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.