CNX-NIFTY
Open-9876.70--High-10003.60—Low-9833.80—Close-9881.15
on 17.6.2020
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--10116.15--10167.45—10328.50---10583.65.
(Bold
and underlined figures are most important)
It opened on a negative note at 9876.70 and made
a high of 10003.60 then it went down and made a low of 9833.80 and ended the day
at 9881.15 with a meagre loss of 32.85 points. The important thing is that it made
another lower top at 9914 and still 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 18.6.2020 also. Except for one buying condition that it has made lower top
at 9914 today so wait for long trade till it closes above 9914 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 9813.70 with a stop loss of 9770
as of now, but aggressive trader can try buying if it sustains above 9914 for
reasonable period of time with a stop loss of 9875.But it could be a risky
trade mind you. Therefore it would be safe to try long trade only if it closes
above its lower top of 9914 and crosses its critical points of 9944.40 &
9970.80 on the closing basis. Sell trade should definitely be tried if it
sustain below 9813 for some time with a stop loss of 9885.
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.