A TECHNICAL VIEW ON CNX--BANK NIFTY---27-9-2017

CNX--BANK NIFTY

Open-24105.60--High-24236.95--Low-24017.40—Close-24199.15 on

 26-9-2017

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-27-9-17 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: 24216/24310/24455/24496.20/24568---690.

Today it went again below its important support point of 24078(see my post of 25-9-2017) and near its previous day’s low of 24015.45 but did not break it and staged a smart recovery in the late afternoon to close with a gain of 34.09 points. Despite breaking its important support point of 24078 for two consecutive days it bounced back sharply on both days and closed reasonably above it. Although it is technically weak but last two days move gives an indication that a short bottom may be in place at 24015.45 and it may stage a pullback rally from here before it falls further. The expected pullback rally may take it to 24273/24340/24390/24455/24560 levels. Please note that it would be a relief rally and could fizzle out at or around any of these points which may be noted, so be careful in your trade. It is important to mention here that it may regain the smooth up momentum only if it moves and sustain above 24690 on the closing basis.

The range for the day would be 24432----24390----24340----24273----24216---24151---24103----24078----24015. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 24078 with a stop loss of below 24000 or above 24240 with a stop loss of below 24150. 

Remark:-It seems that it has made a bottom at 24015, so it may stage a pullback from here therefore long call can be attempted as suggested above to take advantage of an expected up move but with utmost caution, because pullback rallies are treacherous in nature and may end abruptly also. 

 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.