A TECHNICAL VIEW ON DOW JONES INDUSTRIAL AVG INDEX---24-7-2017

DOW JONES INDUSTRIAL AVG INDEX.

CLOSED AT 21580.07 ON 21.7.17.

SUPPORT: - 21535.05 / 21471.14 / 21279.30 / 21197.08 / 21169.11 / 21070.90 / 21051.70 / 20798.90.

RESISTANCE: - 21661.91 / 21681.53 / 21743.88.

(Figures in bold are important)

Technically it looks O.K.as of now, but in last few days it has been moving in a short range, which indicates that a big move may be ahead on either side in coming days. Moving up it has critical resistance points at 21657.05 & 21743.88 and to keep the up momentum on it has to sustain above these points on the closing basis. It did move above 21657.05 intra-day couple of times in last few days but could not close above it which shows indecisiveness. However even if it crosses the aforesaid points and sustain the further rise may not be smooth because it will face very tough resistance in the range of 21865---21970 (the range changes every day). Similarly moving down it will find support at 21471.14 / 21279.30 / 21169.11 and sustained break below 21169.11 on the closing basis can take it down for deeper correction.

It seems that it hangs in balance now and can move either way in coming days, but looking at last few days’ movement it seems that the bias is slightly on the down side. So watch out.

REMARKS: - In view of last few days trading movement, it is suggested to be very circumspect in long trade commitments.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY--24-7-2017

CNX-NIFTY

Open-9899.60—High-9924.70---Low—9838---Close—9915.25 on

21-7-2017

Major Support: - 9870/9838/9792.05/9778.85/9709.30/9700/9688/ 9657/9632.     

Major Resistance: -9928.20/9970/ 10043/10131.

Range for the week starting from 24-7-17:--9928.20---9792.05.

Critical Point:-9870.

For-24-7-17 the support and resistance levels are given here-under:-

Support:-9870/9838/9792.05/9778.85.

Resistance:-9928.20/9959/9970—76/10015—43/10070.

It opened on a firm note and traded in a range above its critical point of 9870 for quite some time but later in the day it plunged down sharply breaking 9870 decisively and hit a low of 9838 and after some time it made a sharp recovery and made a high of 9924.70 before closing the day near the high at 9915.25.

It went near its all time high of 9928.20 in last three days but could not cross it; similarly it broke its critical point of 9870 during the day in last three days but managed to close above it and finally ended the week near the higher end of the weekly range. Therefore looking at last three days volatile movement it seems that still some more upside steam may be left in it before it tops out for the time being and start correcting. However I feel that even if it moves up there is not much room left for a big upside move and it could still be expected to top out at 9970/10043/10131 or around these levels (see my earlier post). It is important to mention here that if it fails to cross 9928.20 marks in next 2-3 days time then possibility of crossing this mark will recede but as long as it holds 9870 level chances of moving up will be alive. Please note that sustained break below 9870 on the closing basis may confirm that the top may be in place.  

For 24-7-17- Since it has closed near the higher end of the weekly range, therefore long trade should only be attempted if it moves and sustain above 9928.20 for some time with a stop loss of  below 9870 for a target of 9959/9970—76/10015. Avoid long trade on decline for the day. Please note that in last few minutes before close, if you feel that it can close below 9910 then buying put option of 9900 is suggested with a stop loss of above 9930 or if it closes near or below 9870 then buy put option of 9850 with a stop loss of  above 9920.

Remark: - The trend is up as of now. But looking at last few days movement it seems that it hangs in balance and critically poised, so it can move either way from here therefore long call should only be attempted if it moves and sustain above 9928.20 for some time, else avoid.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY--24-7-2017

CNX--BANK NIFTY

Open-24231.40--High-24289.30--Low-24066.90—Close-24257.05 on 21-7-2017

Major Support::-23897.85/23717/23708/23684/23610..

Major Resistance:-24455/24672.

Broad Range: - 23897.85----24455

Range for the week starting from 24-7-17:--24299.30---23913.65.

For-24-7-17 the support and resistance levels are given here-under:-

Support:-24195/24053/23985/23930.

Resistance:-24300/24378/24455.

