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

 CNX-NIFTY

Open-10198.45—High-10270.85---Low—10195.25---Close—10265.65 on 8-12-2017

Support: 10251/10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

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

Support: -10246/10233/10220/10205/10178/10149/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 4-12-17, it did break the bottom of 10094 on three successive day’s intra-day but did not close below it. It was reasonably above its long term moving average during the week and last but not the least it crossed its short term moving averages and closed above it on the last day of the week, which is a positive sign. So as perceived it bounced back from the important point (See my post of 4-12-17) therefore it seems that a bottom is in place at 10033.35for now and it can rally further from here. But I once again reiterate here that the range of 10400—10490.45 seem very tough range to cross (see my post of 29-11-17), it may cross the said range this time but be alert and careful in long trade in and around this range. However the up journey from here to 10400 may be smooth.

In view of the above observation long trade can be tried on decline but not below 10178 with a stop loss of below 10145 on the closing basis or can try above 10271 with a short stop loss of below 10230.

Remark: - The long term trend is still up. It seems that a bottom is in place; therefore long 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.