A TECHNICAL VIEW ON CNX--NIFTY--2-4-2018

CNX-NIFTY

Open-10143.60—High-10158.35---Low—10096.90---Close—10113.70 on 28-3-2018

Support: 10094/10074.80/10049.10/10033.35/9982.75/9955.80/9951.90/9944.50/9919.44--9914/9792.05/9740.10/9709.30/9685.55.

Resistance: 10124.50/10137.85/10139.65/10141.55/10178.95/10207.90/10227.30/10251.85.

For-2-4-2018 the intra-day important support and resistance levels are given here-under:-

Support: 10094/10074.80/10069/10049.10/10033.35/9995/9982.75/9955.80/9951.90/9944.50/9919.44--9914/9903/9792.05/9740.10/9709.30/9685.55.

                                                                                                

Resistance: 10124.50/10137.85/10139.65/10141.55/10147/10162/10178.95/10191.17/10207.90/10227.30/10251.85.

  

Further to my last post of 26.3.2018, the broad observation remains the same. It staged a bounce back and moved up for two days and filled the gap it created on 23.3.2018(it was expected) but failed to cross important hurdles and finally ended the truncated week on a weak note. It is exhibiting high volatility and this may continue, but the trend is down for sure now and it is likely to seek lower levels in coming weeks/months, however in between short or moderate pullback rallies will be there. 

It is weak on the chart as it is making lower tops & bottoms consistently, short term moving averages has given negative crossovers, medium term moving averages are on the verge of giving negative crossover(see my last post), but the only change this week is that it has bounced back within its long term moving averages range which is between 10388—10069(it changes every day) for 2-4-2018 and above its important bottom of 10033, so as long as it holds the lower band of the average i.e.10069 & bottom of 10033 it may move sideways to up for some time . Last but not the least there is huge negative divergence in the RSI on the weekly & monthly chart which indicates further downside is open and it is likely to break 9788 level for sure and may seek further lower levels also in coming weeks/months.  I once again reiterate that (see my earlier post) It may gain some strength only once it moves above it long term moving average range and it may regain the up momentum once it moves above 10552.40 and sustain consistently on the closing basis.

Its broad range for now is between 10388---10292.50---10277---10253---9951.90 and its range for the week starting from 2.4.18 is between 10207.90---9951.90. Moving down it will find critical support point at 10069---10033---9982.75---9951.90---9919.44—9914, sustained break below 10033 will trigger the fall and sustained break below 9951.90 & 9914 will accelerate the fall. Similarly moving up it will face stiff resistance at 10159---198---227.30---253---292---347---388. Since the overall technical setup is weak, so chances of going down is fairly high in coming days off course with relief rallies from time to time.

TRADING STRATAGY

In view of the above observation, the trend is clearly down and the long term uptrend is also threatened therefore it is suggested to adopt sell on the rise strategy now. But since it is above its important bottom of 10033 and within the long term moving average range, so it may move sideways to up for some time before moving down again, therefore short trade can be tried either if it breaks 10069 & 10033 mark and sustain with a stop loss of above 10120 or on the rise and the possible sell point for 2-4-2018 could be at 10191/10243—10253/10277 but not above10277 with a stop loss of above10295. The range for the week is 10207.90---9951.90 and since it is above its important points as mentioned above , so long call can also be attempted near 10069 or 10033but not below it with a stop loss of below10000.  It is important to mention here that if it opens up with a huge up gap then avoid long trade and can try short trade if price permits, similarly if it gaps down then avoid short trade and can try long trade if price permits. The bias is down therefore for safe trader it is suggested to avoid long calls till it shows visible sign of bottoming out.    

Remark: - The long term uptrend is threatened, but since it is above its important bottom of 10033 and within the long term moving average (the lower band is at 10069.99) range, therefore it may provide opportunity for both side trade now depending on the price movement and as suggested above. But since it is in down trend, so long trade could be deceptive therefore if initiated should be handled with extreme caution and alertness. Short call seems a better option at appropriate points. I would prefer to try long call only if it moves above its long term moving average upper band of 10388(for now) and sustain. The bias is hugely bearish 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.

