A TECHNICAL VIEW ON CNX--NIFTY--28-11-2017

 CNX-NIFTY

Open-10361.05—High-10407.15---Low—10340.20---Close—10399.55 on 27-11-2017

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-28-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10375/10335.30/10307.30/10290/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

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

Today was the 8^th straight day of rise; therefore the vulnerability of correction is increasing with each rising day. The broad observation remains the same as mentioned in my post of 27-11-17, except try to avoid long trade for the day but can still be tried on reasonable decline. The range for the day would be 10411.16—415/10335--326/10290. There is a strong possibility that market could correct today, although there is no clear sign of taking short trade now but it can be tried if price pattern permits for taking advantage of anticipated correction. But your maneuver has to be fast in short trade because the overall trend is up as of now. The bias is mixed for the day with slight tilt towards downside.

                                                                                                                                                                                                                  

In view of the above observation long trade can only be tried on decline near but not below 10326 with a stop short loss of below 10290. Short trade can be tried near but not above 10411.16 with a stop loss of above 10430 or can sell below 10384 with a stop loss of above 10415.   

Remark: - The long term trend is up. Technically it is looking o.k. but since there is a strong possibility of  a correction today therefore short call seems a good option for the day 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.