A TECHNICAL VIEW ON CNX--NIFTY----20--11--2017

 CNX-NIFTY

Open-10324.55—High-10343.60---Low—10268.05---Close—10283.60 on 17-11-2017

Support:10251.85/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80

/9896.48/ 9877.03/9870/9792/9788/9740/9709.30/9700/9688/9687.55/9685.55

Resistance:10292.23/10335/10339/10344/10339/10384.50/10390.35/10396.88/10411.16.

                                                                                                                                                                                                                              

For-20-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10251.85/10245.44/10196.77/10187.56/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.80/9896.48/ 9877.03/9848.13.                                                                                                               

Resistance: 10295/10310/10344/10358/10395/10411.16/10440.

                                                                                                                                                                                                                           

 It opened with a huge up gap crossing its short term moving averages and closing top of 10321.75 on the line chart and maintained above it for quite some time during the day, but slipped down in the late afternoon to close within the range of short term moving averages which is placed between 10241—10308 for 20-11-2017 and below its top of 10321.75 on the line chart. It did closed with a gain of 68.84 points but near the low of the day and very importantly the gap it created today 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 slide to 10232, so the fear of going down is still looming despite last two days good up move. Furthermore moving up it will face tough resistance from one of its long term averages which are placed in the range of 10358—10395—10439(it changes every day) for 20-11-17. In other technical parameter also the range of 10411—10490 is a very tough resistance range. Therefore the up journey may not be smooth from here.

In view of the above observation long trade can only be tried if it moves above 10322 and sustain for some time then with a stop loss of below 10268, avoid buy on decline for the day.  

Remark: - The long term trend is up .After two days of rise it looks evenly poised, therefore long trade should only 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--NIFTY--17-11-2017

 CNX-NIFTY

Open-10152.90—High-10232.25---Low—10139.20---Close—10214.75 on 16-11-2017

Major Support:10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992---9988/9970/9955.80/9947.809896.48/ 9877.03/9870—48/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance:10245.44/   10251.85/10292.23/10339/10396.88/10411.16.

                                                                                                                                                                                                                         

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

Support: -10196.77/10187.56/10183.74/10178.95/10137.85/10123.35/10094//10089/10043/9994.25—88/9970/9955.80/9947.809896.48/ 9877.03/9848.13.                                                                                                                

 Resistance: 10245.44/10251.85--300/10339/10396.88/10411.16.

                                                                                                                                                                                                                        

 Since it had strait fall from 10490.45 it was expected to give a relief rally, but todays robust up move was not expected. However despite this move it is still not out of woods, because it is running below its short term moving averages which are placed in the range of 10244--10300  for the day and the averages are pointing down also . Furthermore it is making lower top & bottom on the line chart and it is way below its recent top of 10321.75. Therefore to resume the smooth up momentum again it has to cross the average hurdle first and then close above the top of 10321.75. Since it has bounced back above its key points range of 10178.95--10137.85--10124.50--10123.35 and critical point of 10196.77 & 10187.56 therefore avoid short trade on decline till it holds the level of 10187. But short trade can still be tried near but not above 10300, it could be risky but seems worth trying. Similarly long trade can be tried till it holds 10187 on the closing basis. Moving up the other important resistance points are at 10245.44/10292.23/10339/10384.50/10396.88/10411.16.   

In view of the above observation long trade can be tried above 10254.10 with a stop loss of below 10230 or on decline but not below 10187 with a stop loss of below 10123. In light of today’s move short trade could be a risky bet till it holds 10178.95 but it can be attempted on the rise near but not above 10300 with a stop loss of above 10340. Please note that if it opens with up gap (SGX-Nifty is giving indication of that) then wait for initiating the long trade till it settles down.

Remark: - The long term trend is up .In view of today’s move long trade seems to be the flavor of the day but short trade can still be tried as suggested above, it could be a risky affair but worth trying.

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 TCHNICAL VIEW ON CNX--NIFTY---16-11-2017

 CNX-NIFTY

Open-10171.95—High-10175.45---Low—10094---Close—10118.05 on 

15-11-2017

Major Support:10089/10043/9994.25/9992---9988/9970/9955.80/9947.809896.48/ 9877.03/9870—48/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10123.35/10137.85/10178.95/10183.74/10251.85/10301.