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVG INDEX-26-3-2018

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 23533.20 ON 23-3-2018.

                                                                           

SUPPORT:-23509.06/23360.29/23242.75/22219.11/21673.58/21600.34/21471.14/21197.08

RESISTANCE:-24217.76/24534.04/24719.22/24809.35/24876.07/24977.60/25432.40/25449.15

(Figures in bold are important)

It seems that it has topped out at 26616.71 on 26-1-2018 and presently in correction mode and down by more than 3000 points from the top. It looks weak on the technical chart. It is making lower top & bottom, short term moving averages are on the verge of giving negative crossover and RSI is showing huge negative divergence on the daily & weekly chart which indicate that the downside is still open therefore it is likely to drift down further and can seek much lower levels in coming days/weeks & months, however in between relief rallies could be there.  

It is running below its short and medium term moving averages but presently running within its long term moving averages range which is between 24294---23264(it changes every day) for 26-3-2018 and as long as it holds the lower band of its long term moving average range there is a glimmer of hope that it may resume it’s up move again but if it moves below the lower band of the moving average i.e.23264 and sustain then it will be a potential threat to the long term uptrend till it bounces back above it again, finally and most importantly it is running much below its critical point of 24555.68 & 23962.56 and if it stays below it for some time then the down move may deepen, as of now the technical setup and indicators suggest that down move may continue with in between relief rallies. Moving down it may find good support at 23280.64/22320.59/22250.13/21293.36/21219.62/20993.52. It seems relatively difficult now for it to move up smoothly from here as it will face very stiff resistance in the range of 23962.56---24555.68---24876.07----25650 but it may steadily move up if it consistently sustain above 24876.07 on the closing basis. So 24876.07 will be the benchmark point for the year 2018.

In view of the above observation long trade can only be attempted if it move above its long term moving average range and sustain i.e. 24294(it changes every day) for 26-3-18, however aggressive trader can try long trade near its long term moving average lower band i.e. 23264(it changes every day) or on sharp decline but at appropriate levels for a pullback play. The overall bias is on the downside therefore sell on rise is suggested at appropriate points but not above 24294 for now or sell below 23264.  

REMARKS: -The long term up trend is threatened as it is running within its long term moving average range, therefore long trade should only be attempted if it moves above its long term moving average range upper band and sustain for few days. Short trade can be tried as suggested above. The overall technical setup is weak and indicates further downside in coming weeks/months.

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--26-3-2018

CNX-NIFTY

Open-9968.80—High-10027.70---Low—9951.90---Close—9998.05 on 

23-3-2018

Support: 9955.80/9944.50/9919.44/9792.05/9740.10/9709.30/9685.55.

Resistance: 10033.35/10049.10/10074.50/10094/10124.50/10141.55.

For-26-3-2018 the intra-day important support and resistance levels are given here-under:-

Support: - 9955.80/9951.90/9944.50/9919.44/9792.05/9740.10/9709.30/9685.55

                                                                                                  

Resistance:  10027.70/10033.35/10049.10/10070/10105.

Further to my last post of 12.2.2018, as expected it oscillated in the range of 10552.40—10000 till 22-3-2018 but finally as envisaged it broke 10000 level today. It looks extremely weak on the technical chart and expected to move down further from here.

 It opened with a huge down gap today and did not fill the gap during the day, so it may try to fill the gap in next 3-4 trading session, which is technically possible and if it does than it can move up to 10105 otherwise it may not fill it now. But the trend is down for sure and it is looking terribly weak on the technical chart therefore expected to drift downward in coming days, however in between short relief rally could be there. Furthermore it is making lower tops & bottoms consistently, short term moving averages has given negative crossovers, medium term moving averages are on the verge of giving negative crossover, broken long term moving average range which is between 10389---10070(it changes every day) for 26-3-2018 and a potential threat to the long term uptrend if it does not bounce back above it in a short span of time and finally there is huge negative divergence in RSI on the daily and weekly chart which indicates further downside is still open and it is likely to break 9788 level for sure in coming days. Moving down it will find good support at 9955.80/9944.50/9919.44/9792.05/9740.10/9709.30/9685.55 and may make a short bottom in the range of 9760—9685 and may stage a pullback before falling further, but please note that if it sustain below 9685 on the closing basis then it can move down further in this run and can hit 9532—9448 level.

