CNX-NIFTY
Open-10008.60—High-10075.25---Low—9988.35---Close—10066.40
on 4-8-2017
Major Support: -10043.60/ 9988.35/9970/9944.50/9928.20/9870/9838/9792.05/9778.85/9709.30.
Major Resistance: -10114.85/10131/10149/10369.
Critical Point:-9870 & 9970.
For-7-8-17 the intra-day support and
resistance levels are given here-under:-
Support: -9988.35/9970/9944/9928.20/9912/9870/9857.25/9838/9792.05/9778.85.
Resistance: - 10077.10/10081.15/10101.05/10114.85/10131/10138/10157/10228/10295.
After two days of fall although it
recovered from its good support range of 9990—9910 and closed above it
important range of 10043.60—10038.85 but to regain the up momentum rhythm it
has to move above the range of 10077.10---10114.85 and sustain. Please note
that it may cross the said range ,but if it has to cross the range then it
should happen in coming week starting from 7.8.17 else there is a distinct
possibility of it slipping down. Going down again it will have support from its
important range of 10043.60—10038.85 and then good support in the range of 9990---9930
and sustained break below 9930 only on the closing basis can drag it down
further. So, at this juncture it looks evenly poised.The broad range for it is
between 10114.85---9988.35---9930 ,therefore structure your trade accordingly.
In view of the above observation it would
be safe to try long call if it moves and sustain above 10114.85. However long
call can also be tried on decline but not below 9988.35 although it has bed of
support in the range of 9990---9930 but since
9988.35 is last week low and if it breaks below it and sustain then it
may break 9930 level too and down move may accelerate. Therefore avoid long call below
9988.35 for the entire coming week.
TRADING
STRATAGY FOR-7.8.2017
1. It would be relatively safe to try long
call only if it moves and sustain above 10114.85 with a stop loss of below 10030
for a target of 10138/10149/10167/10231.
2. Aggressive trader can try long call if
it moves and sustain above 10082 with a stop loss of below 10030. But it could
be a risky trade mind you.
OR
Long
call can be tried on decline but not below 9988.35 with a stop loss of below 9930.
3. Although there is no clear sign of
going short in the market, but short call
can be worth trying if it moves below 9988.35 and sustain with a stop loss of
above 10050 for a target of 9970/9944.50/9928/9870.
Remark: - The trend is still up as of now. But since
it looks evenly poised so trying long call at this point may not be judicious,
therefore try long call 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.
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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