A TECHNICAL VIEW ON CNX--NIFTY---30-11-2017

 CNX-NIFTY

Open-10376.65—High-10392.95---Low—10345.90---Close—10361.30 on 29-11-2017

Support: 10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance: 10384.50/10399/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-30-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10357/10342/10333/10323.88/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10384.50/10399/10411.16/10419.53/10431.60/10451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.

It moved in a short range today and closed with a meager loss of 8.95 points. It held the lower range for the day but could not get past the lower band of the resistance range also which was at 10411.16(see my post of 29-11-17). So it seems that it may be consolidating as well as correcting. The lower important range for the day would be 10357—10333 & then 10323---10307, if it manages to hold the range of 10323---10307 on the closing basis then it could stage a bounce back but sustained break below 10307 can drag it down further. Therefore in view of the above even if it closes with a loss on 30-11-17 but above 10323 mark then aggressive trader can initiate long trade in last 15 minutes of trading session in and around the range of 10333—323 but not below 10323 with a  short stop loss of below 10307. It could be a highly risky trade mind you but worth trying but carry the trade only if it reasonably moves above your purchase price otherwise exit the trade . Safe trader should try long trade only if it moves and sustain above 10411.16 for some time. It still looks evenly poised with slight tilt towards downside; so long trade should be handled with ample caution and if breaks and sustain below 10307 then short call can also be tried with a stop loss of above 10335.

                                                                                                                                                                                                 

Remark: - The long term trend is up. It is correcting and consolidating now and looks evenly poised so it can move either way. Therefore long trade should be handled with extreme agility and caution. I would personally prefer to try long call only if it sustain above 10411.16. Short call can be attempted for the day if price pattern permits.

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.

A TECHNICAL VIEW ON CNX--NIFTY--29-11-2017

 CNX-NIFTY

Open-10387.90—High-10409.55---Low—10355.20---Close—10370.25 on 28-11-2017

Support: 10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance: 10384.50/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-29-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10347.98/10335.30/10327.84/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10384.50/10393.43/10411.16/10419.53/10431.6010451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.

As expected it took a breather today and closed with loss of 29.29 points. The technical setup looks o.k. and it is still above its short term moving averages ,so it may stage a bounce back from here and may resume the up move again provided it holds the range of 10347—10307(it changes every day) on the closing basis, sustained break below 10307 may drag it down further . Similarly moving up the range of 10411.16—10491 would pose a very stiff resistance (see my earlier post)and crossing this range may not be easy, therefore it seems evenly poised at this point of time. So trade judiciously 

 In view of the above observation long trade can be tried now or on decline near but not below 10327 with a stop loss of below 10300, but it would be relatively safe to try long call if it moves above 10411.16 and sustain for some time with a stop loss of below 10370.   

                                                                                                                                                                                            

Remark: - The long term trend is up. It corrected today and looks evenly poised now. Long trade can be tried as suggested above. I would personally try long call if it sustain above 10411.16.

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.

A TECHNICAL VIEW ON CNX--NIFTY--28-11-2017

 CNX-NIFTY

Open-10361.05—High-10407.15---Low—10340.20---Close—10399.55 on 27-11-2017

Support:10384.50/10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance:10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-28-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10375/10335.30/10307.30/10290/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10411.16/10419.53/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

Today was the 8^th straight day of rise; therefore the vulnerability of correction is increasing with each rising day. The broad observation remains the same as mentioned in my post of 27-11-17, except try to avoid long trade for the day but can still be tried on reasonable decline. The range for the day would be 10411.16—415/10335--326/10290. There is a strong possibility that market could correct today, although there is no clear sign of taking short trade now but it can be tried if price pattern permits for taking advantage of anticipated correction. But your maneuver has to be fast in short trade because the overall trend is up as of now. The bias is mixed for the day with slight tilt towards downside.

                                                                                                                                                                                                                  

In view of the above observation long trade can only be tried on decline near but not below 10326 with a stop short loss of below 10290. Short trade can be tried near but not above 10411.16 with a stop loss of above 10430 or can sell below 10384 with a stop loss of above 10415.   

