CNX-NIFTY---4-9-2017
Open-9937.65—High-9983.45---Low—9909.85---Close—9974.40
on 1-9-2017
Major Support: -9970--65/9947.80/9925.75/9911/9870/9850/9838/9792.05/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.
Major Resistance: -9883.45/10031/10048/10088.10/10114.85/10131/10137.85.
Critical Point:-9870 & 9970.
For-4-9-17 the intra-day short support and
resistance levels are given here-under:-
Support: -9970/9947.80/9909.85/9885.
Resistance: - 9983.45/10031/10048/10067—78/10088.10.
Further to my last post of 28-8-2017 it
behaved in an expected manner and made further higher bottom and eventually
crossed the top of 9947.80, therefore now it is making higher top & bottom
and till it breaks its last bottom of 9783.75 this up rally may continue, even
if it breaks the said bottom it has bed of strong support in the range of
9740---9709---9685,so the real breakdown can only happen if it breaks and
sustain below 9685,but one should be careful in long trade below its critical
point of 9970--65 & 9870. The threat points for end of this rally would be
break below 9850 and sustained close below the recent bottom of 9783.75.
Similarly moving up it will face resistance at 10031/10048 and it could only
regain the up momentum and may make an attempt to cross its previous all time
high of 10137.85 if it moves above 10048 and sustains on the closing basis else
this rally may end at or around any of
the above mentioned points.
The trading range for 4-9-2017 would be
10048—10031---9984---9937.65---9912---9900. Since it is making higher top &
bottom long call can be tried now or on decline for sure near support points in
the said range but not below 9900 for the day. It closed near the high of the
week, so instead of taking long call now it would be better and relatively safe
to try long call if it moves above the weekly high of 9983.45 and sustain with
a short stop loss of below 9937 but the authentic stop loss for all long trade
would be below 9900 for the day.
It is important to mention here that
although it is making higher top and bottom on the daily chart and above its
all short and long term moving averages. But not to forget that on the weekly
chart the strong negative divergence in RSI is still intact and MACD is also in
the sell mode, as of now it indicates that it
may drift on the downside in coming days/ weeks, therefore long
trade should be handled with extreme caution and care because this on-going up
move can end abruptly also and may trap the long trader unaware.
Remark: - It still seems that it has topped out at
10137.85 on 2.8.2017 but since it is making higher top &bottom therefore
the on-going up move may be extended a little further ,so long call can be
tried as suggested above. But in view of the negative divergence in RSI and
MACD in sell mode on the weekly chart, one should be extremely vigilant and
cautious in the long trade.
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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Thank you for sharing your views.