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

 CNX-NIFTY---26-9-2017

Open-9960.10—High-9960.50---Low—9816.05---Close—9872.60 on 25-9-2017

Major Support: -9870/9850/9816/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

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

Support: -9868/9836/9816/9802/9792/9784.

Resistance: -9925—9948/9970/9988.40/10031.

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 also but in last hour trading session it recovered to some extent but finally closed with a loss of 91.80 points. It came near the expected bounce back point of 9801(see my post of 25-9-17) and then recovered but this recovery may not be lasting but at the same time till it hold 9870,9801 & 9784 it may move sideways or may give a short up move.  The range for the day is 9948----9870----9801----9784. 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.

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.