CNX-NIFTY---25-9-2017
Open-10094.35—High-10095.05---Low—9952.80---Close—9964.40
on 22-9-2017
Major Support: -9947.80/9870/9850/9838/9792.05/9783.75/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.
Major Resistance: -9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.
Critical Point:-9870 & 9970.
For-25-9-17 the intra-day short support
and resistance levels are given here-under:-
Support: -9955—9907/9883—9850/9803/9784.
Resistance: -9988.40/10031/10048/10062—10092.
Further to my last post of 11-9-2017 the
way it was moving, it did not seemed that it would make a new high, but it did
and also closed above the previous high of 10137.85 for three consecutive days
then went in for correction. Today it had a massive down move and it broke some
of its most important levels and its
short term moving averages also therefore it seems that the on-going down move
may continue till it bounce back above its short term averages and important
points which are placed in the range of 9970---10062.
Moving down it may find support at 9932---9907/9874/9850/9801—9784 and it is
possible that it may bounce back from or around any of these points and may
resume the up move again. But in case it fails to bounce back then the correction
may deepen and the threat points would be break and sustained close below 9850 and
then below 9784. But not to forget that it has bed of supports in the range of 9740---9709---9685(see
my post of 11-9-2017), so the real breakdown can only happen if it breaks and
sustain below 9685 on the closing basis.
It is in corrective mode now but it can
witness in between short up move during the correction. Therefore those who want
to take advantage of these short up moves can try long call above 9992 with a
stop loss of below 9950, but it would be better and relatively safe to attempt
long call if it moves and sustain above 10062. Avoid long call completely for
the week starting from 25-9-2017 if it slips below 9950 and sustain and try it
only on the decline near the important support points mentioned above with
proper stop losses. In fact it is suggested to try short call if it slips below
9950 with a stop loss of above 9992.
I once again reiterate that on the weekly chart
strong negative divergence in RSI still persist and MACD is also in the sell
mode, so if the correction continues for some time then it may drift on the downside and may hit 9525/9448 or lower levels in
coming days/ weeks (see my post of 11-9-2017), therefore long trade should be handled with extreme caution and
care.
Remark:-It seemed that it had topped out at
10137.85 but it made a new high of 10178.95 and now it is in corrective mode
and how this correction culminates has to be seen. But in view of negative divergence
in RSI and MACD sell mode, it could still go down sharply if correction
persists for some time. 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.
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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