Remark: - The long term trend is up. Technically it is looking o.k. but since there is a strong possibility of  a correction today therefore short call seems a good option for the day 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.

A TECHNICAL VIEW ON CNX--NIFTY---27-11-2017

 CNX-NIFTY

Open-10366.80—High-10404.50---Low—10362.25---Close—10389.70 on 24-11-2017

Support:10384.50/10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance:10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-27-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10381/10335.30/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10396.88/10411.16/10419.53/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

Further to my last post of 20^th November-2017 it has been continuously moving up and today was the strait 7^th day of up move. Although it is not showing any sign of weakness but straight rise increases the vulnerability of correction. Furthermore moving up the range of 10273---10490.45 will pose stiff resistance and it is in the midst of this right now. So clearing this range may not be easy therefore it may correct anytime soon before attempting to cross the said range. The range for the week starting from 27-11-17 would be between 10261---10411.16 and breakout on either side will decide which way it will move. As of now the bias is on the upside but in light of the straight rise  it highly vulnerable for correction also , therefore long trade should be handled with caution.

                                                                                                                                                                                                               

In view of the above observation long trade can be tried if it moves above 10411.16 and sustain for some time with a short stop loss of below 10380 or can buy on decline near but not below 10324 with a stop short loss of below 10290.Please note that buy on decline may be slightly risky for the day.   

Remark: - The long term trend is up. Technically it is looking o.k. but it can correct too anytime, so it is suggested to be extremely alert in long trade. Trying long call above 10411.16 seems a better option for the day.  

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.

A TECHNICAL VIEW ON CNX--NIFTY----20--11--2017

 CNX-NIFTY

Open-10324.55—High-10343.60---Low—10268.05---Close—10283.60 on 17-11-2017

Support:10251.85/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80

/9896.48/ 9877.03/9870/9792/9788/9740/9709.30/9700/9688/9687.55/9685.55

Resistance:10292.23/10335/10339/10344/10339/10384.50/10390.35/10396.88/10411.16.

                                                                                                                                                                                                                              

For-20-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10251.85/10245.44/10196.77/10187.56/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.80/9896.48/ 9877.03/9848.13.                                                                                                               

Resistance: 10295/10310/10344/10358/10395/10411.16/10440.

                                                                                                                                                                                                                           

 It opened with a huge up gap crossing its short term moving averages and closing top of 10321.75 on the line chart and maintained above it for quite some time during the day, but slipped down in the late afternoon to close within the range of short term moving averages which is placed between 10241—10308 for 20-11-2017 and below its top of 10321.75 on the line chart. It did closed with a gain of 68.84 points but near the low of the day and very importantly the gap it created today is still there and if it makes an attempt to fill the gap in next 3-4 trading session which is technically possible then it can slide to 10232, so the fear of going down is still looming despite last two days good up move. Furthermore moving up it will face tough resistance from one of its long term averages which are placed in the range of 10358—10395—10439(it changes every day) for 20-11-17. In other technical parameter also the range of 10411—10490 is a very tough resistance range. Therefore the up journey may not be smooth from here.

In view of the above observation long trade can only be tried if it moves above 10322 and sustain for some time then with a stop loss of below 10268, avoid buy on decline for the day.  

Remark: - The long term trend is up .After two days of rise it looks evenly poised, therefore long trade should only be tried 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.

A TECHNICAL VIEW ON CNX--NIFTY--17-11-2017

 CNX-NIFTY

Open-10152.90—High-10232.25---Low—10139.20---Close—10214.75 on 16-11-2017

Major Support:10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992---9988/9970/9955.80/9947.809896.48/ 9877.03/9870—48/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance:10245.44/   10251.85/10292.23/10339/10396.88/10411.16.

                                                                                                                                                                                                                         

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

Support: -10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.809896.48/ 9877.03/9848.13.                                                                                                                

 Resistance: 10245.44/10251.85--300/10339/10396.88/10411.16.

