A TECHNICAL VIEW ON CNX--NIFTY---28-9-2017

 CNX-NIFTY

Open-9920.60—High-9921.05---Low—9714.40---Close—9735.75 on 27-9-2017

Major Support: -9709.30/9700/9688/9685.55/9560.80/9448.75.                                                                                                                    

 Major Resistance: -9740.10/9784/9792/9850/9870/9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-28-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9709/9700/9688/9685.55/9634/9560.80.                                                                                                              

Resistance: 9784/9792/ 9812/ 9850/9874 .                                                                                                                                                                                                                    

It was expected to give a pullback and it did give and opened firmly with an up gap, but did not maintain at the upper level and not even lasted for 10 minutes and started going down and in the later part of the day it plunged down sharply and broke all its important support levels, which shows inherent weakness in it . Now it is very near to its key support range of 9709---9685(see my earlier post) and sustained break below 9685 could accelerate the fall. Furthermore it is also important to mention here that its long term moving averages are placed in the range  of 9634---9226(it changes every day) for 28-9-2017 and sustained break below 9634 will threaten the uptrend and sustained break below 9226 will possibly end the uptrend which may be kept in the back of the mind.

Kindly note that last four days move clearly indicates that it is an impulse down move and it may continue for some time; furthermore looking at the technical indicators such as RSI (negative divergence) & MACD (sell mode) (see my post of 25-9-2017) therefore there is a distinct possibility also that the long term uptrend may be in danger and it is likely to see much lower levels in coming days/ weeks. Today’s massive fall confirms that now it is clearly a sell on the rise market, however it may witness in between short up move from time to time but long call should be avoided for taking advantage of these up moves and long call should only be attempted when it gives visible indication of bottom formation.  

The range for the day would be 9874---9812----9792----9709----9685----9634. It is advised to avoid long call but contrarian trader if they wish to can try long call near last key support point range of 9709--- 9685 with a stop loss of below 9634; it could be a risky trade. Therefore it is suggested to adopt sell on the rise strategy and the possible good sell point for the day could be 9812 & 9840--50with a stop loss of above 9880 or sell below 9685 with a stop loss of above 9740. Please watch the market for sometime before initiating the trade.  

Remark: - The expected pullback happened but lasted just for less than 10 minutes and fizzled out. In view of the above observation long call should be avoided and sell on the rise at appropriate points or below key support point strategy should be followed till a good bottom is formed.

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---28-9-2017

CNX--BANK NIFTY

Open-24308.70--High-24331.85--Low-23766.60—Close-23812.95 on

 27-9-2017

MajorSupport:-23708.65/23311.85/23029/22996/22978/22578.

MajorResistance:23822.20/23852.65/23897.85/23964.80/24103/24103—156/24455/24494.35/24496.20/24591.80/24651.05.

For-28-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-23765/23715/23636/23580/23341/24216.

Resistance: 23822.20/23946/24022/24103/24151—156.

It was expected to give a pullback and it did give and opened firmly with an up gap, but did not maintain at the upper level and not  even  lasted for 10 minutes and started moving down and in the later part of the day it plunged down sharply and broke it recent major bottom of 23822.20 and closed below it, which shows tremendous inherent weakness in it and indicates further fall ahead. Furthermore it is also important to mention here that its long term moving averages are not far away and are placed in the range of 23341-----21902(it changes every day) for 28-9-2017 and sustained break below 23341 will threaten the uptrend and sustained break below 21902 will possibly end the uptrend which may be kept in the back of the mind.

Kindly note that down move of 22^nd, 25th &27^th Sept-2017 clearly indicates that it is an impulse down move and it may continue for some time; furthermore looking at the technical indicators such as RSI (negative divergence) & MACD (sell mode) (see my post of 25-9-2017) therefore there is a distinct possibility also that the long term uptrend may be in danger and it is likely to see much lower levels in coming days/ weeks. Today’s massive fall confirms that now it is clearly a sell on the rise market, however it may witness in between short up move from time to time but long call should be avoided for taking advantage of these up moves and long call should only be attempted when it gives visible indication of bottom formation.  