                                                                                                                                                                                                                              

For-16-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10107/10089/10043/9994.25—88/9970/9955.80/9947.809896.48/ 9877.03/9848.13.                                                                                                                

Resistance: 10123.35/10137.85/10178.95/10183.74/10251.85--65/10300--336.

It struggled to stay within its important & key support range of 10178.95--10137.85--10124.50--10123.35 during the day but failed and closed below it which is a bad sign. It is making lower top and bottom on the line chart and since it is falling strait on the bar chart from 10490.45 so there is no question of making lower top but it has broken its recent bottom of 10123.35 on the bar chart today which shows extreme weakness. Furthermore it is also running below its short and medium term moving averages and the averages are pointing down which makes it all the more bearish. The RSI is also showing strong negative divergence on daily, weekly &monthly chart and as it is running below its averages so the divergence may come into play and it may keep moving downward. The overall technical setup as of now is really weak and it is very likely that it may be heading for a sharp fall in coming days, however it may witness in between short pullback rallies from time to time but the trend as of  now is down. So it is a sell on rise market now for sure, therefore it is suggested to avoid long trade till it gives visible indication of bottoming out. Going down it may support at 10089/10043/9994—70/9887—9848. Similarly moving up it will find resistance in the range of 10123.35/10137.85/10178.95/10183.74 & then 10203—10335. Please note that every rise should be used to sell.

It is important to mention here that it’s long term moving averages are placed in the range of 9887---9550(it changes every day and now moving up) for 16-11-17 and it is not far away from it. So please note that break below 9887 will threatened the uptrend and sustained break below 9550 may really put the uptrend in serious danger.

In view of the above observation there is no doubt that it is a sell on the rise market now, so use the above mentioned resistance points and range as sell points with proper stop loss or sell below 10089 with a stop loss of above 10140.

Remark: - The long term trend is up as of now but since it has broken its key support range and its technical setup has also weakened, therefore long trade should be completely avoided. It is clearly a sell on the rise market now, so short trade should 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 CNC--BANK NIFTY---16-11-2017.

CNX--BANK NIFTY

Open-25241.65--High-25318.05--Low-25166.35—Close-25218.90 on

 15-11-2017

MajorSupport:-25217/25198.80/25186.05/25166/25141/25119.50/25105.35/25010/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25256/25275/25336.41/25394.95/25441/25506--22/25611.55/25694.60---695.75.

For-16-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25217/25198.80/25186.05/25184.35/25166/25119.50/25105.35/25040--10/24978/24878.65/24798.65.

Resistance:25247—75/25337--379/25394.95/25441.48/25506--523/25611.55/25694.60---695.75 .

It opened on a negative note and ended the day with a loss of 65.69 points. But since it is still holding on to its recent bottom of 25184.35 on the line chart & bottom of 25119.50 on the bar chart and above its other key support points at 25217---25198.80—28186.05---25105.35, therefore till it breaks the level of 25105.35 and sustain on the closing basis it may still stage a pullback rally from here before resuming the down move again. The technical setup now gives an indication that down move may continue if it does not move and close above 25385(it changes every day). However for the day the level of 25275 is very important and if it manages to close above it and sustain then some further up move can be seen. It still looks evenly poised with a downward bias therefore long trade be avoided but if initiated should be handled with utmost caution. It seems that the short trade would be a better option for now.

 In view of the above observation safe trader should avoid long trade. But aggressive traders can try long trade if it maintains above 25275 for some time with a stop loss of below 25200 or on decline in or around the range of 25120—105 with a stop loss of below 25060. Please note that since it is in down move, therefore long trade could be a risky bet. Short trade can be tried on the rise near but not above 25275 with a stop loss of above 25320 and then near but not above 25385 with a stop loss of above 25430 or sell below 25200 with a stop loss of above 25275,this trade could be slightly risky mind you.

Remark: - The trend is up, but since it is in correction mode, I would not like to prefer long trade at this point of time; instead I will look for an opportunity to try short trade. The undertone looks bearish.

  

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

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.

