CNX--BANK NIFTY
Open-20457.15--High-20470.85--Low-19740.20—Close-19912.90 on 15.6.2020
Support:19852/19728.90/19586/19526.10/19515/19455.55/19358.05/19297.25/19051/19010/18941/18703.45/18252.43/18100.
Resistance:20010/20122.10/20324/20530.45/20697.63/20820/20995/21122.10/21348.15/21462.40/21619.55.
Critical Points:--20010---20530.45----20697.63.
(Bold and
underlined figures are most important)
It opened on a negative note at 20457.15 and
made a high of 20470.85 then slipped down sharply and made a low of 19740.20
and ended the day on a very weak note at 19912.90 with a huge loss of 741.65
points. The important thing is that it closed well below all its critical
points of 20010---20530.45----20697.63 and made another lower top at 20654.55 today, which
is a weak sign. Therefore long trade seems a risky affair till it closes at
least above its critical point of 20010 and sustains or starts making higher
top and bottom. It is terribly weak on the chart, so selling on the rise at
appropriate points would be a better strategy now till it fulfils any buying
criteria.
Please note that the other observation, views
and trading strategy in my post for the week starting from 15.6.2020 is valid
for 16.6.2020 also. Except for one buying condition that it has made lower top
at 20654.55 today so wait for long trade till it closes above and then buy on
decline at appropriate points with self defined short stop losses with the help
of above mentioned support levels but not below 19728.90 with a stop loss of 19650
as of 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 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.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.