The range for the day would be 24216---24102----24079---24022---23946---23852----23822.20----23765----23715---23636---23580----23341 It is advised to avoid long call but contrarian trader if they wish to can try long call if it maintains above 23822.20 for some time with a stop loss of below 23765;but it could be a risky trade. Therefore it is suggested to adopt sell on the rise strategy and the possible good sell point for the day could be 24022/24078—24095/24156 with a stop loss of above 24220 or sell if it maintains below 23822.20 for some time with a stop loss of above 23900. 

Please watch the market for sometime before initiating the trade.  

Remark: - The expected pullback happened but lasted just for less than 10 minutes and fizzled out. In view of the above observation long call should be avoided and sell on the rise at appropriate points or below key support point strategy should be followed till a good bottom is formed.

 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--27-9-2017

 CNX-NIFTY---27-9-2017

Open-9875.25—High-9891.35---Low—9813---Close—9871.50 on 26-9-2017

Major Support: -9870/9850/9813/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-27-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9813/9802/9792/9784/9740/9709.

Resistance: -9874/9925—9948/9970/9988.40/10031.

The correction continued and it went near the last but one expected bounce back point of 9801(see my post of 25.9.2017) again and then recovered reasonably well to close with a meager loss of 1.09 points. It is still weak technically but since it held the important point of 9801 & 9784 for two days, furthermore after coming so near to the point it recovered sharply, so it has made double bottom at 9916—9913. Therefore it is expected that it may stage a  pullback from here before any further decline. The expected pullback rally may take it to 9900/9930—9953/9970/9996 levels. Please note that it would be a relief rally and could fizzle out at or around any of these points which may be noted, so be careful in your trade. It is important to mention here that it may regain the smooth up momentum only if it moves and sustain above 10048 on the closing basis.

The range for the day would be 9953---9930----9900----9873----9813---9801---9784. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 9801 with a stop loss of below 9780 or above 9900 with a stop loss of below 9850.  

Remark:-It has made double bottom, so it may stage a pullback from here therefore long call can be attempted as suggested above to take advantage of an expected up move but with utmost caution, because pullback rallies are treacherous in nature and may end abruptly also.  

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---27-9-2017

CNX--BANK NIFTY

Open-24105.60--High-24236.95--Low-24017.40—Close-24199.15 on

 26-9-2017

MajorSupport:-24156--51/24103.30/24078/24015/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-27-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24156---151/24103.30/24078/24053/24015/23897.85/23852.65.

Resistance: 24216/24310/24455/24496.20/24568---690.

Today it went again below its important support point of 24078(see my post of 25-9-2017) and near its previous day’s low of 24015.45 but did not break it and staged a smart recovery in the late afternoon to close with a gain of 34.09 points. Despite breaking its important support point of 24078 for two consecutive days it bounced back sharply on both days and closed reasonably above it. Although it is technically weak but last two days move gives an indication that a short bottom may be in place at 24015.45 and it may stage a pullback rally from here before it falls further. The expected pullback rally may take it to 24273/24340/24390/24455/24560 levels. Please note that it would be a relief rally and could fizzle out at or around any of these points which may be noted, so be careful in your trade. It is important to mention here that it may regain the smooth up momentum only if it moves and sustain above 24690 on the closing basis.

The range for the day would be 24432----24390----24340----24273----24216---24151---24103----24078----24015. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 24078 with a stop loss of below 24000 or above 24240 with a stop loss of below 24150. 

Remark:-It seems that it has made a bottom at 24015, so it may stage a pullback from here therefore long call can be attempted as suggested above to take advantage of an expected up move but with utmost caution, because pullback rallies are treacherous in nature and may end abruptly also. 

