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

 CNX-NIFTY

Open-10431.75—High-10490.45---Low—10413.75---Close—10451.80 on 6-11-2017

Major Support: 10423.80(closing basis)/ 10384.50/10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-7-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10407/10484.50/10369/10331.26/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

It opened on a negative note and went down further then recovered sharply to cross the upper band for the day’s range i.e.10461.70 and hit a new high of 10490.45 but at the end of the day closed below the upper band for the day with a meager loss of 0.70 points. It is still above its strong support range which is placed at 10407---10400---10369---10331(it changes every day) for 7-11-2017. It has been making new high for last four days which is not significant enough, therefore either it is consolidating here or may be fatigued because every day it is coming near its strong support range and then move up. So it looks that it is evenly poised at this point of time and can move either way in coming days. Going down the alert point for the day would be 10400 but the key support points are at 10384.50 & 10323.95 and sustained break below 10323.95 on the closing basis may drag it down further and fall may accelerate. In light of this avoid long trade completely if it sustain below 10384.50 on the closing basis. Similarly if it moves above 10461.70 and sustain on the closing basis then if may continue the up momentum.

In view of the above observation avoid long trade on decline and can try it only if it moves and sustain above 10461.70 with a stop loss of below 10400. However aggressive trader can try buy on decline near 10400 with a stop loss of below 10380 but it could be a risky trade. 

Remark: - The trend is up and as it is hitting new high every day, therefore long trade can be tried as suggested above but with caution because it may be fatigued also and may get into correction mode from here, so avoid buy on decline strategy 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.

TRADING CALLS FOR---6-11-2017

A TECHNICAL VIEW ON CNX--BANK NIFTY---6-11-2017

CNX--BANK NIFTY

Open-25531.40--High-25695.50--Low-25394.95—Close-25650.70 on

 3-11-2017

MajorSupport:-25542.73/25475.70/25427.30(on the closing basis)/25198.80/25186.05/25171.75/25105.35/25078.65/24881.26/24878.65/24798.65/24685.43/24560.75.

MajorResistance:- 25695.50/25812.86/25850/26180/26441.80.

For-6-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-. 25561.93/25542.73/25475.70/25427.30/25198.80/25186.05/25171.75/25105.35/25078.65.

Resistance: 25695.50/25698/25813/25850/26180/26441.80.

It opened on a firm note and made a new high and gotten into tough resistance range which is placed at 25561.93---25697.15---25820.40(it changes every day) for 6-11-2017. It ended the week near the high, which is a good sign. The technical setup is o.k. and it is showing good strength, therefore it is likely that it may cross the strong resistance range in coming days/week. But since it is in midst of it now and furthermore the gap it created on1-11-2017 still exist and it could still make an attempt to fill the same in next 1-2 days and if it does that then it can come down to 25078, so the chances of moving down also cannot be ruled out here, therefore due alertness and cautiousness is needed in long trade at this point of time. The key support point for the day would be 25330 and resistance point would be 25698.  

In view of the above observation the broad trading range for the day is 25698---25330 and short trading range is 25698----25561---25440 and sustained break above 25698 can take it up further, else it may trade in short range or very likely to drift on the downside. So, long trade can be tried if it moves and sustain above 25698 with a stop loss of below 25560 or on decline near but not below 25427 with a stop loss of below 25330, it could be a risky trade but worth trying. It would be better and relatively safe to try long trade if it moves and sustain above 25698.

Remark: - The trend is up and price is also firm, but since it is  in midst of it tough resistance range and gap filling chances are also there ,therefore it would be safe to try long call above 25698 and avoid buy on decline today.  

 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----6-11-2017

 CNX-NIFTY

Open-10461.55—High-10461.70---Low—10403.60---Close—10452.50 on 3-11-2017

Major Support: 10423.80(closing basis)/ 10384.50/10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10459.76/10461.70/10482.63/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-6-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10399.94/10484.50/10377/10361.60/10331.26/10324/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10461.70/10482.63/10513/10536.52/ 10578/10667.67/10707.88.