TRADING CALLS FOR---15--11--2017

A TECHNICAL VIEW ON CNX--NIFTY---15-11-2017

 CNX-NIFTY

Open-10223.40—High-10248---Low—10175.55---Close—10186.60 on 

14-11-2017

Major Support: 10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10251.85/10254.10/10263.58/ 10319.69/10321.75/10350.21—353.32/10378.70/10384.50/10390.35/10403.81--06/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                        

For-15-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10178.95/10158/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.                                                                                                               

Resistance: 10196.77/10251.85/10260--70/10295--306/10321—346/10335/ 10341--50/10362/10376/10384.50/10390.35/10423.80/10429/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

 It opened on a flat note then moved up but could not cross the strong resistance range of 10251.85—10254.10 hence gave good shorting opportunity (see my post for the day) as anticipated. The short term technical setup looks extremely weak and it is expected to move down further, but since it closed today just above its important & key support range at 10178.95--10137.85--10124.50--10123.35. Therefore there is still a glimmer of hope that it can bounce back from this range ,but sustained break below 10123.35 on the closing basis can drag it down further with an accelerated pace. Similarly moving up it would be tough to cross the range of 10251.85—10254.10/ 10270—306 & 10321—346. The bias is clearly on the downside as of now, so avoid long trade till it gives visible indication of correction completion.

 Although it looks weak technically but since it is just resting on top of its key support range of 10178.95--10137.85--10124.50--10123.35 and can stage a bounce back ,so long trade can be tried in this range but not below 10123.35 with a stop loss of below 10080. It could be a risky trade but worth trying. Avoid short trade now but can be tried on the rise near but not above 10251.85 with a stop loss of above 10270 or sell if it breaks and sustain below 10123.35 with a stop loss of above 10180.

Remark: - The trend is up but the correction continues, therefore safe trader should avoid long trade for the day, but aggressive trader can try long trade as suggested above. In light of the continued correction short trade seems a better option now and 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.

A TECHNICAL VIEW ON CNX--BANK NIFTY---15-11-2017

CNX--BANK NIFTY

Open-25352.55--High-25404.80--Low-25223.10—Close-25284.60 on

 14-11-2017

MajorSupport:-25247/25217/25198.80/25186.05/25184.35/25141/25119.50/25105.35/25010/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25428/25499/25560/25580/25598.75/25652/25694.60---695.75/25812.86/25850/26180/26441.80.

For-15-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25283/25247/25227/25217/25198.80/25186.05/25184.35/25141/25119.50/25105.35/25010/24978.

Resistance:25369/2540625428/25499/25560/25580/25598.75/25652/25694.60---695.75 /25598.75 25695.75.

It did cross its important point of 25581 on 13-11-17(see my post of 13-11-17) intra-day but could not close above it and finally slipped down to close with a loss of 140.64 points. It opened on a flat note today and started showing weakness and closed with a loss of 73.70 points. It had already made lower top on the line & bar chart both but yet to make lower bottom which is at 25184.35 & 25119.50 respectively. Therefore it seems that it is evenly poised now but with downward bias. The other key points are at 25217---25198.80—28186.05---25105.35 and it may bounce back from any of these points but sustained break below 25105.35 on the closing basis may drag it down further with an accelerated pace. Then it may find support at 24878.65---798.65/24560/24496—455.  Similarly moving up it will face resistance from its short term moving averages for the day in the range of 25369---406 and face really tough resistance at 25499 (on the closing basis) and 25611.55 on the intra-day basis. As of now if it moves above 25535 and sustain then there is some hope that it may resume the up move again. 

In view of the above observation safe trader should avoid long trade. But aggressive traders can try long trade on decline in or around the range of 25120—105 with a stop loss of below 25060, it could be a risky trade. Since correction is on and the price pattern is weak therefore short trade seems a better option as on now and can be tried on the rise near but not above 25428 with a stop loss of above 25499.

Remark: - The trend is up, but since it is in correction mode short trade seems better option at this point of time and should be tried as suggested above. Long trade should be avoided in general but worth trying on decline in the suggested 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.

Note: Price stated here is of spot market.

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

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY--14-11-2017

 CNX-NIFTY

Open-10322—High-10334.15---Low—10216.25---Close—10224.95 on 13-11-2017

Major Support: 10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/9992---9988/9970/9955-28/9870—50/9792-88/9740/9709.30/9700/9688/9687.55/9685.55

 Major Resistance: 10251.85/10263.58/ 10319.69/10321.75/10350.21—353.32/10378.70/10384.50/10390.35/10403.81--06/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-14-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10088/10062.97/10043---015/9992--88.                                                                                                                

Resistance: 10251.85/10263.58/10280/10308—319/10335/ 10341--50/10362/10376/10384.50/10390.35/10423.80/10429/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

