A TECHNICAL VIEW ON CNX--BANK NIFTY---9-11-2017

CNX--BANK NIFTY

Open-25375.80--High-25435.60--Low-25119.50—Close-25184.35 on

 8-11-2017

MajorSupport:- 25171.75/25119.50/25105.35/25078.65/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:- 25186.05/25198.80/25247/25353.05/25484.03/25598.75/25694.60---695.75/25812.86/25850/26180/26441.80.

For-9-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-.25171.75/25105.35/25078—58/24978--957/24833--798.

Resistance: 25186.05/25198.80/25247/25252/25283/25336/ 25353.05/25484.03/25529/25598.75 25695.75/25724/25852/26180/26441.80.

The broad observation remains the same as mentioned in my post of 8-11-17. It weakened further today and it was sort of a mild confirmation that the on-going correction may last for couple of days with in between short up moves, therefore long trade should be avoided at this point of time. It has broken few of its important and key support points of 25198.80&25186.05 and also broke some of the short term moving averages also which is a bad sign. However going down it will have good support in the range of 25105---- 25078—58/24978--957/24833—798 and it may bounce back from any of these points. But please note that sustained break below 24978 may drag it down to 24798 and break below this mark may accelerate the fall and it may seek much lower levels. If it stages a relief rally today then 25350---25440 would be the tough range to cross.  

In view of the above observation safe trader should avoid long trade now because trying long trade for relief rally could be extremely dicey and dangerous. Therefore long trade should only be tried once the fall is arrested and it starts looking up again. But aggressive traders can try long trade on decline in the range of 24978--833 with a stop loss of below 24770. Since it is in correction mode short trade would be a better option and it can be tried on the rise but not above 25380 with a stop loss of above 25440.    

Remark: - The trend is up but it is in correction mode now and this is likely to continue for some time, so long trade should be avoided now and can only be tried after the fall is arrested and it shows sign of moving up again. Instead short trade 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.

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.