A TECHNICAL VIEW ON CNX--NIFTY---1-11-2017

 CNX-NIFTY

Open-10364.90—High-10367.70---Low—10323.95---Close—10335.30 on 31-10-2017

Major Support:10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

 Critical Point :-9870 & 9970                                                                                                                                                                                                                        

For-1-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10334/10331.26/10296/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10375/ 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

Further to my last post on 23-10-2017, it was less likely to move beyond the tough resistance area but it managed to get into the tough resistance territory and still moving within it and the range for now is between10385---10301(it changes every day and rising now). The broader range is between 10385---10251---10226---10123.35---10080.67. It is not showing any weakness in price movement now but to keep the up momentum going it has to move above 10385(the upper band of the resistance range which changes every day and on the rise now) and sustain on the closing basis then it may hit the level of 10459.76, 10482.63&10578.  Similarly moving down if it breaks 10226.15 level and sustain then the on-going up move will be threatened and sustained break and close below 10123.35 & 10080.67 may signal the end of the current up move and then it  may get into the corrective mode before resuming the up move again. It is important to mention here that its long term uptrend can only be threatened if it breaks and sustain below 9797(it changes every day and it is rising now). The bias as of now is up but if it fails to move above 10385 and sustain then the down correction looks imminent.                                                                                                                                                                                                                         

In view of the above observation long call can be tried above 10385 with a stop loss of below 10300 or can also be tried on decline at appropriate level and the possible point could be near 10226 & 10175 but not below 10175 with a stop loss of below 10160 & 10080 respectively. But it would be better and safe to try long call if it moves and sustain above 10385 or else after a reasonable decline but only when it starts moving up again.

Remark: - The trend is up so long trade is suggested but the vulnerability of correction cannot be denied at this point of time because it is still moving within the tough resistance area, therefore it would be safe to try long call if it sustain above 10385. 

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.