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.