CNX--NIFTY TOPPED OUT IN THE EXPECTED RANGE---14-8-2017

A BROAD OBSERVATION ON CNX-NIFTY

Finally it topped out at 10137.80 on 2-8-2017 very close to my expected top out range last point of 10131 but little later as far as timing is concerned(see my post 14^th July-2017 Onwards).I have been repeatedly writing about topping out in this range.

Since it has topped out and the impulse down move has started which can drag it down at least to the point from where this up move started i.e.9448.75 but in between it has good support level too where it can take a breather before falling down further. It closed at 9710.80 on 11-8-17 and it has very good support in the range of 9709—9700—9685,so it can bounce from here for a while but any reasonable rise should be used for selling  and fall below 9685 should definitely be used for selling. Long call should be completely avoided till it gives visible indication of bottoming out or may be tried at crucial support points mentioned below. Going down further it may find support at 9611.37/9586.57/9543 &9448.75. Please note that break below 9448.75 can drag it down further and looking at technical parameters chances of which are extremely high at this point of time and 9000 level may also be threatened. However it will have very strong support from its long term moving averages which are in the range of 9378—8968(it changes every day) and from its earlier major top of 9119.20 & 8968.70. Please note that sustained break below these two major top could be disastrous.

Remark: - It has topped out, therefore long call should be completely avoided and sell on rise or sell below the critical points strategy should be adopted till it gives sign of bottoming out.  

 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---7-8-2017

CNX-NIFTY

Open-10008.60—High-10075.25---Low—9988.35---Close—10066.40 on 4-8-2017

Major Support: -10043.60/ 9988.35/9970/9944.50/9928.20/9870/9838/9792.05/9778.85/9709.30.                                                                                                                    

Major Resistance: -10114.85/10131/10149/10369.

Critical Point:-9870 & 9970.

For-7-8-17 the intra-day support and resistance levels are given here-under:-

Support: -9988.35/9970/9944/9928.20/9912/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10077.10/10081.15/10101.05/10114.85/10131/10138/10157/10228/10295.

After two days of fall although it recovered from its good support range of 9990—9910 and closed above it important range of 10043.60—10038.85 but to regain the up momentum rhythm it has to move above the range of 10077.10---10114.85 and sustain. Please note that it may cross the said range ,but if it has to cross the range then it should happen in coming week starting from 7.8.17 else there is a distinct possibility of it slipping down. Going down again it will have support from its important range of 10043.60—10038.85 and then good support in the range of 9990---9930 and sustained break below 9930 only on the closing basis can drag it down further. So, at this juncture it looks evenly poised.The broad range for it is between 10114.85---9988.35---9930 ,therefore structure your trade accordingly.

In view of the above observation it would be safe to try long call if it moves and sustain above 10114.85. However long call can also be tried on decline but not below 9988.35 although it has bed of support in the range of 9990---9930 but since  9988.35 is last week low and if it breaks below it and sustain then it may break 9930 level too and down move may  accelerate. Therefore avoid long call below 9988.35 for the entire coming week.    

TRADING STRATAGY FOR-7.8.2017

1. It would be relatively safe to try long call only if it moves and sustain above 10114.85 with a stop loss of below 10030 for a target of 10138/10149/10167/10231.

2. Aggressive trader can try long call if it moves and sustain above 10082 with a stop loss of below 10030. But it could be a risky trade mind you.

OR

 Long call can be tried on decline but not below 9988.35 with a stop loss of below 9930.

3. Although there is no clear sign of going short in the market, but short    call can be worth trying if it moves below 9988.35 and sustain with a stop loss of above 10050 for a target of 9970/9944.50/9928/9870.

Remark: - The trend is still up as of now. But since it looks evenly poised so trying long call at this point may not be judicious, therefore try long 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---7-8-2017

CNX--BANK NIFTY

Open-24629.50--High-24879.70--Low-24591.80—Close-24827.45 on

 4-8-2017

MajorSupport:- 24672/24651.05/24591.80/24551.78/24455/24299.60/24053.70/23897.85.

Major Resistance:- 25032.25/25168.10/25198.80/25356/25517/25543.

For-7-8-17 the intra-day support and resistance levels are given here-under:-

Support: - 24823/24735/24672/24651.05/24591.80//24455/24299.60/24250/24234/24146/24053.

