CNX-NIFTY
Open-9919.35--High-9943.35—Low-9726.35—Close-9813.70
on 15.6.2020
Support: - 9726.25/9700/9685.55/9600/9580/9475/9390.31/9299/9220/9158/9141/9131/9116/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555
Resistance: - 9889.05/9944.40/9970.80/ 10033/10116.15/10137.85/10178.95/10276.20/10328.50/10333.85/10417.80/10490.95/10551.20/10557.70/10637.15/10670.25/10782.60/10941.20.
Critical Points moving down:-9726.25--9663.59.
Critical Points moving
up:-9889.05---9944.40---9970.80--9972.90.
(Bold
and underlined figures are most important)
It opened on a negative note at 9919.35 and made a high of 9943.35 then slipped down and made a low of 9726.35 and ended the day on a weak note at 9813.70 with a loss of 159.20 points. The important thing is that it made another lower top at 9972.90 today and went far below its critical point of 9970.80 & 9944.40 on the closing basis, which is a weak sign. Therefore long trade seems a risky affair till it closes above its critical points of 9970.80 & 9944.40 and sustains or starts making higher top and bottom. So selling on the rise at appropriate points would be a better strategy at this point of time,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 9972.90 today so wait for long trade till it closes above 9972.90 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 9726 with a stop loss
of 9670 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.