                                                                                                                                                                                                                        

 Since it had strait fall from 10490.45 it was expected to give a relief rally, but todays robust up move was not expected. However despite this move it is still not out of woods, because it is running below its short term moving averages which are placed in the range of 10244--10300  for the day and the averages are pointing down also . Furthermore it is making lower top & bottom on the line chart and it is way below its recent top of 10321.75. Therefore to resume the smooth up momentum again it has to cross the average hurdle first and then close above the top of 10321.75. Since it has bounced back above its key points range of 10178.95--10137.85--10124.50--10123.35 and critical point of 10196.77 & 10187.56 therefore avoid short trade on decline till it holds the level of 10187. But short trade can still be tried near but not above 10300, it could be risky but seems worth trying. Similarly long trade can be tried till it holds 10187 on the closing basis. Moving up the other important resistance points are at 10245.44/10292.23/10339/10384.50/10396.88/10411.16.   

In view of the above observation long trade can be tried above 10254.10 with a stop loss of below 10230 or on decline but not below 10187 with a stop loss of below 10123. In light of today’s move short trade could be a risky bet till it holds 10178.95 but it can be attempted on the rise near but not above 10300 with a stop loss of above 10340. Please note that if it opens with up gap (SGX-Nifty is giving indication of that) then wait for initiating the long trade till it settles down.

Remark: - The long term trend is up .In view of today’s move long trade seems to be the flavor of the day but short trade can still be tried as suggested above, it could be a risky affair but worth trying.

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.

A TCHNICAL VIEW ON CNX--NIFTY---16-11-2017

 CNX-NIFTY

Open-10171.95—High-10175.45---Low—10094---Close—10118.05 on 

15-11-2017

Major Support:10089/10043/9994.25/9992---9988/9970/9955.80/9947.809896.48/ 9877.03/9870—48/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10123.35/10137.85/10178.95/10183.74/10251.85/10301.

                                                                                                                                                                                                                              

For-16-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10107/10089/10043/9994.25—88/9970/9955.80/9947.809896.48/ 9877.03/9848.13.                                                                                                                

Resistance: 10123.35/10137.85/10178.95/10183.74/10251.85--65/10300--336.

It struggled to stay within its important & key support range of 10178.95--10137.85--10124.50--10123.35 during the day but failed and closed below it which is a bad sign. It is making lower top and bottom on the line chart and since it is falling strait on the bar chart from 10490.45 so there is no question of making lower top but it has broken its recent bottom of 10123.35 on the bar chart today which shows extreme weakness. Furthermore it is also running below its short and medium term moving averages and the averages are pointing down which makes it all the more bearish. The RSI is also showing strong negative divergence on daily, weekly &monthly chart and as it is running below its averages so the divergence may come into play and it may keep moving downward. The overall technical setup as of now is really weak and it is very likely that it may be heading for a sharp fall in coming days, however it may witness in between short pullback rallies from time to time but the trend as of  now is down. So it is a sell on rise market now for sure, therefore it is suggested to avoid long trade till it gives visible indication of bottoming out. Going down it may support at 10089/10043/9994—70/9887—9848. Similarly moving up it will find resistance in the range of 10123.35/10137.85/10178.95/10183.74 & then 10203—10335. Please note that every rise should be used to sell.

It is important to mention here that it’s long term moving averages are placed in the range of 9887---9550(it changes every day and now moving up) for 16-11-17 and it is not far away from it. So please note that break below 9887 will threatened the uptrend and sustained break below 9550 may really put the uptrend in serious danger.

In view of the above observation there is no doubt that it is a sell on the rise market now, so use the above mentioned resistance points and range as sell points with proper stop loss or sell below 10089 with a stop loss of above 10140.

Remark: - The long term trend is up as of now but since it has broken its key support range and its technical setup has also weakened, therefore long trade should be completely avoided. It is clearly a sell on the rise market now, so short trade should be attempted 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.