Resistance:24879.70/24895/24967/25032.25---25077.40/25168.10/25198.80/25268.80/25356/25440/25517/25543.

After two days of fall although it staged a recovery today but to regain the up momentum rhythm it has to move above the long range of 25077.40---24967---24895---24823---24735---24651 and sustain. Technically it is still good therefore chances are that it may cross the said range and sustain above 25077.40 ,but if it has to cross the range then it should happen in coming week starting from 7.8.17 else there is a distinct possibility of it slipping down. Moving down again it will find support at 24735/24675 & 24651 and then support from one of its long term moving averages range which is between 24552—24455---24355(it changes every day) and  very important for 7-8-17. Going down it may bounce back from this range, so long call can be tried in this range but sustained break below 24355 on the closing basis can drag it down sharply which please note. Although the technical setup is still o.k., but the bias as of now is slightly tilted towards down side.

In view of the above observation it would be safe to try long call if it moves and sustain above 25077.40. However long call can also be tried on decline near 24675—24651 then near 24591.80 but not below it, although it has bed of support in the range of 24552---24355 but since  24591.80 is last week low and if it breaks below it and sustain then it may break 24355 level too and then down move may  accelerate. Therefore avoid long call below 24591.80 for the entire coming week. The various trading option are given here under:-   

          TRADING STRATAGY FOR-7.8.2017

1. Aggressive trader can try long call if it moves and sustain above 24895 for some time with a stop loss of below 24800.

OR

Long call can be tried on decline near but not below 24675 with a stop loss of below 24580.

3. Although there is no clear signal of going short in the market, but short    call can be tried if it moves below 24675 and sustain for some time with a stop loss of above 24735. It could be a risky trade and stop loss may be triggered but worth trying.

Remark: - The trend is still up as of now. But since the bias is slightly tilted towards downside as of now, therefore it is suggested to avoid long call now but 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.

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---4-8-2017

CNX-NIFTY

Open-10081.15—High-10081.15---Low—9998.25---Close—10013.65 on 3-8-2017

Major Support: -9970/9944.50/9919.60/9870/9838/9928.20/9792.05/9778.85/9709.30.                                                                                                                    

Major Resistance: -10043.60/ 10114.85/10131/10162/10369.

Critical Point:-9870 & 9970.

For-3-8-17 the intra-day support and resistance levels are given here-under:-

Support: -9990--9970/9944/9928.20/9912/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10043.60/10114.85/10131/10138/10157/10228/10295.

It opened on a flat note and as expected started to decline immediately and broke its important range of 10043.60—10038.85, furthermore it also broke the trend line drawn from the bottom of 9448.75 which indicates potential weakness. However it has bed of support in the range of 9990----9910 and within the range strong support points are at 9970 & 9944.50, so if it goes down further it may bounce back from anywhere within this range but sustained break below 9910 on the closing basis can take it down for deeper correction which may please be noted.

It closed on a weak note and near the low of the day, most importantly breaking critical range and rising trend line which is very bad sign, it is below some of its short term moving averages also now and finally technical indicator is showing negative divergence which indicates that further decline from here cannot be ruled out, if it does not bounce back sharply in next 2-3 trading session. It is therefore suggested that long call should be avoided till the on-going decline is arrested and it starts moving up again because how this 2 day down move will culminate nobody knows. However in view of its good support range of 9990---9910 and strong support point at 9970 & 9944.50 long call can be attempted in the range of 9970---9944.50 but not below 9944.50.

Last but not the least in light of two days weak movement and negative divergence on the chart short call can also be attempted but it cannot be emphatically said at this moment that it is sell on the rise market now. However in last two days it has reasonably weakened which may be noted.

TRADING STRATAGY FOR-4.8.2017

1. Long call can only be tried if it maintains above 10043.60 with a stop loss of below 10000 for a target of 10065/10092.

OR

 Long call can be tried on decline in the range of 9970---9944.50 with a stop loss of below 9900.

2. Short call can be tried on the rise but not above 10043.60 with a stop loss of above 10090 for a target of 10014/9970/9944.50.

OR

Short call can be tried if it move below 10010 and sustain with a stop loss of above 10050. Please note that short call could be a risky bet but considering last two days weak move, it would be worth trying.

