A TECHNICAL VIEW ON CNX--NIFTY--9-11-2017

 CNX-NIFTY

Open-10361.95—High-10384.25---Low—10285.50---Close—10303.15 on 8-11-2017

Major Support: 10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10323.05/10350.21/10384.50/10390.35/10403.81/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

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

Support: -10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10323.05/10348.02/10378.50/10384.50/10390.35/10423.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

The broad observation remains the same as mentioned in my post of 8-11-17. Today’s weakness in it was sort of a mild confirmation that the on-going correction is going to last for some time with in between short up moves , therefore long trade should be avoided at this point of time. It broke its strong support range last layer today, so it has become strong resistance range now which is placed at 10342.02---10378.50---10420.18(it changes every day) for 9-11-2017. It has also broken and closed below its strong support point of 10323.60, so it is likely that down move may pick up momentum now, but going down it has bed of support in the range of 10263.58---10196.77(10263.58—10251.85—10209.98—10196.77) and then its most important and key support points are at 10178.95/10137.85/10123.35, so there is a possibility that it may bounce back from any of these points and may resume the up move again. But sustained break below 10123.35 on the closing basis may accelerate the fall and it may seek much lower level then.

In view of the above observation safe trader should avoid long trade now because trying long trade for relief rally could be extremely dangerous. Therefore long trade should only be tried once the fall is arrested and it starts looking up again. But aggressive traders can try long trade if it moves above 10323.60 and sustain for some time with a stop loss of below 10285(it could be a risky trade) or on decline in the range of 10196---10123.35 with a stop loss of below 10080. Since it is in correction mode short trade would be a better option and it can be tried now or on the rise but not above 10384.50 with a stop loss of above 10405.     

Remark: - The trend is up but it is in correction mode now and this is likely to continue for some time, so long trade should be avoided now and can only be tried after the fall is arrested and it shows sign of moving up again. Instead short trade should 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.

TRADING CALLS FOR---9-11-2017

TRADING CALLS FOR---8--11--2017

A TECHNICAL VIEW ON CNX--BANK NIFTY--8-11-2017

CNX--BANK NIFTY

Open-25669.10--High-25695.75--Low-25248.95—Close-25300.80 on

 7-11-2017

MajorSupport:-25247/25198.80/25186.05/25171.75/25105.35/25078.65/24881.26/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25353.05/25484.03/25598.75/25694.60---695.75/25812.86/25850/26180/26441.80.

For-8-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-. 25247/25198.80/25186.05/25171.75/25105.35/25078.65.

Resistance: 25353.05/25484.03/25529/25598.75 25695.75/25724/25852/26180/26441.80.

It opened on a firm note and made a new high of 25695.75 then plunged down and broke last three days low and closed near the low of the day with a loss of 270.35 points. It also broke its recent bottom of 25427.30 on the line chart decisively and broke some of regression channel support line too but the last regression support line is at 25190 for 8-11-17. Overall it exhibited tremendous weakness today and as apprehended (see my post of 7-11-17) it seems that it has gotten into correction mode and it may last for few days before resuming the up move again, therefore long trade should be avoided till the fall is arrested and it starts looking up again. Going down its important support points are at 25247/25198.80/25186.05/25171.75/25141/25105.35 &25078, it may bounce back from any of these points but sustained break below 25078 may drag it down sharply. Similarly if it moves up it will encounter stiff resistance at 25484.03--25598.75--25694.60---695.75. It can gather up momentum only if it moves above 25695.75 and sustain on the closing basis and then crosses its tough resistance range, chances of which happening  fast looks   slim at this point of time.

In view of the above observation safe trader should try long trade only if it moves and closes above 25651 & 25696 or after the fall is arrested and it starts moving up again, but aggressive traders if they wish to can try long trade on decline in the range25198---25105 with a stop loss of below 25000, it could be a risky trade.  Since today was the first day of the fall therefore there is no clear indication of going fearlessly short in the market, but the price pattern indicate that correction may last for some time, therefore for taking advantage of this correction short trade can be tried if it breaks 25247 with a stop loss of above 25300 or on the rise in the range of 25490---25525 with a stop loss of above 25600.    

