CNX--BANK NIFTY
Open-17537.65--High-17681.70--Low-17311.25—Close-17440.45
on 26.5.2020
Support:17320/17286.40/17248.42/17143/17105/16635/16350/16193.25/16116.25/15850/15440/15162.
Resistance:17830/18100/18252.43/18565.06/18703.45/18941/19051/19200/19350/19460/19585/19680/19825/19934/20010.
(Bold and underlined figures are most important)
It opened on a positive note at 17537.65 and made a high of 17681.70 and then went down and made a low of 17311.25 and ended the day at 17440.35 with a gain of 161.45 points. Despite positive close today it does not show the required strength which can take it higher, but it has multiple support in the range of 17320---17105,therefore before breaking this range it may oscillate in the range of 17320----17830---18100---18253. In view of the terrible weakness in it long trade should be completely avoided till it closes above its critical points of 18100 & 18253 and sustain, therefore every rise should be utilized for selling as of now.
Please note that the other observation, views and trading strategy in my post for the week starting from 26.5.2020 is valid for 27.5.2020 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 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 are of spot market.
Contact me for strategic guidance to enter and
exit trade.
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Thank you for sharing your views.