In view of the above observation, the trend is clearly down and the long term uptrend is in potential danger therefore it is suggested to adopt sell on the rise strategy now with proper stop losses or can sell if it sustain below 9951 for the entire week starting from 26.3.18 with a stop loss of above 10000.  Please note that long trade would only be safe to attempt if it moves above its long term moving averages upper band (as mentioned above,it changes every day) and sustain. But aggressive trader can attempt long trade on decline in the range of 9760—9685 with a stop loss of below 9650 for a possible pullback rally from this range. I would like to mention here that pullback rallies are treacherous in nature and can end abruptly also  therefore one should be extremely cautious and careful in long trade for pullback play.

Remark: - The long term uptrend is threatened as it is well below its all long term moving averages and if it sustains below if for some time then the down move may accelerate and it may seek much lower levels in coming days/weeks. It is therefore suggested to avoid long trade completely till it moves above its long term moving average upper band and sustain. The downtrend is on therefore it is suggested to adopt sell on the rise strategy till it gives visible indication of bottoming out. The bias and technical parameters are hugely bearish     

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---12-2-2018

CNX-NIFTY---12-2-2018

Open-10416.50—High-10480.20---Low—10398.20---Close—10454.95 on 9-2-2018

Support: 10404.65/10398/10276/10251.65/10178.95/10137.85/10123.35/10094/10074/10033/9955.80.

Resistance: 10487.57/10530.70/10552.40/10592.70/10666.75/10782.65/10878.09/ 11109.20/11044.55/11110.10/11121.10/11171.55.

For-12-2-2018 the intra-day short support and resistance levels are given here-under:-

Support: - 10404.65/10398/10318/10309/10261/10231/10178--10094.        

                                                                                                  

Resistance:  10487.57/10530.70/10552.40/10592.70/10641-10666.75/10686/10742/10790/10825.

Further to my last post of 5.2.2018, as expected the correction deepened and it broke its most important range of 10552.40---10530(see my post of 5.2.2018) and whipsawed around it but finally ended the weak below the range ,which is not a good sign and if it sustains below it then it may move down further from here. But moving down it will get good support at 10398 & 10276 and then major support from its long term moving averages which are placed in the range of 10318---9998(it changes every day) for 12.2.2018. Kindly note that it is already weak but sustained close below 10530 for 4-5 days will indicate further weakness in it, break and sustained close below 10398 will indicate that it can get into deep correction mode and most importantly break and sustained close below its long term moving average range of 10318---9998(it changes every day) will pose potential threat to the long term uptrend. Similarly to reverse the downtrend it has to move above 10552.40 and sustain for 4-5 days on the closing basis then the up move may possibly resume.

The broad range for it is between 10552.40---10276---10000 and within this range it has bed of strong support in the range of 10178—10000 so breaking this range may not be easy. However the technical setup has weakened as it has broken its short and medium term moving averages, making lower top and bottom and furthermore the technical indicators are showing negative divergence on the daily and weekly chart which indicate further fall may be ahead and it may break 10000 levels in coming days/weeks provided it does not move above the range of 10552.40---10530 and sustain on the closing basis. The undertone is bearish as of now, but trader can attempt both side trades keeping the aforesaid broad range in mind. 

In view of the above observation, it is suggested to avoid long trade completely till it moves above 10552.40 and sustains for 4-5 days or it can be tried once the fall is arrested and it gives clear sign of correction completion. Since it is in corrective mode now so short trade seems a better option and can be tried on the rise at proper points, but be careful in your trade if it happens to close above 10552.40 and sustain.

