Wednesday, 8 November 2017

A TECHNICAL VIEW ON CNX--NIFTY--9-11-2017


 CNX-NIFTY

Open-10361.95—High-10384.25---Low—10285.50---Close—10303.15 on 8-11-2017

Major Support: 10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10323.05/10350.21/10384.50/10390.35/10403.81/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.
                                                                                                                                                                                                                              
For-9-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10323.05/10348.02/10378.50/10384.50/10390.35/10423.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

The broad observation remains the same as mentioned in my post of 8-11-17. Today’s weakness in it was sort of a mild confirmation that the on-going correction is going to last for some time with in between short up moves , therefore long trade should be avoided at this point of time. It broke its strong support range last layer today, so it has become strong resistance range now which is placed at 10342.02---10378.50---10420.18(it changes every day) for 9-11-2017. It has also broken and closed below its strong support point of 10323.60, so it is likely that down move may pick up momentum now, but going down it has bed of support in the range of 10263.58---10196.77(10263.58—10251.85—10209.98—10196.77) and then its most important and key support points are at 10178.95/10137.85/10123.35, so there is a possibility that it may bounce back from any of these points and may resume the up move again. But sustained break below 10123.35 on the closing basis may accelerate the fall and it may seek much lower level then.

In view of the above observation safe trader should avoid long trade now because trying long trade for relief rally could be extremely dangerous. Therefore long trade should only be tried once the fall is arrested and it starts looking up again. But aggressive traders can try long trade if it moves above 10323.60 and sustain for some time with a stop loss of below 10285(it could be a risky trade) or on decline in the range of 10196---10123.35 with a stop loss of below 10080. Since it is in correction mode short trade would be a better option and it can be tried now or on the rise but not above 10384.50 with a stop loss of above 10405.     

Remark: - The trend is up but it is in correction mode now and this is likely to continue for some time, so long trade should be avoided now and can only be tried after the fall is arrested and it shows sign of moving up again. Instead short trade should be tried 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.




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Thank you for sharing your views.