CNX-NIFTY
Open-9099.75--High-9161.65—Low-8996.65—Close-9029.05
on 26.5.2020
Support:9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555.
Resistance:9038/9062.17/9090.80/9116.25/9160/9220/9327.85/9348.12/9390.31/9468.75/9685.55/9687.55.
(Bold and
underlined figures are most important)
It opened on a positive note at 9099.75 and made a high of 9161.65
then slipped down and made a low of 8996.65 and ended the day near the low at
9029.05 with a marginal loss of 10.20 points. The important thing is that it
could not sustain at the higher level and closed again below its critical point
of 9062.17 & 9090.80, which is a weak sign. Therefore long trade seems a
risky affair till it closes above its critical points of 9062.17 & 9090.80
and sustain. So selling on the rise strategy should be the better option 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. Except that the long trade should be avoided now.
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.