A TECHNICAL VIEW ON CNC--BANK NIFTY---16-11-2017.

CNX--BANK NIFTY

Open-25241.65--High-25318.05--Low-25166.35—Close-25218.90 on

 15-11-2017

MajorSupport:-25217/25198.80/25186.05/25166/25141/25119.50/25105.35/25010/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25256/25275/25336.41/25394.95/25441/25506--22/25611.55/25694.60---695.75.

For-16-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25217/25198.80/25186.05/25184.35/25166/25119.50/25105.35/25040--10/24978/24878.65/24798.65.

Resistance:25247—75/25337--379/25394.95/25441.48/25506--523/25611.55/25694.60---695.75 .

It opened on a negative note and ended the day with a loss of 65.69 points. But since it is still holding on to its recent bottom of 25184.35 on the line chart & bottom of 25119.50 on the bar chart and above its other key support points at 25217---25198.80—28186.05---25105.35, therefore till it breaks the level of 25105.35 and sustain on the closing basis it may still stage a pullback rally from here before resuming the down move again. The technical setup now gives an indication that down move may continue if it does not move and close above 25385(it changes every day). However for the day the level of 25275 is very important and if it manages to close above it and sustain then some further up move can be seen. It still looks evenly poised with a downward bias therefore long trade be avoided but if initiated should be handled with utmost caution. It seems that the short trade would be a better option for now.

 In view of the above observation safe trader should avoid long trade. But aggressive traders can try long trade if it maintains above 25275 for some time with a stop loss of below 25200 or on decline in or around the range of 25120—105 with a stop loss of below 25060. Please note that since it is in down move, therefore long trade could be a risky bet. Short trade can be tried on the rise near but not above 25275 with a stop loss of above 25320 and then near but not above 25385 with a stop loss of above 25430 or sell below 25200 with a stop loss of above 25275,this trade could be slightly risky mind you.

Remark: - The trend is up, but since it is in correction mode, I would not like to prefer long trade at this point of time; instead I will look for an opportunity to try short trade. The undertone looks bearish.

  

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR---15--11--2017

A TECHNICAL VIEW ON CNX--NIFTY---15-11-2017

 CNX-NIFTY

Open-10223.40—High-10248---Low—10175.55---Close—10186.60 on 

14-11-2017

Major Support: 10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10251.85/10254.10/10263.58/ 10319.69/10321.75/10350.21—353.32/10378.70/10384.50/10390.35/10403.81--06/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                        

For-15-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10178.95/10158/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10196.77/10251.85/10260--70/10295--306/10321—346/10335/ 10341--50/10362/10376/10384.50/10390.35/10423.80/10429/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

 It opened on a flat note then moved up but could not cross the strong resistance range of 10251.85—10254.10 hence gave good shorting opportunity (see my post for the day) as anticipated. The short term technical setup looks extremely weak and it is expected to move down further, but since it closed today just above its important & key support range at 10178.95--10137.85--10124.50--10123.35. Therefore there is still a glimmer of hope that it can bounce back from this range ,but sustained break below 10123.35 on the closing basis can drag it down further with an accelerated pace. Similarly moving up it would be tough to cross the range of 10251.85—10254.10/ 10270—306 & 10321—346. The bias is clearly on the downside as of now, so avoid long trade till it gives visible indication of correction completion.

 Although it looks weak technically but since it is just resting on top of its key support range of 10178.95--10137.85--10124.50--10123.35 and can stage a bounce back ,so long trade can be tried in this range but not below 10123.35 with a stop loss of below 10080. It could be a risky trade but worth trying. Avoid short trade now but can be tried on the rise near but not above 10251.85 with a stop loss of above 10270 or sell if it breaks and sustain below 10123.35 with a stop loss of above 10180.

Remark: - The trend is up but the correction continues, therefore safe trader should avoid long trade for the day, but aggressive trader can try long trade as suggested above. In light of the continued correction short trade seems a better option now and should be tried 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.

