CNX-NIFTY
Open-10304.35—High-10344.95---Low—10254.10---Close—10321.75
on 10-11-2017
Major Support: 10319.69/10263.58/ 10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55
Major
Resistance: 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-13-11-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10319.69/10303.15/10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.
Resistance: 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.
After first three days of fall in a row it had
two short up days in last two days of the week ended on 10-11-17. But despite
the up days the fear of on-going correction lasting for few more days is still
there as it has broken bottom on the line & bar chart both, furthermore it
is running below some of its short term moving averages which are placed in the
range of 10339----376(it changes every day) and some of the important long term
averages which are placed in the range of 10350---10429(it changes every day)
and crossing these range looks slightly difficult at this point of time. But if
it moves above 10391 on the closing basis and sustain then it may cross the
resistance range and up move may resume. The broad trading range for the week
would be 10490.45---10445.75---10403.81---10251.85 and trading range for the
day would be 10251.85---10284—10350---10391. It is therefore suggested to
structure your trade keeping the aforesaid range in mind. Since it is in
correction mode therefore trying long trade could be a risky affair till it
closes above 10391. Short trade seems a better option till clarity on bottom
formation emerges.
In view of the above observation avoid
long trade for taking advantage of the pull back move; however aggressive traders
can try long trade if it moves above 10341with a stop loss of below 10284.
Since it is in correction mode, so short trade seems better option and can be
tried on the rise near but not above 10375--10390 with a stop loss of above 10410
or sell if it breaks 10303level and sustain for some time with a stop loss of
above 10341.
Remark: - The trend is up and despite last two
days short up day, correction is still likely to continue, therefore safe trader
should avoid long trade for the day. Instead short trade seems better option
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.
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Thank you for sharing your views.