 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--BANK NIFTY--26-9-2017

CNX--BANK NIFTY-FOR- 26-9-2017

Open-24361.55--High-24363.80--Low-24015.45—Close-24165.05 on

 25-9-2017

MajorSupport:-24156--51/24103.30/24078/24015/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-26-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24156---151/24103.30/24078/24053/24015/23897.85/23852.65.

Resistance: 24364/24455/24496.20/24568---690.

The broad observation remains the same as mentioned in my post of 25-9-2017; the bias is on the downside as of now. The fall continued today and it broke its important support point of 24078(see my post of 25-9-2017) and hit a low of 24015.45 but in last hour trading session it recovered to some extent and bounced back above 24078 mark, however finally it closed with a loss of 203.79 points. It is looking extremely weak and the last hour recovery may not last but till it hold 24078 & 24015.45 level it may move sideways or may give a short up move. The range for the day is 24455----24365----24205----24078----24015.45----23897. Since it is in correction mode it is suggested to avoid long call till it gives visible indication of correction completion, so one may look for short trade now, but day trader can try both side trade depending on the price movement. It is therefore suggested to structure your trade in accordance with the range for the day mentioned above to get better result.

Remark:-It is in correction mode no, therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or take your trading 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.

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---26-9-2017

 CNX-NIFTY---26-9-2017

Open-9960.10—High-9960.50---Low—9816.05---Close—9872.60 on 25-9-2017

Major Support: -9870/9850/9816/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-26-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9868/9836/9816/9802/9792/9784.

Resistance: -9925—9948/9970/9988.40/10031.

The broad observation remains the same as mentioned in my post of 25-9-2017; the bias is on the downside as of now. The fall continued today also but in last hour trading session it recovered to some extent but finally closed with a loss of 91.80 points. It came near the expected bounce back point of 9801(see my post of 25-9-17) and then recovered but this recovery may not be lasting but at the same time till it hold 9870,9801 & 9784 it may move sideways or may give a short up move.  The range for the day is 9948----9870----9801----9784. Since it is in correction mode it is suggested to avoid long call till it gives visible indication of correction completion, so one may look for short trade now, but day trader can try both side trade depending on the price movement. It is therefore suggested to structure your trade in accordance with the range for the day mentioned above to get better result.

Remark:-It is in correction mode no, therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or take your trading 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--BANK NIFTY---25-9-2017

CNX--BANK NIFTY

Open-24704.55--High-24709.70--Low-24340—Close-24368.85 on

 22-9-2017

MajorSupport:-24156--51/24103.30/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-25-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24340--303/24193/24156---151/24103.30/24053/23897.85/23852.65.

Resistance: 24455/24496.20/24568---690.

Further to my last post of 11-9-2017. It did move above its important point of 24924 but could not cross its all time high of 25198.80 therefore top out conclusion still holds (see my post of 11-9-2017)  .It made a high of 25105.35 in this up move and then slipped and has been falling for last 4 days and today it had massive fall and it broke some of its most important levels  and its short term moving averages also therefore it seems that the on-going down move may continue till it bounce back above its short term averages and important points which are placed in the range of  24455---24690---24826. Moving down it may find support at 24312---24303/24193/24151—103/24078  and it is possible that it may bounce back from or around any of these points and may resume the up move again. But in case it fails to bounce back then the correction may deepen and the threat points would be break and sustained close below 24303 and then below 24078 . But not to forget that it has strong support in the range of 23897-----23822.20, (see my post of 11-9-2017), so the real breakdown can only happen if it breaks and sustain below 23822.20 on the closing basis.

 It is important to mention here that its relative strength is weak in comparison with Nifty therefore it may have deeper correction than Nifty. It is in corrective mode now but it can witness in between short up move during the correction. Therefore those who want to take advantage of these short up moves can try long call above 24455 with a stop loss of below 24340, but it would be better and relatively safe to attempt long call if it moves and sustain above 24555 for the day. Avoid long call completely for the week starting from 25-9-2017 if it slips below 24340 and sustain and try it only on the decline near the important support points mentioned above with proper stop losses. In fact it is suggested to try short call if it slips below 24340 and sustain for few minutes with a stop loss of above 24455.