Remark: - The trend is still up as of now. But it has been correcting for last 2 days and looking at sharp down move today ,it seems that decline may continue therefore avoid long call till the fall is arrested, however aggressive trader can go long as suggested above. But looking at 2 days fall short call  seems a better bet if price movement favors.  

 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---4-8-2017

CNX--BANK NIFTY

Open-25002.85--High-25005.15--Low-24619.60—Close-24675.05 on

 3-8-2017

MajorSupport:- 24672/24651.05/24551.78/24455/24254.55/24053.70/23897.85/23774/23708/23684/23610/23477/23403.

Major Resistance:- 25032.25/25268.80/25356/25517/25543.

For-3-8-17 the intra-day support and resistance levels are given here-under:-

Support: - 24672/24651.05/24551.78/24455/24299.60/24250/24234/24146/24053.

Resistance:  25032.25/25168.10/25198.80/25268.80/25356/25440/25517/25543.

It opened on a weak note and as envisaged went down sharply and hit a low of 24619.60 before closing the day with a huge loss of 380 points at 24675.05. It exhibited all round weakness today breaking some of its short term moving averages, short rising trend line and recent bottom of 24651.50 intra-days. Furthermore certain technical indicators are showing negative divergence also which indicates that weakness may deepen and it may fall further from here , if it does not bounce back sharply above 25032.25 and then move above its recent high of 25198.80 in next 3-4 trading session which may be noted. Looking at today’s move chances are that it may head downward and moving down it will find support at its recent bottom of 24651.05 and then from one of its long term moving averages range which is between 24495---24300(it changes every day) for 4-8-17. Going down it may bounce back from this range, so long call can be tried in this range but sustained break below 24300 can drag it down sharply which please note.  

In view of the above observation long call should be avoided till the on-going fall is arrested and it starts moving up again but can be tried in the range mentioned above. Last but not the least in light of short term moving average break, trend line break, recent bottom break and negative divergence on the chart short call can also be attempted but it cannot be emphatically said at this moment that it is sell on the rise market now. However in last two days and particularly today its technical setup has reasonably weakened which may be noted.

          TRADING STRATAGY FOR-4.8.2017

1.  Long call can be tried on decline in the range of 24495---24300 with a stop loss of below 24230.

2. Short call can be tried on the rise but not above 24870 with a stop loss of above 24950.

OR

Short call can be tried if it move below 24651 and sustain with a stop loss of above 24790. Please note that short call could be a risky bet but considering last two days weak move, it would be worth trying.

Remark: - The trend is still up. But today’s sharp down move has jolted the chart structure and weakness surfaces, therefore long call should be avoided in general but  can be tried only as suggested above.  But looking at today’s huge down move short call seems a better bet if price movement favors.  

 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---3-8-2017

CNX-NIFTY-FOR-3-8-2017

Open-10136.30—High-10137.85---Low—10054.20---Close—10081.50 on 2-8-2017

Major Support: -10043.60/10038.85/9970/9944/9919.60/9870/9838/9928.20/9792.05/9778.85/9709.30.                                                                                                                            

Major Resistance: -10114.85/10131/10162/10369.

Critical Point:-9870 & 9970.

For-3-8-17 the intra-day support and resistance levels are given here-under:-

Support: -10043.60/10038.85/9970/9944/9928.20/9919.60/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10114.85/10131/10138/10157/10228/10295.

It opened with an up gap and above its critical point of 10131 but could not sustain and immediately slipped down below it and its weekly & monthly high of 10114.85. Furthermore it traded in negative territory most of the time during the day and after the R.B.I credit policy announcement it plunged down further and made a low of 10054.20 then recovered to close the day with a loss of 33.15 points at 10081.50. The overall technical setup is still o.k. but today’s move indicates slight weakness so it seems that the decline may continue if it fails to hold the range of 10043.60—10038.85. Going down it will find support at 10014.50/9970/9944.50 and sustained break below 9944.50 on the closing basis can take it down for deeper correction. Although it is not showing any potential sign of weakness as of now but in view of today’s movement chances are that it may decline further from here, therefore it is suggested to avoid buy on decline strategy for the day and try long call only if it moves and sustain above 10114.85 for some time.   Although there is no clear indication of trying short call now but again in light of days movement contrarian short call could be worth trying as suggested here under :-

TRADING STRATAGY FOR-3.8.2017

1. Long call can be tried if it maintains above 10114.85 with a stop loss of below 10038 for a target of 10131/10157/10228.

