CNX-NIFTY
Open-10431.75—High-10490.45---Low—10413.75---Close—10451.80
on 6-11-2017
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: 10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.
For-7-11-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10407/10484.50/10369/10331.26/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.
Resistance: 10459.76/10461.70/10482.63/10490.45/10536.52/
10540/10578/10667.67/10707.88.
It opened on a negative note and went down
further then recovered sharply to cross the upper band for the day’s range
i.e.10461.70 and hit a new high of 10490.45 but at the end of the day closed below
the upper band for the day with a meager loss of 0.70 points. It is still above
its strong support range which is placed at 10407---10400---10369---10331(it changes every day) for 7-11-2017.
It has been making new high for last four days which is not significant enough, therefore
either it is consolidating here or may be fatigued because every day it is
coming near its strong support range and then move up. So it looks that it is
evenly poised at this point of time and can move either way in coming days. Going down the alert
point for the day would be 10400 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
completely if it sustain below 10384.50 on the closing basis. Similarly if it
moves above 10461.70 and sustain on the closing basis then if may continue the
up momentum.
In view of the above observation avoid
long trade on decline and can try it only if it moves and sustain above 10461.70
with a stop loss of below 10400. However aggressive trader can try buy on
decline near 10400 with a stop loss of below 10380 but it could be a risky
trade.
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 because it may be fatigued also and may get into correction mode from
here, so avoid buy on decline strategy now.
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.