It is showing good strength technically therefore further rise in it is expected, but since it has been moving up unabated for the last 8 days, furthermore after making bottom of 22996.40 on 30.6.2017 it has been vertically moving up and lastly it is also near the upper end of its weekly range of 24299.30 and the broad range of 24455 therefore there is a strong possibility that it may correct from here before it continues the up move again. Please note that if it breaks below 23897.80 and sustain on the closing basis then correction may deepen further.

For 24-7-2017- Volatility is expected and possibility of correction is also there, therefore the long trade seems very difficult to handle at this juncture. It is therefore suggested that safe trader should avoid long trade for the day.  But the aggressive day trader  can try long call if it maintains above 24258 for some time with a stop loss of below 24190 or can try if it breaks out above the weekly range of 24300 and sustain for some time with a stop loss of below 24240. Buy on decline can also be tried near the range of 24053—23985 with a stop loss of below 24930 but it could be a risky trade for the day because as I am anticipating it to correct any day on the closing basis and if that happens then it may not move up and can  go down further also. Therefore overall I feel that it is a highly risky zone for long trade at any point, so be vigilant and cautious in long trade.    

Remark: - The trend is up, but in view of the above observation it seems that it is highly vulnerable for a correction and possibility of it increase with each passing up day and it can happen anytime soon now. Therefore I would avoid long call for the day. However if I have to try it at all I would prefer to try it only if it moves and sustains above 24300 for some time with suggested stop loss.

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY--21-7-2017

CNX-NIFTY

Open-9920.20—High-9922.55---Low—9863.45---Close—9873.30 on

20-7-2017

Support: - 9870/9845/9792.05/9778.85/9709.30/9700/9698/ 9657/9632.        

Resistance: -9922.55/9928.20/9970/ 10043/10131.

It opened with an up gap at 9920.20 and made a high of 9922.55 for the day but filled the gap immediately and then it slipped down and went below its benchmark point of 9870 and did whip saw movement several times during the day around this mark, but at the end of the day it just managed to close above it at 9873.30. Please note that after coming so close to its all time high of 9928.20 it could not cross it, furthermore it closed just above its critical point of 9870 after breaking it several times intra-day which indicates weakness, however since it is above 9870 and if it holds this level on the closing basis then it can still make an attempt to move up and hit the expected top out points of 9970/10043 &10131( see my earlier post). But looking at today’s movement chances of it looks slightly slim.   

For 21-7-2017 trying long trade below 9928.20 is not suggested, however aggressive trader who wish to take chances can try long trade above 9870 with a stop loss of below 9845 but it may be a risky proposition .I once again reiterate that no fresh long call should be attempted below 9870. Instead short call can be tried if it sustains below 9870 with a stop loss of above 9930 for a target of 9845/9792.05/9778.85. It could be a risky trade but worth trying.

The daily support and resistance levels are given here under:-

Support:--9870/9863/9845/9792.05.

Resistance:-9895/9922.55/9928.20/9945/9970.    

The aforesaid support and resistance levels can be used as entry, exit and trailing stop loss points which can help you to manage your trade in a better and efficient manner. 

Remark: - The trend is up as of now. But today’s movement indicates some weakness, therefore long call should only be attempted if it moves and sustain above 9928.20. Short call can be tried as suggested above.  

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY---21-7-2017

CNX--BANK NIFTY

Open-24170.65--High-24299.60--Low-24170.65—Close-24213.35 on 20-7-2017

Support::-23897.85/23717/23708/23684/23610..

Resistance:-24455/24672.

It is showing good strength technically and it is still within its range of 23897.85—24455 and breakout on either side will decide which way it will move, as of now it seems that an upside breakout could be possible. It is important to mention here that it has been moving up for the last seven days and 21-7-17 will be the 8^th day which is a Fibonacci number also, so the possibility of a correction is also there before the expected breakout happens which may be noted. 

The in between support & resistance point within the range for 21-7-17 are as follows:-

Support:--24170/24117/23964/23897.85.

Resistance:-24280/24300/24405/24455.

For 21-7-2017 :- In view of the above observation long call can only be tried if it maintains above 24213.35 for some time with a stop loss of below 24170 because if it do not sustain above 24213.35 then there is a strong possibility that it may correct before moving up again. The upside target could be 24280/24300/24400/24455. Similarly moving down it will find minor & major support at 24117 & 23897.85.

