A TECHNICAL OBSERVATION ON BITCOIN---2-10-2017

 BITCOIN

Support: $4344.65/4224.64/4094.07/4039.29/3998.11/3970.55/3951.04/3906.18/3868—57/3681—66/3553.53/3445.64/3247.67/3155.53/2946.62.                                                                                                                  

Resistance: -$4455.70/4455.97/4484.70/4626.52/4655—61/4714.08/4975.049 (All Time High).

After hitting an all time high of $4975.04 on 2.9.2017 it corrected sharply on adverse news in China about it and hit a low of $2946.62 on 15.9.2017 but gradually recovered reasonably well and now trading at around $4422 (2.10.17 at 10.25 A.M). Its long term trend is up but moving up from here it will face  stiff resistance at $4428.12/4496.33 &4569.35 but once it moves above $4569.35 and sustain on the closing basis then it is likely to test or cross it’s all time high of $4975.04 ,chances of which are looking pretty bright at this point of time. Similarly moving down it will find good support at 4344.65—4338.71/4224.64/4094.07/4039.29. Please note that the range of 4344.65—4338.71 is very important for the month of October-2017, so sustained break below this range can drag it down to lower support levels as mentioned above and break below 4039.29 can take it down for deeper correction, therefore it is suggested to hold buying if it moves below 4039.29 and sustain till it gives indication of correction completion or bounce back above 4094.07 and sustain on the closing basis or one may try long call near important support points as mentioned at the top(see support points at the top). The technical setup is good, long term trend is up and bias as now is also up, therefore it is suggested to buy now or on decline as advised.

It is important to mention here that long term up trend will only be threatened if it breaks 3274 level (it changes every day) and sustain, chances of which looks very slim in near time period 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.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--NIFTY--3-10-2017

 CNX-NIFTY

Open-9814.30—High-9854---Low—9775.35---Close—9788.60 on

29-9-2017

Major Support: 9740/9709.30/9700/9688/9687.55/9685.55/9560.80/9448.75.                                                                                                                    

 Major Resistance: -9792/9850/9870/9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-3-10-17 the intra-day short support and resistance levels are given here-under:-

Support: -9786/9736/9709/9700/9688/9685.55/9634/9560.80.                                                                                                               

Resistance: 9792/9803.52/9821/9878/.                                                                                                                                                                                                                          

It tested its major bottom of 9685.55 on 28.9.2017 and made a slight higher bottom at 9687.55 and reasonably bounced back from there, so it has made double bottom in the range of 9687—9685 which is a good sign. On 29-9-17 it opened with an up gap and further went up but late in the afternoon it wiped out all the major gain and closed with a moderate gain of 19.64 points. The movement for day indicated weakness. Furthermore it is also below its short and medium term moving averages   and other technical indicator such as RSI and MACD are also badly poised therefore the overall technical setup is weak as of now and indicate that further fall may be ahead in coming days/weeks. But since it has made double bottom at 9687—9685 it may move sideways or up from here for a while before it witness further fall. Moving up it will face resistance at 9803.52/9821/9870--9878/9934/9970—92.

The key points are 9803.52(fix point)/9821 &9878(it changes every day) so if it maintains and close above 9803.52 then it can be assumed that the pullback move may continue for a while, move and close above 9821 &9878(it changes every day) will indicate that the up move may strengthen but it will regain the strong up momentum only above 9970—92 which may be please be noted. The last two days positive close was a pullback move and may continue for some time if it behaves in the aforesaid manner else it may end anytime soon.

In view of the above observation long trade for taking advantage of the pullback move should only be attempted if it moves and sustain above 9803.52 with a stop loss of below 9735 for a target of 9821/9850—78/9920. Similarly short trade can also be attempted below 9735 with a stop loss of above 9790 for a target of 9685/9640 or sell if it fails to cross 9878 then near it but not above it with a stop loss of above 9930.   Please watch the market for sometime before initiating the trade.  

It is important to mention here that the ongoing up move after the impulse down move of 8 days seems to be a pullback move and may end anytime until and unless it crosses 9970--92 level and sustain above it; therefore long trade should be handled with extreme caution and care at this point of time.

Remark: - Since it  has made double bottom in the range of 9687—9685, therefore it may stage a pullback rally from here before it resumes the down move again, so those who wish to take advantage of this rally may try long call as suggested above. But broadly it still seems a sell on the rise market as of now, so be alert and cautious in long trade.

  

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---3-10-2017

CNX--BANK NIFTY

Open-24114--High-24227.45--Low-24004.80—Close-24053 on

 29-9-2017

MajorSupport:-23963.74/23897/23852/23822.20/23708.65/23611.10/23311.85/23029/22996/22978/22578.