Remark: - The long term trend is still up. But since it is in correction mode long trade should be completely avoided till it shows visible sign of recovery or it can be tried if it moves above 10552.40 and sustain for 4-5 days on the closing basis, till then short trade seems a better option.

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 TECHNICALL VIEW ON CNX--NIFTY--5-2-2018

CNX-NIFTY---5-2-2018

Open-10938.20—High-10954.95---Low—10736.10---Close—10760.60 on 2-2-2018

Support: 10666.75/10592.70/10552.40/10530.70/10404.65.

Resistance: 10782.65/10878.09/ 11109.20/11044.55/11110.10/11121.10/11171.55.

For-5-2-2018 the intra-day short support and resistance levels are given here-under:-

Support: - 10733/10685/10585/10552/10530/10404.                                                                                                          

Resistance: 10780/10851/10944/10997/11009.20.

Further to my last post of 29-1-2017, as envisaged, it got into correction mode from the expected range of 11165—225. The on-going correction may possibly culminate at 10697/10585/10552/10530 levels but if it breaks and sustain below 10530 level on the closing basis then the uptrend may lose its steam. Please note that its sharp fall today indicate that the fall may continue for some time therefore not to take long call in a hurry and let the fall be arrested first and it shows sign of moving up then only try it otherwise you may be trapped in long trade, however long call can be attempted by the aggressive trader in the range of 10552—530 with a strict stop loss of below 10500.  

Technical setup has weakened a bit as it has broken short term moving averages, furthermore the technical indicator are showing huge negative divergence on daily and weekly chart which indicate moderate to sharp fall may be ahead in coming days. Therefore safe trader should avoid long call till the fall is arrested and it shows visible sign of correction completion. Since it is in correction mode so short call seems a better option now and can be tried below 10736 with a stop loss of above 10770 for a target of 10697/10585/10552/10530 or on the rise near but not above 10870—90 with a stop loss of above 10940 for the day. Looking at today’s fall it seems that the on-going down correction could be painful this time.

Remark: - The long term trend is still up. But since it has gotten into correction mode long trade should be completely avoided till it shows sign of recovery, because today’s fall seems to be an impulse down move and if it is so then this down move could be severe and painful.

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--29-1-2018

 CNX-NIFTY---29-1-2018

Open-11095.60—High-11095.60---Low—11009.20---Close—11069.65 on 25-1-2018

Support: 11005/10940/10881.40/10782.65/10755/10666.75/10552.40/10530.70.

Resistance: 11110--120/11160—175/11220---250/11500+

For-29-1-2018 the intra-day short support and resistance levels are given here-under:-

Support: - 11005/10959/10940/10909/10881.40/                                                                                                          

Resistance: 11110--20/11160—175/11200/11220---250

Further to my last post of 14-12-2017, it did not break the last support range of 10033.35---10008 and bounced back from 10074.80 and then went on to cross the tough resistance range of 10400—490.45 (see my post of 14-12-2017) and thereafter it  moved from strength to strength and hit a new high of 11110.10 on 24-1-18. The chart setup is good and it is in strong up move but certain technical indicators suggest that it is in overbought zone, furthermore is has been rising unabated for last 8 weeks which is a Fibonacci number also and if it moves up further there is a strong resistance zone in the range of 11115---11165—11225, therefore there is a strong possibility that it may correct from here or may be after moving up little further from here, but the correction looks imminent in next1-2 weeks time. Please note that if it moves above 11225--250 and sustain then it may race up to 11500+ levels.

It is important to mention here that the Union Budget will be presented during the next week; it is therefore suggested to keep your trading commitment light and one should be extremely cautious and careful in the trade because it may witness huge volatility on either side in coming week and may trap the traders on wrong foot. In all likelihood there is a good possibility that the correction may be triggered soon after the Budget.

