A TECHNICAL VIEW ON CNX--NIFTY---2-11-2017

 CNX-NIFTY

Open-10390.35—High-10451.65---Low—10383.05---Close—10440.50 on 1-11-2017

Major Support: 10384.50/10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                           

For-2-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10385.56/10346/10331.26/10308/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

It opened with an up gap today and crossed the tough resistance range, which is a good sign but the gap it created is still there and if it makes an attempt to fill the gap in next 3-4 trading session which is technically possible then it can come down to 10367.70. The tough resistance has become good support now and the range for 2-11-2017 is 10385.56---10346---10308(it changes every day). It is exhibiting good strength technically and the bias is on the upside, therefore long trade is suggested. The upside target could be 10459.76/10482.63/10536.52/ 10578.

In view of the above observation long call can be tried now or on decline but not below 10385 with a stop loss of below 10340. It is important to mention here that long call should be avoided if it breaks and sustain below 10384.50 on the closing basis.

Remark: - The trend is up and since it has decisively crossed the strong resistance range, therefore long trade can 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.