 As anticipated the correction continues, it has established lower top & bottom on the line chart, making lower highs & lower lows on the bar chart  and decisively broken its short term moving averages which is a bad sign, but it is still above its important and key support levels of 10196.77--10178.95--10137.85--10124.50--10123.35. So there is a ray of hope that it can still bounce back from any of these points, but sustained break below 10123.35 on the closing basis can drag it down further with an accelerated pace. The bias is down as of now and it is expected to move down further. However if it moves up it will face strong resistance at 10251.85—10254.10 & 10322—10336 for the on-going week. Therefore avoid long trade below the said range of 10251.85—10254.10 during the week, but can be tried on decline near or around the range of 10140---10123.35 but not below 10123.35.

In view of the above observation avoid long trade now and can only be tried if it moves and sustain above 10254.10 for some time with a stop loss of below 10216 or on decline around the range of 10140---10123.35 but not below 10123.35 with a stop loss of below 10080, it could be a risky trade but seems worth trying. Since it is in correction mode, so short trade seems better option now and can be tried on the rise near 10254 but not above it with a stop loss of above 10280. Please avoid short trade on decline as it is very near to its important and key support points ,so it may bounce from here.

Remark: - The trend is up but the correction continues, therefore safe trader should avoid long trade for the day, but aggressive trader can try long trade as suggested above. In light of the continued correction short trade seems a better option now and 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----13-11-2017

A TECHNICAL VIEW ON CNX--BANK NIFTY--13-11-2017

CNX--BANK NIFTY

Open-25250.90--High-25598.55--Low-25237.20—Close-25498.95 on

 10-11-2017

MajorSupport:- 25470—455/25407/25339/25255/25198.80/25186.05/25184.35/25171.75/25119.50/25105.35/25078.65/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:-25560/25580/25598.75/25652/25694.60---695.75/25812.86/25850/26180/26441.80.

For-13-11-17 the intra-day short support and resistance levels are given here-under:-

Support:-25470—455/25407/25339/25255/25198.80/25186.05/25184.35.

Resistance: 25560/25580/25598.75/25652/25694.60---695.75 /25598.75 25695.75.

It started the week with three down day in a row but staged robust recovery in last two days and ended the week above its short term moving averages, but it is still below its critical resistance range which is placed at 25620---25753---25883(it changes every day) for 13-11-2017 and of course below its multiple top in the range of 25694.60—695.75. But if in next 2-3 trading session it moves above 25581 and sustain on the closing basis then it may cross its multiple top and critical resistance range also and move further ahead else this pullback move may end here and it gets into correction again. Therefore in light of the above till it closes above 25581 and sustain the fear of it moving down cannot be ruled out. Moving down it may find support at 25484—455/25407/25353—339/25255—247/25184.35 & 25119.50 and may bounce back from any of these points but sustained break below 25184.35 & 25119.50 on the closing basis may drag it down further with accelerated pace.

In view of the above observation avoid long trade till it closes above 25581. But aggressive traders can try long trade if it moves and sustain above 25500 with a stop loss of below 25400, avoid buy on decline strategy for the day. Similarly short trade can also be tried on the rise near but not above 25581 with a stop loss of above 25630.    

Remark: - The trend is up, but at this point of time it looks evenly poised therefore take your trading call as suggested above.

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

Note: Price stated here is of spot market.

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

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

A TECHNICAL VIEW ON CNX--NIFTY----13-11-2017

 CNX-NIFTY

Open-10304.35—High-10344.95---Low—10254.10---Close—10321.75 on 10-11-2017

Major Support: 10319.69/10263.58/ 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: 10350.21—353.32/10378.70/10384.50/10390.35/10403.81--06/10423.80/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10578/10667.67/10707.88.

                                                                                                                                                                                                                              

For-13-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10319.69/10303.15/10263.58/10251.85/10209.98/10196.77/10178.95/10137.85/10124.50/10123.35/10080.67/10062.97/10043---015/9992--88.                                                                                                                

Resistance: 10341--50/10362/10376/10384.50/10390.35/10423.80/10429/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

 After first three days of fall in a row it had two short up days in last two days of the week ended on 10-11-17. But despite the up days the fear of on-going correction lasting for few more days is still there as it has broken bottom on the line & bar chart both, furthermore it is running below some of its short term moving averages which are placed in the range of 10339----376(it changes every day) and some of the important long term averages which are placed in the range of 10350---10429(it changes every day) and crossing these range looks slightly difficult at this point of time. But if it moves above 10391 on the closing basis and sustain then it may cross the resistance range and up move may resume. The broad trading range for the week would be 10490.45---10445.75---10403.81---10251.85 and trading range for the day would be 10251.85---10284—10350---10391. It is therefore suggested to structure your trade keeping the aforesaid range in mind. Since it is in correction mode therefore trying long trade could be a risky affair till it closes above 10391. Short trade seems a better option till clarity on bottom formation emerges.      

