A TECHNICAL VIEW ON CNX-- BANK NIFTY--11-12-2017

CNX--BANK NIFTY

Open-25145.50--High-25367.70--Low-25145.50—Close-25321.15 on

 8-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

MajorResistance:- 25383.55/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support:- 25275/25202/25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

Resistance: 25350/25383.55/25398/25467/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 4-12-17 it further moved down and broke its bottom of 25119.50 but later in the week as perceived bounced back from around the possible support points(see post of 4-12-17) and ended the week near the high. Therefore it seems that a bottom is in place at 24813.60 for now and it may move up further from here. But it is still below its short term moving averages, which are placed in the range of 25327—398—467(it changes every day) for the day. Furthermore moving ahead it will face resistance from its multiple top in the range of 25694—695.75---25924—953.50 and then from some of its long term indicator which are placed in the range of 25832—26095(it changes every day) for the day.  So moving up does not seems to be easy and smooth.  

 In view of the above observation, safe trader should avoid long trade now and should try once its closes above its short term moving averages. However aggressive trader can try long trade above 25370 with a stop loss of below25300.  

Remark: - The trend is up and it seems that it may further move up from here, but it would be safe to try long trade once it closes above its short term moving averages, however aggressive trader can try long trade 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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.