MajorResistance:24103/24151—156/24455/24494.35/24496.20/24591.80/24651.05.

For-29-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-23963.74/23852/23822/23708/23650—611/23580/23341/24216.

Resistance: 24055—78//24103/24151—156/24228/24389/24422--55.

After making major lower top at 25105.35 on 18.9.2017 it started correcting and in 8 trading session it lost close to 1500 points. But on 28.9.2017 after hitting a low of 23611.10 it recovered sharply to close at 24008.15 which indicates that after the huge impulse fall of 8 days it has made a short bottom at 23611.10 and may move up further before it witness further fall. On 29.9.2017 it opened with an up gap and further went up but late in the afternoon it wiped out all the major gain and closed with a moderate gain of 44.84 points. The movement for day indicated weakness. Furthermore it is also below its short and medium term moving averages   and other technical indicator such as RSI and MACD are also badly poised therefore the overall technical setup is weak as of now and indicate further fall may be ahead in coming days/weeks. But since it seems that a short bottom at 23611.10 is in place therefore it may move sideways or up from here for a while before it starts down journey again. Moving up it will face resistance at 24182/24227/24388/24422—55/24496--535.

The key points are 23963.74(fix point)/24055 &24227(it changes every day) so as long as it maintains above 23963.74 then it can be assumed that the pullback move may continue for a while, move and close above 24055 &24227(it changes every day) will indicate that the up move may strengthen but it will regain the strong up momentum only above 24550 which may be please be noted. The last two days positive close was a pullback move and may continue for some time if it behaves in the aforesaid manner else it may end anytime soon.

In view of the above observation long trade for taking advantage of the pullback move can be tried as long as it holds 23963.74 level but it would be relatively better to initiate long call if it sustains above 24055 for the day with a stop loss of below 23950 for a target of 24103—182/24227/24388. Similarly short trade can be attempted below 23950 with a stop loss of above 24055 for a target of 23852/23812/23708 or sell if it fails to cross 24227 then near it but not above it with a stop loss of above 24300. Please watch the market for sometime before initiating the trade.  

It is important to mention here that the ongoing up move after the impulse down move of 8 days just seems to be a pullback move and may end anytime until and unless it crosses 24502--24550 level and sustain above it; therefore long trade should be handled with extreme caution and care at this point of time.

Remark: - It seems that it has made short bottom at 23611.10, therefore it may stage a pullback rally from here before it resumes the down move again, so those who wish to take advantage of this rally may try long call as suggested above. But broadly it still seems a sell on the rise market as of now, so be alert and cautious in long trade.

 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---28-9-2017

 CNX-NIFTY

Open-9920.60—High-9921.05---Low—9714.40---Close—9735.75 on 27-9-2017

Major Support: -9709.30/9700/9688/9685.55/9560.80/9448.75.                                                                                                                    

 Major Resistance: -9740.10/9784/9792/9850/9870/9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-28-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9709/9700/9688/9685.55/9634/9560.80.                                                                                                              

Resistance: 9784/9792/ 9812/ 9850/9874 .                                                                                                                                                                                                                    

It was expected to give a pullback and it did give and opened firmly with an up gap, but did not maintain at the upper level and not even lasted for 10 minutes and started going down and in the later part of the day it plunged down sharply and broke all its important support levels, which shows inherent weakness in it . Now it is very near to its key support range of 9709---9685(see my earlier post) and sustained break below 9685 could accelerate the fall. Furthermore it is also important to mention here that its long term moving averages are placed in the range  of 9634---9226(it changes every day) for 28-9-2017 and sustained break below 9634 will threaten the uptrend and sustained break below 9226 will possibly end the uptrend which may be kept in the back of the mind.

Kindly note that last four days move clearly indicates that it is an impulse down move and it may continue for some time; furthermore looking at the technical indicators such as RSI (negative divergence) & MACD (sell mode) (see my post of 25-9-2017) therefore there is a distinct possibility also that the long term uptrend may be in danger and it is likely to see much lower levels in coming days/ weeks. Today’s massive fall confirms that now it is clearly a sell on the rise market, however it may witness in between short up move from time to time but long call should be avoided for taking advantage of these up moves and long call should only be attempted when it gives visible indication of bottom formation.  

The range for the day would be 9874---9812----9792----9709----9685----9634. It is advised to avoid long call but contrarian trader if they wish to can try long call near last key support point range of 9709--- 9685 with a stop loss of below 9634; it could be a risky trade. Therefore it is suggested to adopt sell on the rise strategy and the possible good sell point for the day could be 9812 & 9840--50with a stop loss of above 9880 or sell below 9685 with a stop loss of above 9740. Please watch the market for sometime before initiating the trade.  

