A TECHNICAL VIEW ON CNX--NIFTY---27-11-2017

 CNX-NIFTY

Open-10366.80—High-10404.50---Low—10362.25---Close—10389.70 on 24-11-2017

Support:10384.50/10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance:10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-27-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10381/10335.30/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10396.88/10411.16/10419.53/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

Further to my last post of 20^th November-2017 it has been continuously moving up and today was the strait 7^th day of up move. Although it is not showing any sign of weakness but straight rise increases the vulnerability of correction. Furthermore moving up the range of 10273---10490.45 will pose stiff resistance and it is in the midst of this right now. So clearing this range may not be easy therefore it may correct anytime soon before attempting to cross the said range. The range for the week starting from 27-11-17 would be between 10261---10411.16 and breakout on either side will decide which way it will move. As of now the bias is on the upside but in light of the straight rise  it highly vulnerable for correction also , therefore long trade should be handled with caution.

                                                                                                                                                                                                               

In view of the above observation long trade can be tried if it moves above 10411.16 and sustain for some time with a short stop loss of below 10380 or can buy on decline near but not below 10324 with a stop short loss of below 10290.Please note that buy on decline may be slightly risky for the day.   

Remark: - The long term trend is up. Technically it is looking o.k. but it can correct too anytime, so it is suggested to be extremely alert in long trade. Trying long call above 10411.16 seems a better option for the day.  

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.