CNX-NIFTY
Open-10236.60—High-10296.55---Low—10169.85---Close—10192.95
on 13-12-2017
Support: 10182/10178.95/10137.85/10118.05/10108.15/1010310094/10043.65/10033.35/9955/9943.
Resistance:10216.18/ 10251/10259.37/ 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-14-12-17 the intra-day short support
and resistance levels are given here-under:-
Support: -10182/10178.95/10162/10137.85/10118.05/10108.15/10103/10008/10094/10043.65/10033.35/9955/9943.
Resistance: 10202/10216.18/10223/10237/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.
It
opened on a flat note and had both way swing during the day but eventually
closed with a loss of 47.20 points. It broke all its short term moving
averages today except for one which is at 10182(it changes every day) and medium
term moving average are placed in the range of 10162—10097(it changes every
day) for the day. Moving down other support points would be
10146—10103/10094—92/10033.35/10008.
So it has good support area in the range of 10162—10092 and then
10033.35---10008 and 10008(it changes every day) would be the last bounce back
point because sustained break below it on the closing basis could pose a
potential threat to the on-going uptrend. Similarly moving up it will face resistance from its short term moving averages which are placed in the range of
10202---10259 for the day and other important resistance point would be
10216.18/10265.84/10321/10335 and it is needless to mention here that the range
of 10400---10490.45 would be the very tough range to cross (see my earlier
post). So the continuation of smooth up move from here seems difficult, furthermore the technical setup has weakened and the bias is on the downside now and if it does not give a sharp recovery shortly then the down move could deepen. Therefore it is advised that long trade should be avoided till it gives visible sign of correction
completion.
In view of the above observation safe
trader should avoid long trade now, however aggressive trader can try long
trade on decline near but not below 10094 with a short stop loss of below 10080
and then in or around the range of 10033—10008 but not below 10008 with a stop
loss of below 9965. In light of two day fall and anticipating further fall from
here short call could be a better option and can be tried on the rise near but
not above 10259 with a stop loss of above 10297 or sell if it sustain below
10162 with a stop loss of above 10205.
Remark: - The long term trend is still up. But it
is correcting now, so long trade should be avoided now and can only be tried as
suggested above. It would be relatively safe to try long trade in the range of
10033—10008. Short trade seems a better option now and could be worth trying as mentioned 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.
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Thank you for sharing your views.