A TECHNICAL VIW ON CNX--NIFTY--13-12-2017

 CNX-NIFTY

Open-10324.90—High-10326.10---Low—10230.20---Close—10240.15 on 12-12-2017

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

Resistance: 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-13-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10239/10228/10202/10199/10178/10159/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10242/10251/10255/10259.37/10264/10271/10312/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 11-12-17, it just lost momentum today and went down to end the day with a loss of 82.09 points this is a bad indication. Furthermore it is making lower top and bottom on the bar chart therefore long trade should be avoided till it crosses 10335 and sustain. Please note that if it does not move above 10335 in next 2-3 days time then it could head down again and this time down move could be sharp. The only hope of bounce back now is that it is still holding on to some of its short and medium term moving averages which are placed in the range of 10159---10199---10255(it changes for the day)for the day.

It is important to mention here that its long term averages are placed in the range of 10003—9691(it changes every day) for the day, break below 10003 will threaten the uptrend and sustained break below 9691 may put the uptrend in real danger.

In view of the above observation safe trader should avoid long trade   till it moves and sustain above 10335, however aggressive trader can try long trade above 10271 with a stop loss of below 10239. Although there is no clear sign of going short in the market but in light of yesterdays move short trade can be tried if it sustain below 10230 for some time with a stop loss of above 10271,it could be a risky bet but worth trying.

Remark: - The long term trend is still up. But long trade should be attempted only if it moves and sustain above 10335. Short trade could be worth trying 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.