For traders the broad range for the week starting from 29-1-18 would be between 11110---10880 and the range for the day would be between 11110---11005. Long trade can be tried if it moves and sustain above 11110 for some time with a stop loss of below 11060 or on decline near but not below 11005 with a stop loss of below 10950. I once again reiterate that in view of the ensuing Union Budget there could be extreme volatility both ways so trade should be handled with utmost alertness. Although there is no sign as yet to go short in it but short trade can be tried amid expected volatility. If it fails to move above 11110.10 for some time then try short trade near 11110 with a stop loss of above 11125 or on the rise and in the range of 11165—11225 with a stop loss of above 11250,it could be a risky trade but worth trying. The overall bias is up.

Last but not the least as long as it holds the range of 10552---10530 on the closing basis there is no threat to the uptrend. Therefore long trade can be tried on sharp decline at the appropriate levels till it holds the above range.

Remark: - The long term trend is up. But in view of vertical rise the possibility of correction is also pretty bright, however long trade can still be tried as suggested above but with utmost caution. The contrarian trader can try short trade if price movement permits.                                                                                                                                                                                     

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 OBSERVATION ON BITCOIN---26-1-2018

BITCOIN—26-1-2018

Closed At:--$11259.40 on 25-1-18  

Support: $ 10831.39/10403(it changes every day)/10129.70/9402.29/9202.05/8348.

Resistance: -$11265/11616.35/11967.19/12401.30/12508.34/13103.

After hitting an all time high of $20089 on 17-12-17 it had a sharp correction and hit a low of $9402.29 on 17-1-18. But now it seems that the deep correction may be over and a short term bottom is in place at $9402.29 as it has made higher bottom at $10129.70 on 22-1-18 but yet to make higher top, the recent top is at $13103. Please note that as long as it holds $10831.39 level on the closing basis chances are that it may cross the recent top of $13103 and rally may continue but moving up it will face stiff resistance at -$11616.35/11967.19/12401.30/12508.34. Similarly sustained break below $10831 may break the recent higher bottom at$10129.70 and it may slip down further which may please be noted.

Since it has made higher bottom at$10129.70 but the short term moving average placement are not good now, it may consolidate here in the range of $10831---11970 for some time before deciding which way to move so  at this point of time it is evenly poised.

It is important to mention here that it will pick up real fast and smooth up momentum when it moves and sustain above $14160.It is still in long term uptrend now and the trend will only be threatened if it break below $10403(it changes every day) and sustain.So avoid fresh buying if it sustains below $10403 on the closing basis because then it may slip down further and you may get it at much lower rate may be in the range of 9200--8450.

Remark: - It is still in long term uptrend; but after the deep correction it is consolidating now and it seems that it may resume the uptrend in near term after consolidation is over. The technical setup  looks weak as of now  ,however buying is still recommended but on sharp declines only.  

 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--14-12-2017

CNX--BANK NIFTY

Open-25118.20--High-25270.75--Low-24938.55—Close-25000.35 on

 13-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 24938/24878.65/24813.60/24798.65/24560/.

MajorResistance:- 25119.50/25166/25206/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support:-24938/24910/24878.65/24813.60/24798.65/24768/24560/.

Resistance: 25119.50/25140/25166/25206/25219/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 11-12-17 it did move up that day but could not cross the short term moving averages and in next two days moved down sharply. It is well below its short term moving averages now but near its medium term averages which are placed at 24938/24910 & 24768(it changes every day), it may find support at the above points and may bounce back from here for a while before resuming the down move again. But sustained break below 24910 may drag it down further from here itself. The smooth up move from here does not seem easy because moving up it will face host of resistance first from its short term moving averages which are placed in the range of 25140—219---315---450(it changes every day) for the day, then from its multiple top in the range of 25694—695.75---25924—953.50 and finally from some of its long term indicators which are placed in the range of 25848—26111(it changes every day) for the day.  The technical setup has weakened and bias is on the downside so further down move cannot be ruled out. Therefore it is suggested to avoid long trade till it gives sign of correction completion or if initiated should be handled with extreme caution.