2. Contrarian short call can be tried below 10038.85 with a stop loss of above 10085 for a target of 10014/9970/9944.50.

3. If it fails to cross the level of 10114.85 in first 2 hours of trade then short call can be tried on the rise but below 10114.85 with a stop loss of above 10157.Please note that it could be a risky trade and stop loss may be triggered but worth trying.

Remark: - The trend is up as of now. But today’s move showed some weakness therefore it may decline further, so long call can only be tried if it moves and maintain above 10114.85 for some time. Short call can also be attempted 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---3-8-2017

CNX--BANK NIFTY-FOR- 3-8-2017

Open-25190.40--High-25198.80--Low-24926.25—Close-25055.20 on

 2-8-2017

MajorSupport:-25032.25/24672/24651.05/24551.78/24455/24254.55/24053.70/23897.85/23774/23708/23684/23610/23477/23403.

Major Resistance:-25268.80/25356/25517/25543.

For-3-8-17 the intra-day support and resistance levels are given here-under:-

Support:-25032.25/24850//24672/24651.05/24551.78/24455/24299.60/24250/24234/24146/24053.

Resistance:-25168.10/25198.80/25268.80/25356/25440/25517/25543.

It opened with an up gap above its monthly high of 25168.10 and made

a new high of 25198.80 but could not sustain above its monthly high and slipped down immediately. After the Credit policy announcement it plunged down further and hit a low of 24926.25 and gave real time close near the low at 24956 but the adjusted close was much higher at 25055.20 .This volatility was expected because of the event, therefore it may require at least 1-2 days trading session to decide which way it want to move from here. The overall technical setup is o.k. as of now but today’s move indicates some weakness and it may deepen if it fails to hold 25032.25. The range for the day is 25198.80---25168.10---25032.25----24850. Furthermore it has made multiple tops in the range of 25168.10---25198.80 in last three days, so moving up this range will pose stiff resistance. Similarly moving down 24850 is the last support for the day and break below it can take it down to 24651/24551. In view of the above observation it is suggested to avoid buy on decline strategy for the day. Although there is no clear indication of trying short call now but  in light of today’s weak movement  contrarian short call could be worth trying as suggested here under :-    

          TRADING STRATAGY FOR-3.8.2017

1. Long call can be tried if it sustain above 25123 for some time with a stop loss of below 25020 for a target of 25170/25269/25356/25440.

2. It would be relatively safe to try long call if it moves and sustain above 25198.80 for some time with a stop loss of below 25080 for a target of 25269/25356/25440.

3. If it fails to cross the level of 25168.10 in first 2 hours of trade then short call can be tried on the rise but below 25168.10 with a stop loss of above 25210 OR can sell if it maintains below 25032.25 for some time with a stop loss of above 25125.Please note that short trade could be  risky  and stop loss may be triggered but worth trying.

Remark: - The trend is up. Therefore long call can be tried as suggested above. But it would be better to try long call above 25198.80 and avoid buy on decline for the day. Short call can also be attempted 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--2-8-2017

CNX-NIFTY-FOR-2-8-2017

Open-10101.05—High-10128.60---Low—10065.75---Close—10114.65 on 1-8-2017

Major Support: -10080.78/10043.60/10038.85/9970/9944/9919.60/9870/9838/9928.20/9792.05/9778.85/9709.30.                                                                                                                            

Major Resistance: -10114.85/10131/10162/10369.

Critical Point:-9870 & 9970.

For-2-8-17 the intra-day support and resistance levels are given here-under:-

Support: -10080.78/10043.60/10038.85/9970/9944/9928.20/9919.60/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10114.85/10131/10150/10184/10220.

It has given upside breakout from the weekly and the monthly upper range of 10114.85 and went near to its critical point of 10131 but did not get past it and closed at 10114.65 just shade below its weekly & monthly upper band of 10114.85. However looking at the technical setup, it seems that it is likely to cross the critical point of 10131 and rise further.  Therefore long call can only be attempted if it maintains above 10114.85. On the downside 9930 is an important level and sustained break below this level only could take it for deeper correction. But not to forget here that the R.B.I is slated to announce its credit policy today, so it may witness huge volatility during the day. Therefore it is suggested to be extremely careful in long trade commitments for the day.