The daily support and resistance levels mentioned above can help you to manage your trade in a better and efficient manner. 

Remark: - The trend is up, but since it is moving up for seven days in a row, so there is a strong possibility of correction too. Therefore long call can only be tried if it sustains above 24213.35 for some time with suggested stop loss else avoid long trade for the day.

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY--20-7-2017

CNX-NIFTY

Open-9855.95—High-9905.05---Low—9851.65---Close—9899.60 on

19-7-2017

Support: - 9870/9850/9792.05/9778.85/9709.30/9700/9698/ 9657/9632.        

Resistance: -9913.30/9928.20/9970/ 10043/10131.

It opened on a firm note and filled the gap completely which it created on 19-7-17, furthermore it closed above its most critical point of 9870 today and if it sustains above it and crosses 9928.20 mark then it may move up to the expected top out point of 9970/10043/10131(see my post of 14, 17&19^th July-2017).

For 20-7-2017 if it holds 9870 for some time then long call can be tried near it with a stop loss of below 9845 or try long call if it moves and sustain above 9928.20 with a stop loss of below 9870. It is needless to mention here that no fresh long call should be attempted below 9870. Please note that it would be safe to try long call above 9928.20. The daily support and resistance levels are given here-under:-

Support:--9870/9845/9813.

Resistance:-9906/9916/9928.20/9945/9970.    

The aforesaid points can help you to structure your trade in a better and efficient manner.

Remark: - The trend is up as of now. It closed above 9870 so long call can be tried if it holds this level for some time but it would be relatively safe to try long call if it move and sustain above 9928.20.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY--20-7-2017

CNX--BANK NIFTY- 20-7-2017

Open-24069.20--High-24180.75--Low-24053.70—Close-24152.65 on 19-7-2017

Support::-23897.85/23717/23708/23684/23610..

Resistance:-24455/24672.

It is showing good strength technically and at present its range is between 23897.85—24455 and breakout on either side will decide which way it would go. The in between support & resistance point within the range for 20-7-17 are as follows:-

Support:--24045/23897.85.

Resistance:-24215/24360/24455.

Therefore the range for the day is 24045—24215---24360—24455, so structure your trade accordingly, avoid long trade if it slips below 24045 and sustain.

It is important to mention here that although it is technically looking on the strong footing now and expected to rise further, but since it is vertically moving up after making bottom of 22996.40 on 30.6.17 therefore with every rise the possibility of correction also increases, therefore it is advised that long call should be handled cautiously.

Remark: - The trend is up therefore long call can be tried as suggested above but after watching the market for some time and with extreme caution and care.

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.

Note: Price stated here is of spot market.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX---NIFTY--19-7-2017

CNX-NIFTY

Open-9832.70—High-9885---Low—9792.05---Close—9827.15 on

18-7-2017

Support: - 9824/9778.85/9709.30/9700/9698/ 9657/9632.                       

Resistance: -9870/9913.30/9928.20/9970/ 10043/10131.

It opened with a huge down gap at 9832.70 and hit a low of 9792.05 for the day, then recovered and it almost covered the gap it created but factually the gap still exist at 9894.70, so technically it may make an attempt to fill the gap in next 2-3 days time else it may not be filled  now. Finally it went down again and closed near the lower end of the day at 9827.15 which is a weak sign.

I expected it to move up in first 2-3 days of the week and to top out around 9970/10043/10131 levels (see my post of 14&17 July-17). But since it decisively broke its most critical level of 9870 today, which is a bad sign and if it does not bounce back above it in next 3-4 trading session and then crosses its recent all time high of 9928.20 then it can be assumed that a top is already in place for the time being and correction should continue. It is therefore suggested to avoid long call till it moves above 9870 and sustain on the closing basis, instead short call can be tried on the rise in the range of 9870--9908 with a stop loss of above 9930, it may be slightly risky trade but worth trying, which may please be noted.

For 19-7-17 it has minor support at 9824 and 9778 but the major support exist in the range of 9709.30---9700 and if it breaks this range and sustain below it on the closing basis then it will be sort of a confirmation that it may deeply correct from there. So if it sustain above 9824 then it may bounce back to the level of 9870—9895 else down move may continue. 