I once again reiterate that on the weekly chart strong negative divergence in RSI still persist and MACD is also in the sell mode, so if the correction continues for some time then it may drift on the downside and may hit 23200 or lower levels in coming days/ weeks (see my post of 11-9-2017), therefore long trade should be handled with extreme caution and care.

  

Remark: - It still seems that it has topped out at 25198.80. Now it is in corrective mode and how this correction culminates has to be seen. But in view of negative divergence in RSI and MACD sell mode, it could still go down sharply if correction persists for some time. Therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or take your trading 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.

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--25-9-2017

 CNX-NIFTY---25-9-2017

Open-10094.35—High-10095.05---Low—9952.80---Close—9964.40 on 22-9-2017

Major Support: -9947.80/9870/9850/9838/9792.05/9783.75/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-25-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9955—9907/9883—9850/9803/9784.

Resistance: -9988.40/10031/10048/10062—10092.

Further to my last post of 11-9-2017 the way it was moving, it did not seemed that it would make a new high, but it did and also closed above the previous high of 10137.85 for three consecutive days then went in for correction. Today it had a massive down move and it broke some of its most important levels  and its short term moving averages also therefore it seems that the on-going down move may continue till it bounce back above its short term averages and important points which are placed in the range of  9970---10062. Moving down it may find support at 9932---9907/9874/9850/9801—9784 and it is possible that it may bounce back from or around any of these points and may resume the up move again. But in case it fails to bounce back then the correction may deepen and the threat points would be break and sustained close below 9850 and then below 9784. But not to forget that it has bed of supports in the range of 9740---9709---9685(see my post of 11-9-2017), so the real breakdown can only happen if it breaks and sustain below 9685 on the closing basis.

 It is in corrective mode now but it can witness in between short up move during the correction. Therefore those who want to take advantage of these short up moves can try long call above 9992 with a stop loss of below 9950, but it would be better and relatively safe to attempt long call if it moves and sustain above 10062. Avoid long call completely for the week starting from 25-9-2017 if it slips below 9950 and sustain and try it only on the decline near the important support points mentioned above with proper stop losses. In fact it is suggested to try short call if it slips below 9950 with a stop loss of above 9992.

I once again reiterate that on the weekly chart strong negative divergence in RSI still persist and MACD is also in the sell mode, so if the correction continues for some time then it may drift on the downside and may hit 9525/9448 or lower levels in coming days/ weeks (see my post of 11-9-2017), therefore long trade should be handled with extreme caution and care.

Remark:-It seemed that it had topped out at 10137.85 but it made a new high of 10178.95 and now it is in corrective mode and how this correction culminates has to be seen. But in view of negative divergence in RSI and MACD sell mode, it could still go down sharply if correction persists for some time. Therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or take your trading 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.

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---11-9-2017

CNX--BANK NIFTY

Open-24409.50--High-24419.25--Low-24273—Close-24370.80 on

 8-9-2017

MajorSupport:-24156--51/24103.30/23897.85/23852.65/23822.20/23708.65.

MajorResistance: - 24422.45/24494.35/24496.20/24591.80/24651.05/24979.35.

For-11-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24322---230/24156---151/24103.30/24053/23897.85/23852.65.

Resistance: 24422.45/24440/24455/24496.20/24591.80/24651.05/24979.35.

Further to my last post of 4-9-2017. It moved in an expected range of 24496.20---24103.30 (see my post of 4-9-2017) during the week ended on 8-9-2017. Although it made higher bottom during the week at 24151.10 but it is not making consistent higher top which is concerning. The trading range for the week starting from 11-9-2017 would be same as last week i.e. 24496.20---24103.30 with an alert point at 24151.10 for long trade. It is therefore suggested to try long call only if it moves above 24496.20 and sustain for some time with a stop loss of below 24370, avoid buy on decline strategy for now, however aggressive trader if they wish to can try long call near 24151 with a stop loss of below 24100 but it could be a risky bet mind you. Please note that the threat points for end of this rally would be break and sustained close below the important bottom of 24103.30. But even if it breaks 24103.30 level it has strong support in the range of 23897-----23822.20, so the real breakdown can only happen if it breaks and sustain below 23822.20,but one should be careful in long trade below its recent bottom of 24151.10 and its important bottom  of 24103.30(see my post of 4-9-2017).