 In view of the above observation, safe trader should avoid long trade now and should try once it moves above 25450 and sustain. However aggressive trader can try long trade in or around the range of 24938—24910 but not below 24910 with a stop loss of below24870, it could be a risky trade mind you. In light of last two days sharp down move short trade can also be tried if it moves below 24910 and sustain with a short stop loss of above 24950 or sell on the rise and the possible sell point could be 25170—219 and then 25285 with a stop loss of above 25330.  

Remark: - The trend is still up but it is in correction mode and at this juncture looks evenly poised with slight downward bias, therefore both side trades can be attempted depending upon the price movement and 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--14-12-2017

 CNX-NIFTY

Open-10236.60—High-10296.55---Low—10169.85---Close—10192.95 on 13-12-2017

Support: 10182/10178.95/10137.85/10118.05/10108.15/1010310094/10043.65/10033.35/9955/9943.

Resistance:10216.18/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                                    

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10182/10178.95/10162/10137.85/10118.05/10108.15/10103/10008/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10202/10216.18/10223/10237/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

It opened on a flat note and had both way swing during the day but eventually closed with a loss of 47.20 points. It  broke all its short term moving averages today except for one which is at 10182(it changes every day) and medium term moving average are placed in the range of 10162—10097(it changes every day) for the day. Moving down other support points would be 10146—10103/10094—92/10033.35/10008. So it has good support area in the range of 10162—10092 and then 10033.35---10008 and 10008(it changes every day) would be the last bounce back point because sustained break below it on the closing basis could pose a potential threat to the on-going uptrend. Similarly moving up it will face resistance from its short term moving averages which are placed in the range of 10202---10259 for the day and other important resistance point would be 10216.18/10265.84/10321/10335 and it is needless to mention here that the range of 10400---10490.45 would be the very tough range to cross (see my earlier post). So the continuation of smooth up move from here seems difficult, furthermore the technical setup has weakened and the bias is on the downside now and if it does not give a sharp recovery shortly then the down move could deepen. Therefore it is advised that long trade should be avoided till it gives visible sign of correction completion.  

In view of the above observation safe trader should avoid long trade now, however aggressive trader can try long trade on decline near but not below 10094 with a short stop loss of below 10080 and then in or around the range of 10033—10008 but not below 10008 with a stop loss of below 9965. In light of two day fall and anticipating further fall from here short call could be a better option and can be tried on the rise near but not above 10259 with a stop loss of above 10297 or sell if it sustain below 10162 with a stop loss of above 10205.

Remark: - The long term trend is still up. But it is correcting now, so long trade should be avoided now and can only be tried as suggested above. It would be relatively safe to try long trade in the range of 10033—10008. Short trade seems a better option now and could be worth trying as mentioned 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 VIW ON CNX--NIFTY--13-12-2017

 CNX-NIFTY

Open-10324.90—High-10326.10---Low—10230.20---Close—10240.15 on 12-12-2017

Support: 10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-13-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10239/10228/10202/10199/10178/10159/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10242/10251/10255/10259.37/10264/10271/10312/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 11-12-17, it just lost momentum today and went down to end the day with a loss of 82.09 points this is a bad indication. Furthermore it is making lower top and bottom on the bar chart therefore long trade should be avoided till it crosses 10335 and sustain. Please note that if it does not move above 10335 in next 2-3 days time then it could head down again and this time down move could be sharp. The only hope of bounce back now is that it is still holding on to some of its short and medium term moving averages which are placed in the range of 10159---10199---10255(it changes for the day)for the day.

It is important to mention here that its long term averages are placed in the range of 10003—9691(it changes every day) for the day, break below 10003 will threaten the uptrend and sustained break below 9691 may put the uptrend in real danger.

In view of the above observation safe trader should avoid long trade   till it moves and sustain above 10335, however aggressive trader can try long trade above 10271 with a stop loss of below 10239. Although there is no clear sign of going short in the market but in light of yesterdays move short trade can be tried if it sustain below 10230 for some time with a stop loss of above 10271,it could be a risky bet but worth trying.

Remark: - The long term trend is still up. But long trade should be attempted only if it moves and sustain above 10335. Short trade could be worth trying 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.