In view of the above observation it would be safe to try long call once it moves above 9870 and sustain on the closing basis or else try near the range of 9709.30---9700 with a stop loss of below 9680. The aggressive day trader who want to play for an expected pullback may try long call if it maintains above 9824 for some time with a stop loss of below 9770 but it could be a highly risk trade mind you. Instead short call can be tried as suggested above or if it moves below 9824 and sustain for some time with a stop loss of above 9845 for a target of 9792/9778/9709.

Remark: - The trend is up as of now but it corrected today and the closing was disturbing and pointing at that a top may already be in place at 9928.20 as envisaged in my earlier post. I would therefore avoid long call completely now instead try short call as suggested above.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY-18-7-17.

CNX-NIFTY

Open-9908.15—High-9928.20---Low—9894.70---Close—9915.95 on

17-7-2017

Support: - 9870/9778.85/9709.30/9700/9698/ 9657/9632.                       

Resistance: -9940/9970/ 10043/10131.

It made new high of 9928.20 today and closed above the accelerating point of 9913.30(see my post of 17-7-17). The range for now is 9970--- 9940---9913.30---9870. It would be safe to try fresh long call only if it maintains above 9913.30 with a stop loss of below 9870 today, but aggressive trader if they wish to can try long call on decline near but not below 9870 with a stop loss of below 9840. Please note that fresh long call should be completely avoided if it breaks and sustain below 9870 because then it can slip down further also.

Remark: - Technically it is looking O.K. but as I anticipate that it could top out during the on-going week therefore, I would personally avoid fresh long commitments instead look for an opportunity to try short call.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY---17-7-2017

CNX-NIFTY

Open-9913.30—High-9913.30---Low—9845.45---Close—9886.35 on

14-7-2017

Support: - 9870/9778.85/9709.30/9700/9698/ 9657/9632.                       

Resistance: -9970/ 10043/10131.

I had narrated my viewpoint in my post of 14-7-2017 that how the nifty may pan out in the coming week starting from 17-7-2017, I strongly feel that Nifty may top out during the week and start correcting. The possible top out points could be at 9970/10043/10131 or around these levels. Since it is not far away from these levels therefore, it is suggested to be extremely vigilant and cautious in your long trade’s commitments. It is important to mention here that if it moves beyond 10131 and sustain then the opinion has to be re-looked into. Similarly it tops out and start correcting then first major support point would be in the range of 9709.30—9688 and then at 9560 & 9448.75 and fall may accelerate once it breaks and sustain below 9448.75. Please note that since the rise has been vertical from the bottom of 9448.75 till now fall could be vertical and sharp too.

It opened with an up gap again today and made a new all time high of 9913.30 but slipped down in minutes and filled the gap for the day, then it broke its most important point of 9870 and went down to cover the gap it created on 13-7-17 but could not fill it completely (gap point is 9824.95), so that the gap still exist and it could still come to 9824.95 point but finally it closed above its critical point of 9870 for the day. Please note that as long as it holds 9870 on the closing basis it could hit the targeted top out points.

In view of the above observation long trade can be tried now or near but not below 9870 with a stop loss of below 9810 but it would accelerate only if it crosses 9913.30 mark and sustain. The possible upside target on 17-7-17 could be 9313.30/9921/9970. I once again repeat that long trade should be handled with extreme caution and care.

Remark: - Technically it is looking O.K. but as I anticipate that it could top out in the coming week therefore, I would personally avoid fresh long commitments during the week instead look for an opportunity to try short call.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY---14-7-2017

CNX-NIFTY

Open-9855.80—High-9897---Low—9853.45---Close—9891.70 on

13-7-2017

Support: - 9870/9778.85/9709.30/9700/9698/ 9657/9632.                       

Resistance: -9938/9970/ 10043/10131.

As shown by SGX—Nifty yesterday morning, it opened with an up gap on 13-7-17 and closed near the high of the day, it behaved the way it was expected too (see my post for 13-7-17), but the concerning thing is that the gap it created today is still there and if it attempts to fill the gap in next 3-4 trading session, which is technically possible then it can come down to 9824.95 level. Furthermore the gap up opening and unfilled gap at the top end of the market is very dangerous and is an indication of topping out. However this robust gap up opening and further up move may last for few more days before it finally tops out for the time being and start to correct. Moving up it will face stiff resistance at 9970/10043/10131 and these could be the potential top out points also and it may possibly top out during the next week starting from 17-7-2017. Since it is vertically moving up from the bottom of 9448.75, so once it tops out then the fall could be vertical too which may please be noted. It is therefore suggested that one should be highly alert and cautious in the long trades today and during next week.    

