CNX-NIFTY
Open-10322—High-10334.15---Low—10216.25---Close—10224.95
on 13-11-2017
Major Support: 10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55
Major
Resistance: 10251.85/10263.58/ 10319.69/10321.75/10350.21—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-14-11-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.
Resistance: 10251.85/10263.58/10280/10308—319/10335/
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.
As
anticipated the correction continues, it has established lower top & bottom
on the line chart, making lower highs & lower lows on the bar chart and decisively broken its short term moving
averages which is a bad sign, but it is still above its important and key
support levels of 10196.77--10178.95--10137.85--10124.50--10123.35. So
there is a ray of hope that it can still bounce back from any of these points, but sustained break below 10123.35 on
the closing basis can drag it down further with an accelerated pace. The bias
is down as of now and it is expected to move down further. However if it moves
up it will face strong resistance at 10251.85—10254.10 & 10322—10336 for
the on-going week. Therefore avoid long trade below the said range of 10251.85—10254.10
during the week, but can be tried on decline near or around the range of
10140---10123.35 but not below 10123.35.
In view of the above observation avoid
long trade now and can only be tried if it moves and sustain above 10254.10 for
some time with a stop loss of below 10216 or on decline around the range of
10140---10123.35 but not below 10123.35 with a stop loss of below 10080, it
could be a risky trade but seems worth trying. Since it is in correction mode,
so short trade seems better option now and can be tried on the rise near 10254
but not above it with a stop loss of above 10280. Please avoid short trade on
decline as it is very near to its important and key support points ,so it may bounce from here.
Remark: - The trend is up but the correction continues,
therefore safe trader should avoid long trade for the day, but aggressive
trader can try long trade as suggested above. In light of the continued correction
short trade seems a better option now 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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