 It opened with a small up gap but filled it during the day ,however the gap it created on 1-11-2017 still exist and it could still make an attempt to fill the same in next 1-2 days and if it does then it can come down to 10367.70. The overall technical setup is good. Furthermore it ended the week near the high which indicate good strength; therefore it is expected to rise further from here. Its strong support level is placed at 10399.94---10361.60---10324(it changes every day) for 6-11-2017 but the key support points are at 10384.50 & 10323.95 and sustained break below 10323.95 on the closing basis may drag it down further and fall may accelerate. In light of this avoid long trade if it sustain below 10384.50 on the closing basis.

In view of the above observation the broad trading range for the day is 10461.70---10384.50 and short trading range is 10461.70----10423.80---10403 and sustained break above 10461.70 can take it up further, else it may trade in short range or drift on the downside. So, long trade can be tried if it moves and sustain above 10461.70 or on decline but not below 10423.80 with a short stop loss of below 10395, but the authentic stop loss would be below 10360 for all long trade. It is suggested to try long trade above 10461.70 only and avoid buy on decline for the day.

Remark: - The trend is up and as it is hitting new high every day, therefore long trade can be tried as suggested above but with caution as moving ahead it has good resistance at 10482.63/10513/10536.52. 

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--3-11-2017

CNX--BANK NIFTY

Open-25508.40--High-25598.25--Low-25405.50—Close-25427.30 on

 2-11-2017

MajorSupport:- 25390/25384.50/25335/25198.80/25186.05/25171.75/25105.35/25078.65/24881.26/24878.65/24798.65/24685.43/24560.75.

MajorResistance:- 25475.70/25542.73/25598.25/26180/26441.80.

For-3-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-. 25405/25390/25384.50/25335/25198.80/25186.05/25171.75/25105.35/25078.65.

Resistance: 25475.70/ 25542.73/25546.29/25666/25790/25804.18/26180/26441.80.

It opened on a flat to positive note and made a new high of 25598.75; it pierced the lower band of the tough resistance range on the upside but eventually closed way below it and near the low of the day with a loss of 63.14 points. Furthermore the gap it created yesterday still exists and it can make an attempt to fill the same in next 2-3 days and if it does so then it can come down to 25078. The overall technical setup is good but looking at today’s move it seems that it may consolidate or correct from here before resuming the up move again. Its strong resistance range is placed at 25546.29---25679.47---25804.18 (it changes every day) for the day.

In view of the above observation long trade can be tried on decline at appropriate points (see support point for this) but not below 25180 with a stop loss of below 25060. Aggressive trader can try long call if it moves above 25491 and sustain for some time with a stop loss of below 25400, but since resistance range starts from 25546.29,it could be a risky trade.

Remark: - The trend is up and prices are firm ,but since it is running below its strong resistance range and closed at the lowest today, so the possibility of correction extending is also there. Therefore buy on decline strategy seems better option 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----3-11-2017

 CNX-NIFTY

Open-10440.50—High-10453---Low—10412.55---Close—10423.80 on 2-11-2017

Major Support: 10384.50/10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-3-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10392.68/10484.50/10353.60/10331.26/10316.28/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

It had a down day today and it closed with a loss of 16.70 points. But it is still above its recent strong support range which is between 10392.68---10353.60---10316.28 (it changes every day) for 3-11-2017. Technically it is still looking strong with a positive bias, but the concerning thing is that the gap it created yesterday still exists so the chances of filling the gap in next 2—3 days is also there and if it does so then it can come down to 10367.70.  Today's short down move seems a breather and it may continue the up move immediately or may consolidate here for some time before resuming the up move again provided it sustain above 10384.50 on the closing basis. The critical range for it for the month of November-2017 is 10390.35---10384.50---10335.30 and sustained break below 10335 on the closing basis may drag it down further and fall may accelerate. The trading range for the day is 10459.76---10384.50---10358.

In view of the above observation avoid long trade now but can be tried if it moves and sustain above 10441 for some time with a stop loss of below 10410 or on decline near 10384.50 but not below it with a stop loss of below 10330. I once again reiterate that fresh long call should be avoided if it breaks and sustain below 10384.50 on the closing basis and below 10335 for sure.

Remark: - The trend is up and since it has decisively crossed the strong resistance range, therefore long trade can be tried as suggested above but with caution. 

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 BITCOIN—2-11-2017

BITCOIN

Closed At:--$6767.31 on 1-11-2017   

Price on 2-11-2017 at$6805.06 (at 8AM)

Support: $ 6743.57/6687.42/6228.60/6194.88/6040.85/6035.48.

