A TECHNICAL VIEW ON CNX--NIFTY----3-11-2017

 CNX-NIFTY

Open-10440.50—High-10453---Low—10412.55---Close—10423.80 on 2-11-2017

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-3-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10392.68/10484.50/10353.60/10331.26/10316.28/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

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

It had a down day today and it closed with a loss of 16.70 points. But it is still above its recent strong support range which is between 10392.68---10353.60---10316.28 (it changes every day) for 3-11-2017. Technically it is still looking strong with a positive bias, but the concerning thing is that the gap it created yesterday still exists so the chances of filling the gap in next 2—3 days is also there and if it does so then it can come down to 10367.70.  Today's short down move seems a breather and it may continue the up move immediately or may consolidate here for some time before resuming the up move again provided it sustain above 10384.50 on the closing basis. The critical range for it for the month of November-2017 is 10390.35---10384.50---10335.30 and sustained break below 10335 on the closing basis may drag it down further and fall may accelerate. The trading range for the day is 10459.76---10384.50---10358.

In view of the above observation avoid long trade now but can be tried if it moves and sustain above 10441 for some time with a stop loss of below 10410 or on decline near 10384.50 but not below it with a stop loss of below 10330. I once again reiterate that fresh long call should be avoided if it breaks and sustain below 10384.50 on the closing basis and below 10335 for sure.

Remark: - The trend is up and since it has decisively crossed the strong resistance range, therefore long trade can be tried as suggested above but with caution. 

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.