TRADING STRATAGY FOR-2.8.2017

1. Long call can be tried if it maintains above 10114.85 with a stop loss of below 10060 for a target of 10131/10150/10220.

2. Aggressive trader can try long call on decline near but not below the range of 10043.60—10038.85 with a stop loss of below 10010.

Remark: - The trend is up as of now. But Long call can only be tried if it moves and maintain above 10114.85. Safe traders should avoid buy on decline strategy 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--BANK NIFTY---2-8-2017

CNX--BANK NIFTY-FOR- 2-8-2017

Open-25152.85--High-25179.50--Low-25000.65—Close-25122.80on

 1-8-2017

MajorSupport:-25032.25/24672/24651.05/24551.78/24455/24254.55/24053.70/23897.85/23774/23708/23684/23610/23477/23403.

Major Resistance:-25268.80/25356/25517/25543.

For-1-8-17 the intra-day support and resistance levels are given here-under:-

Support:-25032.25/25000/24672/24651.05/24551.78/24455/24299.60/24250/24234/24146/24053.

Resistance:-25168.10/25268.80/25356/25440/25517/25543.

It gave upside breakout from its monthly high of 25168.10 but could not sustain above it and slipped down to close at 25122.80. However technical setup is on a strong footing as of now, therefore it seems that it may cross the level of 25168.10 again and the up move may continue. But be careful if it breaks the level of 24950 on the downside.

Although technically or otherwise everything looks o.k. now, but not to forget that today Reserve Bank of India is going to announce credit policy and there may be huge build up of long position in it because of high hopes for a substantial rate cut. So whatever be the outcome of the policy , there may be huge volatility in it during the day and last but not the least profit booking will definitely emerge may be immediately after announcement of the policy or a day or two later. Therefore it is suggested to be highly cautious in your long trade commitments in view of the event.  

          TRADING STRATAGY FOR-2.8.2017

1. Long call can be tried if it sustain above 25123 for some time with a stop loss of below 25000 for a target of 25170/25269/25356/25440.

2. It would be relatively safe to try long call if it moves and sustain above 25168.10 for some time with a stop loss of below 25080 for a target of 25269/25356/25440.

3. Safe trader should avoid buy on decline strategy for the day in light of the event. But aggressive trader may try buy on decline near but not below 25033 with a stop loss of below 24950.

Remark: - The trend is up. Therefore long call can be tried as suggested above. But it would be better to try long call above 25170 and avoid buy on decline 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--1-8-2017

CNX-NIFTY-1-8-2017

Open-10034.70—High-10085.90---Low—10016.95---Close—100 77.10on

31-7-2017

Major Support: -10043.60/9970/9944/9919.60/9870/9838/9928.20/9792.05/9778.85/9709.30.         

Major Resistance: -10114.85/10131/10162/10369.

Critical Point:-9870 & 9970.

For-1-8-17 the intra-day support and resistance levels are given here-under:-

Support: -10043.60/10038.85/10010/9970/9944/9928.20/9919.60/9870/9857.25/9838/9792.05/9778.85.

Resistance: - 10043.60/10072/10114.85/10131/10154.

It opened with an up gap but filled the gap during the day and closed with a gain of more than 60 points. The range for the on-going week is between 10114.85---9910 and its critical range is 9970---10043.60—10131(see my post for 31.7.17), if this up move has to continue it has to get past 10131 and sustain on the closing basis. Similarly going down it will find good support at 10043.60/10038.85/10014.50/ 9970/9944.50/9928.20 & 9910 and sustained break below 9910 may take it down for deeper correction. As of now technical setup looks o.k. so it seems that the up move may continue and it may give upside breakout too , as long as it holds the range of 10043.60---10038.85 on the closing basis.   

It is important to mention here that the R.B.I is slated to announce its credit policy on 2^nd of August-2017 so in wake of this it may witness huge volatility; therefore it is suggested to be extremely careful in long trade commitments till policy announcement.

TRADING STRATAGY FOR-1.8.2017

1. Long call can be tried if it maintains above 10043.60 with a stop loss of below 10000.

2. Aggressive trader can try long call on decline near but not below 10014 with a stop loss of below 9990.

Remark: - The trend is up as of now. But Long call can only be tried as long as it stays above 10043.60 ---- 10038.85 range.

 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.