Resistance: -$7484.42/8257.02/8773.97

Further to my post of 14-10-2017 it moved in an envisaged manner and crossed all the expected points. It looks highly bullish on the chart and expected to move up further, however it may witness moderate to sharp down correction from time to time but the trend is clearly up. Therefore only long trade is suggested and buy on decline strategy should be adopted or one can even buy now and average out on decline. The upside target could be -$7484.42/8257.02/8773.97. Moving down it has strong support in the range of $6194---6035 and break below 6035 can only accelerate the down correction which may be noted.

Remark: - It is in long term uptrend; therefore only buying is suggested 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 VIEW ON CNX--NIFTY---2-11-2017

 CNX-NIFTY

Open-10390.35—High-10451.65---Low—10383.05---Close—10440.50 on 1-11-2017

Major Support: 10384.50/10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                           

For-2-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10385.56/10346/10331.26/10308/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10459.76/10482.63/10536.52/ 10578/10667.67/10707.88.

It opened with an up gap today and crossed the tough resistance range, which is a good sign but the gap it created is still there and if it makes an attempt to fill the gap in next 3-4 trading session which is technically possible then it can come down to 10367.70. The tough resistance has become good support now and the range for 2-11-2017 is 10385.56---10346---10308(it changes every day). It is exhibiting good strength technically and the bias is on the upside, therefore long trade is suggested. The upside target could be 10459.76/10482.63/10536.52/ 10578.

In view of the above observation long call can be tried now or on decline but not below 10385 with a stop loss of below 10340. It is important to mention here that long call should be avoided if it breaks and sustain below 10384.50 on the closing basis.

Remark: - The trend is up and since it has decisively crossed the strong resistance range, therefore long trade can be tried as suggested above. 

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--BANK NIFTY--2-11-2017

CNX--BANK NIFTY

Open-25197.30--High-24549.35--Low-25171.75—Close-25490.45 on

 1-11-2017

MajorSupport:- 25475.70/25379.48/25198.80/25186.05/25171.75/25105.35/25078.65/24881.26/24878.65/24798.65/24685.43/24560.75.

MajorResistance:- 25542.73/25549.35/26180/26441.80.

For-2-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-.25475.70/ 25379.48/25198.80/25186.05/25171.75/25105.35/25078.65.

Resistance: 25533/25542.73/25549.35/25666/25790/26180/26441.80.

Further to my last post on 23-10-2017 after showing all the weakness it bounced back in a robust manner after the Government announcement of fund infusion in the PSU Banks and surpassed its previous high of 25198.80 today. It opened with an up gap today and made a new high of 25549.35 but it did not make any effort to fill the gap it created today so it is still there and if it makes an attempt to fill the gap in next 3-4 days ,which is technically possible then it may come down to 25078. Furthermore it is yet to move above its tough resistance range which is between 25533---25666---25790(it changes every day) but the price pattern is strong as of now and if it remains so for few days then it may cross the aforesaid resistance range too and may  go beyond 26000. But if it fails to cross the said range and break the 25198---25186.05---25105---25078 range and sustain on the closing basis then it may witness moderate to deep correction. The trading range for now is between 25180---25542.73---25666---25790 it may change from time to time depending on the price movement. The bias is up as of now but the possibility of correction is also there because it is still trading below it tough resistance range. So trader should be cautious in long trade.

In view of the above observation long trade can be tried on decline at appropriate points (see support point for this) but not below 25180 with a stop loss of below 25060. Aggressive trader can try long call now also but are advised to structure their trade keeping the aforesaid trading range in mind.

Remark: - The trend is up and prices are firm but since it is running below its strong resistance range, so the possibility of correction is also there. Therefore buy on decline strategy seems better option 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---1-11-2017

 CNX-NIFTY

Open-10364.90—High-10367.70---Low—10323.95---Close—10335.30 on 31-10-2017

Major Support:10331.26/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

 Critical Point :-9870 & 9970                                                                                                                                                                                                                        

For-1-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10334/10331.26/10296/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10375/ 10384.50/10459.76/10482.63/ 10578/10667.67/10707.88.