Please note that now the important range for it is between 9870---9709 therefore it is suggested to try long call only above 9870 from now with a stop loss of below 9820 or on decline near 9740—7909 but not below 9709 with a stop loss of below 9680. The upside target for 14-7-17 could be 9940/9970. It is important to note here that it is only 240 points away from the expected highest top out point of 10131 but it may top out earlier also therefore, I once again reiterate that one should be extremely vigilant and cautious in long trade now and during coming week.

Remark: - Technically it is looking good but in view of the above observation I would personally avoid long call for next few days instead look for an opportunity to try short call.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY--13-7-2017

CNX-NIFTY

Open-9807.30—High-9824.95---Low—9787.70---Close—9816.10 on

12-7-2017

Support: - 9782/9747/9709.30/9700/9698/ 9657/9632.                             

Resistance: - 9843/9870/10043/10131.

It moved in a short range of 37.25 points today but managed to hold 9812 level (see my post of 12.7.17) and closed above it. Technically it is O.K. and the bias is on the upside, but since it is vertically moving up from its last bottom of 9448.75 made on 30.6.17 and with every rise the vulnerability of correction increases but you never know when it will happen, therefore one should always be watchful and alert in long trade at this juncture because it is near all time high also.

The support for 13-7-17 is at 9782&9747 .Long trade can be tried now or on decline near 9782 &9747 with a stop loss of below 9740 for the day. The upside target could be 9845/ 9870/9905/9938. Please note that it may gain strength if it maintains above 9845 for the day.

The SGX-Nifty is showing up by 46 points this morning so if it opens with an up gap today and near the target points then wait for the market to settle down before creating fresh long position, in fact in that case at least partial profit should be booked in the range 9870—9905 in the existing long trade and fresh long trade should be avoided for the day.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY--12-7-2017

CNX-NIFTY

Open-9797.45—High-9830.05---Low—9775.55---Close—9786.05 on

11-7-2017

Support: - 9744/9709.30/9700/9698/ 9657/9632/9608.60/9589/9560.

Resistance: - 9812/9839/9870/9918/10043.

It opened with an up gap again today but filled the gap during the day and closed positive for the day. But the slight concerning thing is that it closed near the low of the day. Please note that if it fails to move above 9812 today then it may correct, furthermore it is running at the highest level with all the exuberance, enthusiasm and optimisms and history is evident that market tops out in such types of situations only, it is therefore suggested to be watchful in long trade always. The range for the day is 9812---9744---9709, so long can be tried if it stays above 9812 or near 9744 and then near 9709 with a stop loss of below 9650.Similarly aggressive trader can try short call if it fails to move above 9812 for some time with a stop loss of above 9840 for a target of 9768/9744 & 9709.

     

Remark: - Technically the overall setup is O.K and it up, but in view of yesterdays close one can attempt both side trade on 12-7-2017 as suggested above.

 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.

A TECHNICAL VIEW ON CNX--NIFTY---11-7-2017

CNX-NIFTY

Open-9719.30—High-9782.15---Low—9646.45---Close—9771.05 on

10-7-2017

Support: - 9709.30/9700/9698/ 9657/9632/9608.60/9589/9560.

Resistance: - 9839/9870/9918/10043.

It opened with an up gap today crossing the multiple top resistance range of 9688.70---9709.30(see my post of 10-7-17) and the good part was that it filled the gap during the day and closed near the high of the day. Technically it is on a strong footing ,furthermore today it gave a decisive upside breakout from the all time high of 9709.30, which indicates further rise ahead. It is therefore suggested to try long call only now or on decline but not below 9709.30 with a stop loss of below 9657. The upside target for 11-7-2017 could be 9839 & 9871.   

Remark: - Technically it is showing robust strength therefore only long trade should be attempted as suggested above because there is no scope for short trade 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 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 is of spot market.

Contact me for strategic guidance to enter and exit  trade.