CNX-NIFTY
Open-10376.65—High-10392.95---Low—10345.90---Close—10361.30
on 29-11-2017
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: 10384.50/10399/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.
For-30-11-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10357/10342/10333/10323.88/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.
Resistance: 10384.50/10399/10411.16/10419.53/10431.60/10451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.
It moved in a short range today and closed
with a meager loss of 8.95 points. It held the lower range for the day but
could not get past the lower band of the resistance range also which was at
10411.16(see my post of 29-11-17). So it seems that it may be consolidating as
well as correcting. The lower important range for the day would be 10357—10333
& then 10323---10307, if it manages to hold the range of 10323---10307 on
the closing basis then it could stage a bounce back but sustained break below
10307 can drag it down further. Therefore in view of the above even if it
closes with a loss on 30-11-17 but above 10323 mark then aggressive trader can
initiate long trade in last 15 minutes of trading session in and around the
range of 10333—323 but not below 10323 with a short stop loss of below 10307. It could be a highly
risky trade mind you but worth trying but carry the trade only if it reasonably moves above your purchase price otherwise exit the trade . Safe trader should try long trade only
if it moves and sustain above 10411.16 for some time. It still looks evenly
poised with slight tilt towards downside; so long trade should be handled with
ample caution and if breaks and sustain below 10307 then short call can also be
tried with a stop loss of above 10335.
Remark: - The long term trend is up. It is
correcting and consolidating now and looks evenly poised so it can move either
way. Therefore long trade should be handled with extreme agility and caution. I
would personally prefer to try long call only if it sustain above 10411.16.
Short call can be attempted for the day if price pattern permits.
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.