A TECHNICAL VIEW ON CNX--BANK NIFTY--26-9-2017

CNX--BANK NIFTY-FOR- 26-9-2017

Open-24361.55--High-24363.80--Low-24015.45—Close-24165.05 on

 25-9-2017

MajorSupport:-24156--51/24103.30/24078/24015/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-26-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24156---151/24103.30/24078/24053/24015/23897.85/23852.65.

Resistance: 24364/24455/24496.20/24568---690.

The broad observation remains the same as mentioned in my post of 25-9-2017; the bias is on the downside as of now. The fall continued today and it broke its important support point of 24078(see my post of 25-9-2017) and hit a low of 24015.45 but in last hour trading session it recovered to some extent and bounced back above 24078 mark, however finally it closed with a loss of 203.79 points. It is looking extremely weak and the last hour recovery may not last but till it hold 24078 & 24015.45 level it may move sideways or may give a short up move. The range for the day is 24455----24365----24205----24078----24015.45----23897. Since it is in correction mode it is suggested to avoid long call till it gives visible indication of correction completion, so one may look for short trade now, but day trader can try both side trade depending on the price movement. It is therefore suggested to structure your trade in accordance with the range for the day mentioned above to get better result.

Remark:-It is in correction mode no, therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or take your trading 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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.