Further to my last post on 23-10-2017, it was less likely to move beyond the tough resistance area but it managed to get into the tough resistance territory and still moving within it and the range for now is between10385---10301(it changes every day and rising now). The broader range is between 10385---10251---10226---10123.35---10080.67. It is not showing any weakness in price movement now but to keep the up momentum going it has to move above 10385(the upper band of the resistance range which changes every day and on the rise now) and sustain on the closing basis then it may hit the level of 10459.76, 10482.63&10578.  Similarly moving down if it breaks 10226.15 level and sustain then the on-going up move will be threatened and sustained break and close below 10123.35 & 10080.67 may signal the end of the current up move and then it  may get into the corrective mode before resuming the up move again. It is important to mention here that its long term uptrend can only be threatened if it breaks and sustain below 9797(it changes every day and it is rising now). The bias as of now is up but if it fails to move above 10385 and sustain then the down correction looks imminent.                                                                                                                                                                                                                         

In view of the above observation long call can be tried above 10385 with a stop loss of below 10300 or can also be tried on decline at appropriate level and the possible point could be near 10226 & 10175 but not below 10175 with a stop loss of below 10160 & 10080 respectively. But it would be better and safe to try long call if it moves and sustain above 10385 or else after a reasonable decline but only when it starts moving up again.

Remark: - The trend is up so long trade is suggested but the vulnerability of correction cannot be denied at this point of time because it is still moving within the tough resistance area, therefore it would be safe to try long call if it sustain above 10385. 

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---23-102017

CNX--BANK NIFTY

Open-24238.40--High-24255.30--Low-23923.70—Close-24009.75 on

 19-10-2017

MajorSupport:- 23978.40/23923.70/23897/23852/23822.20/23708.65/23611.

MajorResistance:- 24103.30/24151—156/24331.85/24422.45/24455/24494.35/24496.20/24591/24651.05/24791.5524878.65.

For-23-10-17 the intra-day short support and resistance levels are given here-under:-

Support:-23978.40/23923.70/23897.85/23852.65/23822.20/23648/23611.20.

Resistance: 24103/24151---185/24240—296/24341---395/24422---455—494—497/24591/24651.

Further to my last post on 16-10-2017 it moved in an envisaged manner, it did not cross 24881.26 level therefore it did not indicate to initiate long trade but clearly gave indication to try  short trade as it did not cross the aforesaid mark therefore those who have  tried short call were suitably rewarded.

It is exhibiting tremendous weakness and in last two days it has opened with a down gap which is a bad sign, but there is a possibility that it may give an up move in next 3-4 days to fill the gap which is technically possible and if it attempts to fill the gap then it can move up to24270.05 and then 24571.85 and if it does not then not to bother about gap filling now. Furthermore it has broken  is short term rising trend line decisively and heading towards long term rising trend line which is placed at 23750—791 for the coming week and also broken short and medium term moving averages convincingly which indicates further fall ahead if it sustains below the averages on the closing basis. Looking at the price destruction moving up seems difficult but it may move up for filling the gap and in that case rise may not be sustainable and it is likely to slip again. So be careful and cautious if one initiate long trade.   

I once again reiterate here that the RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode (see my post of 16-10-17), so the indications does not seems good indicator-wise for the rise and since the prices pattern is extremely weak and it is below its short & medium term averages and if this weakness persist for few days then the negative divergence may come into play and it could see a moderate to sharp fall  in coming days/weeks. It is also important to mention here that its long term moving averages are placed in the range of 23648---23411---22370 now (it changes every day) and its recent bottom at 23611.10, so sustained break below 23648 will threaten the long term uptrend, break below 23611.10 will accelerate the fall and sustained break and close below 22370 may put the uptrend in real danger which may please be noted. 

In view of the above observation long trade is not suggested , however if it opens with a down gap again that is below 23923.70 then one can try long call near 23852—790 or try once it bounce back again above 23923.70 with a stop loss of below 23750 & 23850for a very short pull back. Long call can also be tried now above 24053 with a stop loss of below 23978 for an anticipated gap fill up but please note that trying long trade for a pullback or gap fill up could be very treacherous and can trap you unaware. The price destruction in last two days and other technical indicator indicates that short trade could be relatively a safer bet now, therefore sell on the rise strategy should be adopted and the possible sell point could be 24270---300 & then 24400—500 with a stop loss of above24350 & 24590 respectively or sell below 23923.70 with a stop loss of above 24020.  