It is very important to mention here that after making an all time high of 25198.80 it fell by more than 1375 points in just 7 days and made a bottom at 23822.20, it seemed to be an impulse down move. Thereafter it started moving up and in 4 days it made a lower top at 24496.20 and fell again to make bottom at 23852.65 and thereafter  12 days have already past but it has not been able to cross the recent top of 24496.20 even leave aside crossing it’s all time high of 25198.80. So this up move is not an impulse move in any case, had it been an impulse up move it would have crossed the all time high either in half the time or in equal time which it took to fall i.e. in 4 or 7 days. Therefore it is just a corrective up rally and may fizzle out any moment and then may starts to move down sharply or it can be said that by moving in a short range now it may be creating a classic bull trap and long trader may be caught unaware once the on-going up move end abruptly. But if in case it moves otherwise then it has strong resistance moving up at 24511/24673/24874/24924 and it has to move above 24924 and sustain on the closing basis, then only it may regain the up momentum and  could make an attempt to cross its previous all time high of 25198.80 but chances of happening this looks slim at this point of time(see my post of 4-9-2017).

Furthermore on the weekly chart there is the strong negative divergence in RSI and MACD is also in the sell mode, therefore as of now it indicates that it may drift on the downside and may hit 23200 or lower levels in coming days/ weeks, therefore long trade should be handled with extreme caution and care because this on-going up move is likely to end abruptly also and may trap the long trader unaware.  

Remark: - It has topped out at 25198.80 for sure as of now. In view of the above observation long can only be attempted if it sustains above 24511 but even then in view of the negative divergence in RSI and MACD in sell mode on the weekly chart, one should be extremely vigilant and cautious in the long trade.  I would personally prefer to avoid long call till it moves above 24924 and sustain or may try after a reasonable decline, instead I will look for an opportunity to go short 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.

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---11-9-2017

 CNX-NIFTY

Open-9958.65—High-9963.60---Low—9913.30---Close—9934.80 on 8-9-2017

Major Support: -9882.55/9870/9850/9838/9792.05/9783.75/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9947.80/9964.85/9888.40/10031/10048/10088.10/10114.85/10131/10137.85.

Critical Point:-9870 & 9970.

For-11-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9925—9900/9882—9850/9838/9803.

Resistance: - 9941/9947.80/9964.85/9988.40/10031/10048/10067—78/10088.10.

Further to my last post of 4-9-2017 it moved in a range, it did cross the recent high of 9983.45 for a while and made a little higher high at 9988.40 but could not sustain for a minute even and slipped, similarly it did not break the first threat point of 9850. So it moved in an expected range of 9983.45---9850 during the week ended on 8-9-17(see my post of 4.9.17).

It is still making higher bottoms and the last bottom is at 9882.55 but not making higher top consistently which is concerning. The trading range for the week starting from 11-9-2017 would be 10031--- 9988.40----9882.55---9850. It is therefore suggested to try long call only if it moves above 9988.40 and sustain for some time with a stop loss of below 9930, avoid buy on decline strategy for now, however aggressive trader if they wish to can try long call near 9882 with a stop loss of below 9850 but it could be a risky bet mind you. Please note that the threat points for the end of this rally would be break and sustained close below the recent bottom of 9882.55 and its important point of 9850. But even if it breaks 9850 level it has strong support in the range of 9740---9709---9685,so the real breakdown can only happen if it breaks and sustain below 9685,but one should be careful in long trade below its recent bottom of 9882.55 and critical point of 9870(see my post of 4-9-2017).

