CNX-NIFTY
Open-10324.55—High-10343.60---Low—10268.05---Close—10283.60
on 17-11-2017
Support:10251.85/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80
/9896.48/
9877.03/9870/9792/9788/9740/9709.30/9700/9688/9687.55/9685.55
Resistance:10292.23/10335/10339/10344/10339/10384.50/10390.35/10396.88/10411.16.
For-20-11-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10251.85/10245.44/10196.77/10187.56/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.80/9896.48/ 9877.03/9848.13.
Resistance: 10295/10310/10344/10358/10395/10411.16/10440.
It
opened with a huge up gap crossing its short term moving averages and closing
top of 10321.75 on the line chart and maintained above it for quite some time
during the day, but slipped down in the late afternoon to close within the
range of short term moving averages which is placed between 10241—10308 for
20-11-2017 and below its top of 10321.75 on the line chart. It did closed with
a gain of 68.84 points but near the low of the day and very importantly the gap
it created today 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 slide to
10232, so the fear of going down is still looming despite last two days good up
move. Furthermore moving up it will face tough resistance from one of its long
term averages which are placed in the range of 10358—10395—10439(it changes
every day) for 20-11-17. In other technical parameter also the range of
10411—10490 is a very tough resistance range. Therefore the up journey may not
be smooth from here.
In view of the above observation long
trade can only be tried if it moves above 10322 and sustain for some time then with
a stop loss of below 10268, avoid buy on decline for the day.
Remark: - The long term trend is up .After two
days of rise it looks evenly poised, therefore long trade should only 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.