In view of the above observation avoid long trade for taking advantage of the pull back move; however aggressive traders can try long trade if it moves above 10341with a stop loss of below 10284. Since it is in correction mode, so short trade seems better option and can be tried on the rise near but not above 10375--10390 with a stop loss of above 10410 or sell if it breaks 10303level and sustain for some time with a stop loss of above 10341.

Remark: - The trend is up and despite last two days short up day, correction is still likely to continue, therefore safe trader should avoid long trade for the day. Instead short trade seems better option and 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---10-11-2017

A TECHNICALL VIEW ON CNX---NIFTY---10-11-2017

 CNX-NIFTY

Open-10358.65—High-10368.45---Low—10266.95---Close—10308.95 on 9-11-2017

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-10-11-17 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: 10323.05/10346.07/10382.91/10384.50/10390.35/10423.80/10424.80/10431.75/10441/10452.50/10459.76/10461.70/10482.63/10490.45/10536.52/ 10540/10578/10667.67/10707.88.

It had a very short up day today on the closing basis but it seems that the correction is still on. The broad observation remains the same as mentioned in my post of 8-11-17& 9-11-17. The trading range for the day is 10384.50---10281---10251.85 and break below 10251.85 may drag it down to 10209.98& 10196.77. Its key support points are at 10178.95/10137.85/10123.35, so be alert around this range it may bounce back from here for a pull back. But sustained break below 10123.35 on the closing basis may accelerate the fall and it may seek much lower level then. The bias is on the downside; therefore long trade should be avoided.

In view of the above observation avoid long trade now; however aggressive traders can try long trade on decline in the range of 10178.95----10123.35 but not below 10123.35 with a stop loss of below 10080. It is a sell on the rise market now, so short trade seems better option and can be tried now or on the rise but if it moves above 10323.60 then wait for some time to move it up further and try selling near but not above 10384.50 with a stop loss of above 10405 or wait for it to break below 10303 to sell in this case stop loss would be above 10325. Please note that if market opens with a gap down (SGX-Nifty is indicating so) i.e. below 10266.95 then wait for some time for settle it down or move up a bit then initiate trade.

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 as mentioned above. Instead short trade seems better option and 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.

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

CNX--BANK NIFTY

Open-25375.80--High-25435.60--Low-25119.50—Close-25184.35 on

 8-11-2017

MajorSupport:- 25171.75/25119.50/25105.35/25078.65/25010.36/24978.15/24878.65/24798.65/24685.43/24560.75.

MajorResistance:- 25186.05/25198.80/25247/25353.05/25484.03/25598.75/25694.60---695.75/25812.86/25850/26180/26441.80.

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

Support:-.25171.75/25105.35/25078—58/24978--957/24833--798.

Resistance: 25186.05/25198.80/25247/25252/25283/25336/ 25353.05/25484.03/25529/25598.75 25695.75/25724/25852/26180/26441.80.

The broad observation remains the same as mentioned in my post of 8-11-17. It weakened further today and it was sort of a mild confirmation that the on-going correction may last for couple of days with in between short up moves, therefore long trade should be avoided at this point of time. It has broken few of its important and key support points of 25198.80&25186.05 and also broke some of the short term moving averages also which is a bad sign. However going down it will have good support in the range of 25105---- 25078—58/24978--957/24833—798 and it may bounce back from any of these points. But please note that sustained break below 24978 may drag it down to 24798 and break below this mark may accelerate the fall and it may seek much lower levels. If it stages a relief rally today then 25350---25440 would be the tough range to cross.  

In view of the above observation safe trader should avoid long trade now because trying long trade for relief rally could be extremely dicey and 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 on decline in the range of 24978--833 with a stop loss of below 24770. Since it is in correction mode short trade would be a better option and it can be tried on the rise but not above 25380 with a stop loss of above 25440.    

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.

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.