It is very important to mention here that after making an all time high of 10137.85 it fell by more than 450 points in just 8 days and made a bottom at 9685.55, it seemed to be an impulse down move. Thereafter it started moving up and 18 days have already past but it is way below its all time high of 10137.85 had it been an impulse up move it would have crossed the all time high either in half the time or in equal time which it took to fall i.e. in 4 or 8 days. Therefore it is just a corrective up rally and may fizzle out any moment and then may starts to move down sharply or it can be said that by moving in a short range now it may be creating a classic bull trap and long trader may be caught unaware once the on-going up move end abruptly. But if in case it moves otherwise then it has to move above 10048 and sustain on the closing basis, then it may regain the up momentum and  could make an attempt to cross its previous all time high of 10137.85 but chances of happening this looks slim at this point of time(see my post of 4-9-2017).

Furthermore on the weekly chart there is the strong negative divergence in RSI and MACD is also in the sell mode, therefore as of now it indicates that it may drift on the downside and may hit 9525/9448 or lower levels in coming days/ weeks, therefore long trade should be handled with extreme caution and care because this on-going up move is likely to end abruptly also and may trap the long trader unaware.   

Remark: - It has topped out at 10137.85 for sure as of now. In view of the above observation long can only be attempted if it sustains above 9988.40 but even then in view of the negative divergence in RSI and MACD in sell mode on the weekly chart, one should be extremely vigilant and cautious in the long trade.  I would personally prefer to avoid long call till it moves above 10048 and sustain or may try after a reasonable decline, instead I will look for an opportunity to go short 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.

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---4-9-2017

 CNX-NIFTY---4-9-2017

Open-9937.65—High-9983.45---Low—9909.85---Close—9974.40 on 1-9-2017

Major Support: -9970--65/9947.80/9925.75/9911/9870/9850/9838/9792.05/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9883.45/10031/10048/10088.10/10114.85/10131/10137.85.

Critical Point:-9870 & 9970.

For-4-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9970/9947.80/9909.85/9885.

Resistance: - 9983.45/10031/10048/10067—78/10088.10.

Further to my last post of 28-8-2017 it behaved in an expected manner and made further higher bottom and eventually crossed the top of 9947.80, therefore now it is making higher top & bottom and till it breaks its last bottom of 9783.75 this up rally may continue, even if it breaks the said bottom it has bed of strong support in the range of 9740---9709---9685,so the real breakdown can only happen if it breaks and sustain below 9685,but one should be careful in long trade below its critical point of 9970--65 & 9870. The threat points for end of this rally would be break below 9850 and sustained close below the recent bottom of 9783.75. Similarly moving up it will face resistance at 10031/10048 and it could only regain the up momentum and may make an attempt to cross its previous all time high of 10137.85 if it moves above 10048 and sustains on the closing basis else this rally may end at or  around any of the above mentioned points.

The trading range for 4-9-2017 would be 10048—10031---9984---9937.65---9912---9900. Since it is making higher top & bottom long call can be tried now or on decline for sure near support points in the said range but not below 9900 for the day. It closed near the high of the week, so instead of taking long call now it would be better and relatively safe to try long call if it moves above the weekly high of 9983.45 and sustain with a short stop loss of below 9937 but the authentic stop loss for all long trade would be below 9900 for the day.   

It is important to mention here that although it is making higher top and bottom on the daily chart and above its all short and long term moving averages. But not to forget that on the weekly chart the strong negative divergence in RSI is still intact and MACD is also in the sell mode, as of now it indicates that it may drift on the downside in coming days/ weeks,  therefore long trade should be handled with extreme caution and care because this on-going up move can end abruptly also and may trap the long trader unaware.   

Remark: - It still seems that it has topped out at 10137.85 on 2.8.2017 but since it is making higher top &bottom therefore the on-going up move may be extended a little further ,so long call can be tried as suggested above. But in view of the negative divergence in RSI and MACD in sell mode on the weekly chart, one should be extremely vigilant and cautious in the long trade. 

 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.

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.