CNX-NIFTY
Open-9920.60—High-9921.05---Low—9714.40---Close—9735.75
on 27-9-2017
Major Support: -9709.30/9700/9688/9685.55/9560.80/9448.75.
Major
Resistance: -9740.10/9784/9792/9850/9870/9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.
Critical Point:-9870 & 9970.
For-28-9-17 the intra-day short support
and resistance levels are given here-under:-
Support: -9709/9700/9688/9685.55/9634/9560.80.
Resistance: 9784/9792/ 9812/ 9850/9874 .
It was expected to give a pullback and it did
give and opened firmly with an up gap, but did not maintain at the upper level and not even lasted for 10 minutes and started going down and in the later part of the day it
plunged down sharply and broke all its important support levels, which shows
inherent weakness in it . Now it is very near to its key support range of
9709---9685(see my earlier post) and sustained break below 9685 could
accelerate the fall. Furthermore it is also important to mention here that its
long term moving averages are placed in the range of 9634---9226(it changes every day) for
28-9-2017 and sustained break below 9634 will threaten the uptrend and
sustained break below 9226 will possibly end the uptrend which may be kept in
the back of the mind.
Kindly note that last four days move
clearly indicates that it is an impulse down move and it may continue for some time;
furthermore looking at the technical indicators such as RSI (negative divergence)
& MACD (sell mode) (see my post of 25-9-2017) therefore there is a distinct
possibility also that the long term uptrend may be in danger and it is likely
to see much lower levels in coming days/ weeks. Today’s massive fall confirms
that now it is clearly a sell on the rise market, however it may witness in
between short up move from time to time but long call should be avoided for
taking advantage of these up moves and long call should only be attempted when
it gives visible indication of bottom formation.
The range for the day would be 9874---9812----9792----9709----9685----9634. It is advised to avoid long call but contrarian trader
if they wish to can try long call near last key support point range of 9709---
9685 with a stop loss of below 9634; it could be a risky trade. Therefore it is
suggested to adopt sell on the rise strategy and the possible good sell point
for the day could be 9812 & 9840--50with a stop loss of above 9880 or sell
below 9685 with a stop loss of above 9740. Please watch the market for sometime
before initiating the trade.
Remark:
- The
expected pullback happened but lasted just for less than 10 minutes and fizzled
out. In view of the above observation long call should be avoided and sell on
the rise at appropriate points or below key support point strategy should be
followed till a good bottom is formed.
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.
No comments:
Post a Comment
Thank you for sharing your views.