A TECHNICAL VIEW ON CNX--NIFTY--29-11-2017

 CNX-NIFTY

Open-10387.90—High-10409.55---Low—10355.20---Close—10370.25 on 28-11-2017

Support: 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: 10384.50/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-29-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10347.98/10335.30/10327.84/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10384.50/10393.43/10411.16/10419.53/10431.6010451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.

As expected it took a breather today and closed with loss of 29.29 points. The technical setup looks o.k. and it is still above its short term moving averages ,so it may stage a bounce back from here and may resume the up move again provided it holds the range of 10347—10307(it changes every day) on the closing basis, sustained break below 10307 may drag it down further . Similarly moving up the range of 10411.16—10491 would pose a very stiff resistance (see my earlier post)and crossing this range may not be easy, therefore it seems evenly poised at this point of time. So trade judiciously 

 In view of the above observation long trade can be tried now or on decline near but not below 10327 with a stop loss of below 10300, but it would be relatively safe to try long call if it moves above 10411.16 and sustain for some time with a stop loss of below 10370.   

                                                                                                                                                                                            

Remark: - The long term trend is up. It corrected today and looks evenly poised now. Long trade can be tried as suggested above. I would personally try long call if it sustain above 10411.16.

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.