Remark: - The trend is still up but as anticipated it corrected today and that too sharply therefore it seems that the correction may last for couple of days, so long trade should be avoided now and can only be tried it moves and closes above 25651 & 25696 or after the fall is arrested and it show sign of moving up again. Instead short trade can be tried now 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--8-11-2017

 CNX-NIFTY

Open-10477.17—High-10485.75---Low—10340.80---Close—10350.15 on 7-11-2017

Major Support: 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: 10384.50/10390.35/10423.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-8-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10337.51/10323.05/10251.85/10226.15/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10374.58/10384.50/10390.35/10423.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

It opened on firm note but could not cross its previous day’s high of 10490.45 and broke previous day’s low, furthermore it also broke two layer of its three layered strong support range and now very near to the last layer support therefore now it has become support and resistance range and placed at  10337.51---10374.58---10415.15 for 8-11-17. It also broke its rising trend line, its regression channel support line,  its recent bottom on the line chart at 10423.80 and one of the key support point of 10384.50 decisively and closed the day below all the recent important parameters with a loss of 101.65 points, which is a bad sign. As apprehended (see my post of 7-11-17) the correction has begun and it may last for few days and its intensity could be moderate to sharp therefore it has to be seen on the daily basis that how it is finally going to culminate. Please note that if it breaks and sustain below 10323.60 on the closing basis then the fall may pick up momentum and going down it may find support at 10306.90/10263.58/10251.85/10209.98/10196.77 and there is possibility that it may bounce back from any of these points. But the key support points are 10178.95/10137.85/10123.35 and sustained break below 10123.35 may accelerate the fall. It is therefore suggested to avoid long trade till the fall is arrested and it shows visible sign of correction completion.

In view of the above observation safe trader should try long trade only if it moves and closes above 10452 or after the fall is arrested and it starts moving up again, but aggressive traders if they wish to can try long trade on dip based on support points and key support points mentioned above with short stop losses. Although there is no clear indication of initiating a short trade now, but today’s fall indicate that correction has begun and it may last for few day. Therefore for taking advantage of this correction short trade can be tried if it breaks 10323 with a stop loss of above 10391 or on the rise in the range of 10423---10440 with a stop loss of above 10465.     

 Remark: - The trend is up but as anticipated it corrected today and that too sharply therefore it seems that the correction may last for couple of days, so long trade should be avoided now and can only be tried above 10452 or after the fall is arrested and it show sign of moving up again. Instead short trade can be tried now 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---7-11-2017

CNX--BANK NIFTY

Open-25569--High-25694.60--Low-25529.50—Close-25571.15 on

 6-11-2017

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:- 25650.70/25695.50/25812.86/25850/26180/26441.80.

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

Support:-. 25529.50/25475.70/25427.30/25198.80/25186.05/25171.75/25105.35/25078.65.

Resistance: 25579/ 25695.50/25713/25836/25850/26180/26441.80.

It opened on a flat to positive note and moved up further but could not cross the previous day’s high of 25695.50, so it has made double top in the range of 25695.50 & 25494.60. Furthermore it has fallen below its tough resistance range which is placed at 25579---25713---25836(it changes every day) for 7-11-2017. The day’s movement was slightly weak but the technical setup is still o.k., but due caution is needed in long trade because it has made double top and slipped below its strong resistance range , therefore chances of it getting into corrective mode is also there. The expected trading range for the day would be 25696---25651---25520---25427 and if it moves above 25696 and sustain then the up move may continue ,similarly break below 25427 on the closing basis can accelerate the fall.  

In view of the above observation long call should only be tried if it moves above 25696 and sustain for some time with a short stop loss of below 25620. However aggressive trader can try long call even if it moves above 25651 and sustain with a short stop loss of below 25569, it could be relatively risky trade but worth trying. But please note that the authentic stop loss for all long trade would be below 25490 for the day. Avoid buy on decline strategy now.

Remark: - The trend is up but at this point the chances of it getting into correction mode also reasonably bright, 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--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.