A TECHNICAL VIEW ON CNX--NIFTY--17-11-2017

 CNX-NIFTY

Open-10152.90—High-10232.25---Low—10139.20---Close—10214.75 on 16-11-2017

Major Support:10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992---9988/9970/9955.80/9947.809896.48/ 9877.03/9870—48/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance:10245.44/   10251.85/10292.23/10339/10396.88/10411.16.

                                                                                                                                                                                                                         

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

Support: -10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.809896.48/ 9877.03/9848.13.                                                                                                                

 Resistance: 10245.44/10251.85--300/10339/10396.88/10411.16.

                                                                                                                                                                                                                        

 Since it had strait fall from 10490.45 it was expected to give a relief rally, but todays robust up move was not expected. However despite this move it is still not out of woods, because it is running below its short term moving averages which are placed in the range of 10244--10300  for the day and the averages are pointing down also . Furthermore it is making lower top & bottom on the line chart and it is way below its recent top of 10321.75. Therefore to resume the smooth up momentum again it has to cross the average hurdle first and then close above the top of 10321.75. Since it has bounced back above its key points range of 10178.95--10137.85--10124.50--10123.35 and critical point of 10196.77 & 10187.56 therefore avoid short trade on decline till it holds the level of 10187. But short trade can still be tried near but not above 10300, it could be risky but seems worth trying. Similarly long trade can be tried till it holds 10187 on the closing basis. Moving up the other important resistance points are at 10245.44/10292.23/10339/10384.50/10396.88/10411.16.   

In view of the above observation long trade can be tried above 10254.10 with a stop loss of below 10230 or on decline but not below 10187 with a stop loss of below 10123. In light of today’s move short trade could be a risky bet till it holds 10178.95 but it can be attempted on the rise near but not above 10300 with a stop loss of above 10340. Please note that if it opens with up gap (SGX-Nifty is giving indication of that) then wait for initiating the long trade till it settles down.

Remark: - The long term trend is up .In view of today’s move long trade seems to be the flavor of the day but short trade can still be tried as suggested above, it could be a risky affair but worth trying.

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.