A TECHNICAL VIEW ON CNX-NIFTY FOR-22.5.2020

CNX-NIFTY

 

Open-9079.45--High-9178.55—Low-9056.10—Close-9106.25 on 21.5.2020

Support:9062.17/9038/8940/8909/8821/8801.14/8700/8672.07/8617/8542.59/8480/8419/8220/8148.50/8055/7947.74.

Resistance:9170/9190/9240/9300/9327.85/9348.12/9390.31/9468.75/9685.55/9687.55.

(Bold and underlined figures are most important)                                                                       

It opened on flat to positive note at 9079.45 and made a low of 9056.10 and then moved up and made a high of 9178.55 and ended the day at 9106.25 with a gain of 39.70 points. It sustained above its critical point of 9062.17 for the second day. So long call can be tried on decline but not below 9062.17, but short call should also be attempted within the critical range.

Please note that the other observation, views and trading strategy in my post for 21.5.2020 is valid for 22.5.2020 also. Except for that the buying should only be initiated on decline but not below 9062.17 and should not be initiated above 9094.

I once again reiterate that the ongoing up move is just a relief rally and may end abruptly also, so one should be extra vigilant in long trade and should square of the trade if it gives sign of closing below 9020.

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.