Remark: - In last two days it has shown extreme weakness and looking at overall technical setup it may deepen further, therefore for safe trader it is suggested to avoid long call now, however aggressive trader can try long call as suggested above but it could be a risky affair. The bias is on the downside therefore, I would personally avoid long call for a pullback move and would only try once it moves above 24500 and sustain on the closing basis, instead now I would look for an opportunity to try short trade 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---23-10-2017

 CNX-NIFTY

Open-10210.35—High-10211.95---Low—10123.35---Close—10146.55 on

19-10-2017

Major Support:10137.85/10103.82/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792--   -88/9740/9709.30/9700/9688/9687.55/9685.55.                                                                                                                 

 Major Resistance: 10178.95/10185--220/10251.85/10269—310---350 /10578.                                                                                                                                                                                                                                   

Critical Point:-9870 & 9970

For-23-10-17 the intra-day short support and resistance levels are given here-under:-

Support: -10137.85/10120/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance:    10178.95/ 10185--220/10251.85/10269—310- -350  /10578.                                                                                                                                                                                                                         

Further to my last post on 16-10-2017 as envisaged the range of 10245—260 proved to be a good sell range and market respected it ,after hitting new all time high of 10251.85 it retreated back and closed the week near the low at 10146.55. Please note that the price pattern has weaken in last two days, furthermore it has broken its short term rising trend line also today which is a bad sign, therefore it seems that the correction may accelerate in coming days/weeks provided it breaks and sustain below 10080.67 on the closing basis. Moving up from here seems slightly difficult because it has strong resistance in the range of 10178.95---10185---10225---235 and then 10251.85---270---310---350 and piercing it may not be easy therefore chances of going up is less likely.

 I once again reiterate here that the RSI on the weekly and monthly chart are still showing huge negative divergence and MACD on the weekly chart is still in sell mode (see my post of 16-10-17), so the indications does not seems good indicator-wise for the rise and since the prices are showing weakness and if it persist for few days then the negative divergence may come into play and it could see a moderate to sharp fall in coming days/weeks. It is also important to mention here that its long term moving averages are placed in the range of 9738---9370 now (it changes every day) and it has double bottom at 9687--9685, so sustained break below 9738 will threaten the long term uptrend, break below 9685 will accelerate the fall and sustained break and close below 9370 may put the uptrend in real danger which may please be noted.  

In view of the above observation long trade could be dicey at this point of time because moving up it has string of important resistance in the range of 10178.85—225---235 and then10251.85---270---310---350, so if anyone wish to try long call then should try only if it moves and sustain 10235 for some time with a stop loss of below 10170. Short call seems a better bet now on the rise and in the range of 10210---235 but not above 10235 with a stop loss of above 10275 or sell below 10120 with a stop loss of above 10180.

Remark: - The last two days down move showed good weakness and indicate further fall may be ahead therefore it is suggested to avoid long call now and can only be tried if it moves and sustain above 10235. Short call seems a relatively safer bet now; therefore it can definitely be tried as suggested above. I would personally surely avoid long call till it closes above 10235. The bias is on the downside 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 VIEW ON BITCOIN—14-10-2017

BITCOIN

Support:$5461.02/4975.04/4922.70/4751.63/4661/4625.68.

Resistance: -$5840.30 /6228.60/6743.57/8257.02.

Further to my post of 2-10-2017 as expected it crossed its all time high of $4975.04 and hit a new high of $5840.30 on 13-10-2017 and now trading at ($5726 at 6.55 PM). Its overall technical setup is very good and it is likely to make new highs in coming days/weeks & months provided it holds $4975.04 level on the closing basis, chances of which is very bright. Once it crosses its recent high of $5840.30 the next target point could be $6228.60 & $6743.57 for the near term. However in between the rise it may witness corrective down move also and going down it will find good support at $5461.02 & 4975.04. Since the trend is up, so buy on decline is suggested but not below $4975.04 because sustained break below this mark may take it for deeper down correction therefore in that case you can still buy on decline but at good support points or buy when it bounces back above $4975.04 again. It would be prudent to buy above $4975.04. The bias is highly bullish as of now.

Remark: - It is in long term uptrend; therefore buy on decline strategy should be adopted 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.