CNX-NIFTY
Open-10332.70—High-10332.70---Low—10211.25---Close—10226.55
on 30-11-2017
Support: 10214/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.
Resistance: 10251.85/10289/10335.08/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.
For-1-12-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10214/10207/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.
Resistance: 10251.85/10289/10305-315/10339/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.
It opened with a short down gap and moved
down further and in the late afternoon it plunged down sharply to close with a
loss of 134.75 points. Today’s fall has eaten the rise of eight days, so it was
an impulse down move which is a bad sign. It had witnessed this type of fall earlier also but bounced
back too very fast within days, so watch out whether this fall will continue or
it may resume the up from here again. Although it has decisively broken its
short term moving averages today but it could still stage a bounce back because
it has good support in the range of 10214—10157 but sustained break below 10157
could take it down further to the level of 10094/10043 & 9963(it changes
every day). It is important to mention here that sustained break below 9963
would be a threat to the uptrend which may please be noted.
The support range for the day would be
10214—157 and the resistance range would be 10305—10340, it may pick up
momentum if it moves and sustain above 10340. After today’s impulse down move it
would be risky to take long trade till it gives visible indication of
correction completion. So safe trader should try long call only if moves and
sustain above 10340, but contrarian trader can try long call in the range of
10214—157 but not below10157 with a stop loss of below 10120. Avoid short trade
for the day but those who wish can try below 10211 with a stop loss of above
10235 but has to be alert and sharp in this trade because if it bounces back it
may be fast.
Remark: - The long term trend is still up. It had
an impulse fall today and this may continue but there is glimmer of hope too
that it could still bounce back from the range of 10214---157. So have a balanced
approach and can try doth side trade as suggested above but with extreme
caution particularly in short trade.
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.