CNX--BANK NIFTY
Open-17901.95--High-18200.70--Low-17658.55—Close-17735.10 on
21.5.2020
Support:17719/17502/17390/17380/17286.40/17248.42/17143/16635/16450/16193.25/16116.25/15850/15440/15162.
Resistance:18175/18287/18565.06/18703.45/18941/19051/19200/19350/19460/19585/19680/19825/19934/20010.
(Bold and underlined figures are most important)
It opened on a positive note at 17901.95 and then moved in a short range for some time before making a high of 18200.70 and then sharply moved down and made a low of 17658.55 and ended the day at 17735.10 with a loss of 105.10 points. It has been attempting to move above its first critical point of 18175 for last three days but failed to do so which indicate gross weakness in it, furthermore the technical set up is also very weak. It is therefore suggested to avoid long trade till it closes above its critical and important points of 18175 & 18470.67. Therefore short trade should be tried on the rise, but short trade should be squared off also if it gives sign of closing above 18175.
Please note that the other observations, views and trading strategy in my post for 20.5.2020 is valid for 22.5.2020 also.
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 favourable 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 are of spot market.
Contact me for strategic guidance to enter and
exit trade.
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Thank you for sharing your views.