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.