CNX--BANK NIFTY
Open-17486.50--High-18002.65--Low-17407.70—Close-17840.20 on
20.5.2020
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 flat note at 17486.50 and made a low of 17407.70 and then moved up and made high of 18002.65 and ended the day at 17840.20 with a gain of 353.94 points. Although it closed on a positive note today but it is still terribly weak, therefore to show little strength it has to close above 18175 & 18470.67. It is therefore suggested that till it closes above these points long trade should be avoided and sell on the rise strategy should be adopted.
Please note that the other observation and trading strategy in my post for 20.5.2020 is valid for 21.5.2020 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.