CNX--BANK
NIFTY
Open-25409.55--High-25441.35--Low-25152.65—Close-25191.95
on
4-12-2017.
(Bold
and underlined figures are important)
MajorSupport:- 25186.05/25119.50/25103/25058.70/24878.65/24798.65/24782.30/24560/24505.89/24496/24422/24163.90/24079.58.
MajorResistance:-25198.80/25332.40/25400.69/25409.55/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.
For-4-12-17 the intra-day short support
and resistance levels are given here-under:-
Support:- 25186.05/25119.50/25103/25058.70/24878.65/24815/24798.65/24782.30/24749/24560/24505.89/24496/24422/24370/24163.90/24079.58.
Resistance: 25198.80/25253/25332.40/25400.69/25409.55/25477/25537/25566/25596/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.
Further to my last post on 16-11-17 it had
huge up move and it made a new all time high of 25953.50 on 28-11-17 but in
last two days it fell sharply and lost more than 600 points. Please note that
two days fall had eaten last 20 days up move and technical setup has also weakened.
Furthermore it was an impulse down move and if it does not recover fast then it may be heading for much lower levels
in coming days/ weeks. Now it is near its recent major bottom of 25119.50, so
chances are that it may make an attempt to stage a pullback from here but
sustained break below it on the closing basis may drag it down fast which may
please be noted. Moving down it may find good support at 25058.70/24782.30/24505.89/24370 (it changes every day) and
it may bounce back from any of these points but sustained break below 24370
will threaten the uptrend. Similarly going up it will find stiff resistance
from its short term moving averages which are clustered in the range of 25341.65---477—566—596---686
(it changes every day) for the day and then from some of its long term averages
which are placed in the range of 25830—26088(it changes every day) now, so
moving up may not be easy and smooth this time . The bias is negative as of now
but its relative strength is better in comparison with Nifty.
In view of the above observation, it seems
that it is mildly sell on the rise market now, therefore safe trader should avoid
long trade till it moves above its short term moving averages and sustain on
the closing basis. But aggressive trader can try long trade if it holds
25119.50 levels for at least two hours of trade then, with a stop loss of below
25050. Please note that long trade may be a highly risky bet at this point of
time. Short trade relatively seems a better option and can be tried on the rise
and possible sell point range for the day could be between 25341---440 with a
stop loss of above 25480 or can sell below 25150 with a stop loss of above
25200 and add on position below 25119.50 with a stop loss of above 25155.
Remark: - The trend is up, but last two days huge
down move indicates that it could drift down further in coming days, therefore
be circumspect in long trade. Short trade seems a better bet and would be safe
to try if it moves and sustain below 25119.50. But can be tried on the rise too
as suggested above. The overall technical outlook for short term looks bearish.
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.
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Thank you for sharing your views.