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.
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.