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

 CNX-NIFTY---27-9-2017

Open-9875.25—High-9891.35---Low—9813---Close—9871.50 on 26-9-2017

Major Support: -9870/9850/9813/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

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-27-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9813/9802/9792/9784/9740/9709.

Resistance: -9874/9925—9948/9970/9988.40/10031.

The correction continued and it went near the last but one expected bounce back point of 9801(see my post of 25.9.2017) again and then recovered reasonably well to close with a meager loss of 1.09 points. It is still weak technically but since it held the important point of 9801 & 9784 for two days, furthermore after coming so near to the point it recovered sharply, so it has made double bottom at 9916—9913. Therefore it is expected that it may stage a  pullback from here before any further decline. The expected pullback rally may take it to 9900/9930—9953/9970/9996 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 10048 on the closing basis.

The range for the day would be 9953---9930----9900----9873----9813---9801---9784. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 9801 with a stop loss of below 9780 or above 9900 with a stop loss of below 9850.  

Remark:-It has made double bottom, 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.

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.