A TECHNICAL VIEW ON CNX--- NIFTY----6-11-2017

 CNX-NIFTY

Open-10461.55—High-10461.70---Low—10403.60---Close—10452.50 on 3-11-2017

Major Support: 10423.80(closing basis)/ 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: 10459.76/10461.70/10482.63/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-6-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10399.94/10484.50/10377/10361.60/10331.26/10324/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10461.70/10482.63/10513/10536.52/ 10578/10667.67/10707.88.

 It opened with a small up gap but filled it during the day ,however the gap it created on 1-11-2017 still exist and it could still make an attempt to fill the same in next 1-2 days and if it does then it can come down to 10367.70. The overall technical setup is good. Furthermore it ended the week near the high which indicate good strength; therefore it is expected to rise further from here. Its strong support level is placed at 10399.94---10361.60---10324(it changes every day) for 6-11-2017 but the key support points are at 10384.50 & 10323.95 and sustained break below 10323.95 on the closing basis may drag it down further and fall may accelerate. In light of this avoid long trade if it sustain below 10384.50 on the closing basis.

In view of the above observation the broad trading range for the day is 10461.70---10384.50 and short trading range is 10461.70----10423.80---10403 and sustained break above 10461.70 can take it up further, else it may trade in short range or drift on the downside. So, long trade can be tried if it moves and sustain above 10461.70 or on decline but not below 10423.80 with a short stop loss of below 10395, but the authentic stop loss would be below 10360 for all long trade. It is suggested to try long trade above 10461.70 only and avoid buy on decline for the day.

Remark: - The trend is up and as it is hitting new high every day, therefore long trade can be tried as suggested above but with caution as moving ahead it has good resistance at 10482.63/10513/10536.52. 

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.