A TECHNICAL VIEW ON CNX--BANK NIFTY---15-11-2017

CNX--BANK NIFTY

Open-25352.55--High-25404.80--Low-25223.10—Close-25284.60 on

 14-11-2017

MajorSupport:-25247/25217/25198.80/25186.05/25184.35/25141/25119.50/25105.35/25010/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25428/25499/25560/25580/25598.75/25652/25694.60---695.75/25812.86/25850/26180/26441.80.

For-15-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25283/25247/25227/25217/25198.80/25186.05/25184.35/25141/25119.50/25105.35/25010/24978.

Resistance:25369/2540625428/25499/25560/25580/25598.75/25652/25694.60---695.75 /25598.75 25695.75.

It did cross its important point of 25581 on 13-11-17(see my post of 13-11-17) intra-day but could not close above it and finally slipped down to close with a loss of 140.64 points. It opened on a flat note today and started showing weakness and closed with a loss of 73.70 points. It had already made lower top on the line & bar chart both but yet to make lower bottom which is at 25184.35 & 25119.50 respectively. Therefore it seems that it is evenly poised now but with downward bias. The other key points are at 25217---25198.80—28186.05---25105.35 and it may bounce back from any of these points but sustained break below 25105.35 on the closing basis may drag it down further with an accelerated pace. Then it may find support at 24878.65---798.65/24560/24496—455.  Similarly moving up it will face resistance from its short term moving averages for the day in the range of 25369---406 and face really tough resistance at 25499 (on the closing basis) and 25611.55 on the intra-day basis. As of now if it moves above 25535 and sustain then there is some hope that it may resume the up move again. 

In view of the above observation safe trader should avoid long trade. But aggressive traders can try long trade on decline in or around the range of 25120—105 with a stop loss of below 25060, it could be a risky trade. Since correction is on and the price pattern is weak therefore short trade seems a better option as on now and can be tried on the rise near but not above 25428 with a stop loss of above 25499.

Remark: - The trend is up, but since it is in correction mode short trade seems better option at this point of time and should be tried as suggested above. Long trade should be avoided in general but worth trying on decline in the suggested range.

  

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY--14-11-2017

 CNX-NIFTY

Open-10322—High-10334.15---Low—10216.25---Close—10224.95 on 13-11-2017

Major Support: 10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10251.85/10263.58/ 10319.69/10321.75/10350.21—353.32/10378.70/10384.50/10390.35/10403.81--06/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-14-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.                                                                                                                

Resistance: 10251.85/10263.58/10280/10308—319/10335/ 10341--50/10362/10376/10384.50/10390.35/10423.80/10429/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

 As anticipated the correction continues, it has established lower top & bottom on the line chart, making lower highs & lower lows on the bar chart  and decisively broken its short term moving averages which is a bad sign, but it is still above its important and key support levels of 10196.77--10178.95--10137.85--10124.50--10123.35. So there is a ray of hope that it can still bounce back from any of these points, but sustained break below 10123.35 on the closing basis can drag it down further with an accelerated pace. The bias is down as of now and it is expected to move down further. However if it moves up it will face strong resistance at 10251.85—10254.10 & 10322—10336 for the on-going week. Therefore avoid long trade below the said range of 10251.85—10254.10 during the week, but can be tried on decline near or around the range of 10140---10123.35 but not below 10123.35.

In view of the above observation avoid long trade now and can only be tried if it moves and sustain above 10254.10 for some time with a stop loss of below 10216 or on decline around the range of 10140---10123.35 but not below 10123.35 with a stop loss of below 10080, it could be a risky trade but seems worth trying. Since it is in correction mode, so short trade seems better option now and can be tried on the rise near 10254 but not above it with a stop loss of above 10280. Please avoid short trade on decline as it is very near to its important and key support points ,so it may bounce from here.

Remark: - The trend is up but the correction continues, therefore safe trader should avoid long trade for the day, but aggressive trader can try long trade as suggested above. In light of the continued correction short trade seems a better option now and should be tried 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.