CNX-NIFTY
Open-10358.65—High-10368.45---Low—10266.95---Close—10308.95
on 9-11-2017
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-10-11-17 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: 10323.05/10346.07/10382.91/10384.50/10390.35/10423.80/10424.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/
10540/10578/10667.67/10707.88.
It had a very short up day today on the
closing basis but it seems that the correction is still on. The broad observation
remains the same as mentioned in my post of 8-11-17& 9-11-17. The trading
range for the day is 10384.50---10281---10251.85 and break below 10251.85 may
drag it down to 10209.98& 10196.77. Its key support points are at 10178.95/10137.85/10123.35, so be alert
around this range it may bounce back from here for a pull back. But sustained
break below 10123.35 on the closing basis may accelerate the fall and it may
seek much lower level then. The bias is on the downside; therefore long trade
should be avoided.
In view of the above observation avoid
long trade now; however aggressive traders can try long trade on decline in the
range of 10178.95----10123.35 but
not below 10123.35 with a stop loss of below 10080. It is a sell on the rise
market now, so short trade seems better option and can be tried now or on the
rise but if it moves above 10323.60 then wait for some time to move it up
further and try selling near but not above 10384.50 with a stop loss of above
10405 or wait for it to break below 10303 to sell in this case stop loss would
be above 10325. Please note that if market opens with a gap down (SGX-Nifty is
indicating so) i.e. below 10266.95 then wait for some time for settle it down or move up a bit then initiate trade.
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 as mentioned above. Instead short trade seems
better option and 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.
No comments:
Post a Comment
Thank you for sharing your views.