A TECHNICAL VIEW ON CNX--NIFTY---15-11-2017

 CNX-NIFTY

Open-10223.40—High-10248---Low—10175.55---Close—10186.60 on 

14-11-2017

Major Support: 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: 10251.85/10254.10/10263.58/ 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-15-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10178.95/10158/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10196.77/10251.85/10260--70/10295--306/10321—346/10335/ 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.

 It opened on a flat note then moved up but could not cross the strong resistance range of 10251.85—10254.10 hence gave good shorting opportunity (see my post for the day) as anticipated. The short term technical setup looks extremely weak and it is expected to move down further, but since it closed today just above its important & key support range at 10178.95--10137.85--10124.50--10123.35. Therefore there is still a glimmer of hope that it can bounce back from this range ,but sustained break below 10123.35 on the closing basis can drag it down further with an accelerated pace. Similarly moving up it would be tough to cross the range of 10251.85—10254.10/ 10270—306 & 10321—346. The bias is clearly on the downside as of now, so avoid long trade till it gives visible indication of correction completion.

 Although it looks weak technically but since it is just resting on top of its key support range of 10178.95--10137.85--10124.50--10123.35 and can stage a bounce back ,so long trade can be tried in this range but not below 10123.35 with a stop loss of below 10080. It could be a risky trade but worth trying. Avoid short trade now but can be tried on the rise near but not above 10251.85 with a stop loss of above 10270 or sell if it breaks and sustain below 10123.35 with a stop loss of above 10180.

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.