A TECHNICAL VIEW ON CNX--BANK NIFTY--13-11-2017

CNX--BANK NIFTY

Open-25250.90--High-25598.55--Low-25237.20—Close-25498.95 on

 10-11-2017

MajorSupport:- 25470—455/25407/25339/25255/25198.80/25186.05/25184.35/25171.75/25119.50/25105.35/25078.65/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

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

For-13-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25470—455/25407/25339/25255/25198.80/25186.05/25184.35.

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

It started the week with three down day in a row but staged robust recovery in last two days and ended the week above its short term moving averages, but it is still below its critical resistance range which is placed at 25620---25753---25883(it changes every day) for 13-11-2017 and of course below its multiple top in the range of 25694.60—695.75. But if in next 2-3 trading session it moves above 25581 and sustain on the closing basis then it may cross its multiple top and critical resistance range also and move further ahead else this pullback move may end here and it gets into correction again. Therefore in light of the above till it closes above 25581 and sustain the fear of it moving down cannot be ruled out. Moving down it may find support at 25484—455/25407/25353—339/25255—247/25184.35 & 25119.50 and may bounce back from any of these points but sustained break below 25184.35 & 25119.50 on the closing basis may drag it down further with accelerated pace.

In view of the above observation avoid long trade till it closes above 25581. But aggressive traders can try long trade if it moves and sustain above 25500 with a stop loss of below 25400, avoid buy on decline strategy for the day. Similarly short trade can also be tried on the rise near but not above 25581 with a stop loss of above 25630.    

Remark: - The trend is up, but at this point of time it looks evenly poised therefore take your trading call 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.

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.