Remark: - The expected pullback happened but lasted just for less than 10 minutes and fizzled out. In view of the above observation long call should be avoided and sell on the rise at appropriate points or below key support point strategy should be followed till a good bottom is formed.

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---28-9-2017

CNX--BANK NIFTY

Open-24308.70--High-24331.85--Low-23766.60—Close-23812.95 on

 27-9-2017

MajorSupport:-23708.65/23311.85/23029/22996/22978/22578.

MajorResistance:23822.20/23852.65/23897.85/23964.80/24103/24103—156/24455/24494.35/24496.20/24591.80/24651.05.

For-28-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-23765/23715/23636/23580/23341/24216.

Resistance: 23822.20/23946/24022/24103/24151—156.

It was expected to give a pullback and it did give and opened firmly with an up gap, but did not maintain at the upper level and not  even  lasted for 10 minutes and started moving down and in the later part of the day it plunged down sharply and broke it recent major bottom of 23822.20 and closed below it, which shows tremendous inherent weakness in it and indicates further fall ahead. Furthermore it is also important to mention here that its long term moving averages are not far away and are placed in the range of 23341-----21902(it changes every day) for 28-9-2017 and sustained break below 23341 will threaten the uptrend and sustained break below 21902 will possibly end the uptrend which may be kept in the back of the mind.

Kindly note that down move of 22^nd, 25th &27^th Sept-2017 clearly indicates that it is an impulse down move and it may continue for some time; furthermore looking at the technical indicators such as RSI (negative divergence) & MACD (sell mode) (see my post of 25-9-2017) therefore there is a distinct possibility also that the long term uptrend may be in danger and it is likely to see much lower levels in coming days/ weeks. Today’s massive fall confirms that now it is clearly a sell on the rise market, however it may witness in between short up move from time to time but long call should be avoided for taking advantage of these up moves and long call should only be attempted when it gives visible indication of bottom formation.  

The range for the day would be 24216---24102----24079---24022---23946---23852----23822.20----23765----23715---23636---23580----23341 It is advised to avoid long call but contrarian trader if they wish to can try long call if it maintains above 23822.20 for some time with a stop loss of below 23765;but it could be a risky trade. Therefore it is suggested to adopt sell on the rise strategy and the possible good sell point for the day could be 24022/24078—24095/24156 with a stop loss of above 24220 or sell if it maintains below 23822.20 for some time with a stop loss of above 23900. 

Please watch the market for sometime before initiating the trade.  

Remark: - The expected pullback happened but lasted just for less than 10 minutes and fizzled out. In view of the above observation long call should be avoided and sell on the rise at appropriate points or below key support point strategy should be followed till a good bottom is formed.

 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--27-9-2017

 CNX-NIFTY---27-9-2017

Open-9875.25—High-9891.35---Low—9813---Close—9871.50 on 26-9-2017

Major Support: -9870/9850/9813/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-27-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9813/9802/9792/9784/9740/9709.

Resistance: -9874/9925—9948/9970/9988.40/10031.

The correction continued and it went near the last but one expected bounce back point of 9801(see my post of 25.9.2017) again and then recovered reasonably well to close with a meager loss of 1.09 points. It is still weak technically but since it held the important point of 9801 & 9784 for two days, furthermore after coming so near to the point it recovered sharply, so it has made double bottom at 9916—9913. Therefore it is expected that it may stage a  pullback from here before any further decline. The expected pullback rally may take it to 9900/9930—9953/9970/9996 levels. Please note that it would be a relief rally and could fizzle out at or around any of these points which may be noted, so be careful in your trade. It is important to mention here that it may regain the smooth up momentum only if it moves and sustain above 10048 on the closing basis.

The range for the day would be 9953---9930----9900----9873----9813---9801---9784. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 9801 with a stop loss of below 9780 or above 9900 with a stop loss of below 9850.  

Remark:-It has made double bottom, so it may stage a pullback from here therefore long call can be attempted as suggested above to take advantage of an expected up move but with utmost caution, because pullback rallies are treacherous in nature and may end abruptly also.  

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---27-9-2017

CNX--BANK NIFTY

Open-24105.60--High-24236.95--Low-24017.40—Close-24199.15 on

 26-9-2017

MajorSupport:-24156--51/24103.30/24078/24015/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-27-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24156---151/24103.30/24078/24053/24015/23897.85/23852.65.

Resistance: 24216/24310/24455/24496.20/24568---690.

Today it went again below its important support point of 24078(see my post of 25-9-2017) and near its previous day’s low of 24015.45 but did not break it and staged a smart recovery in the late afternoon to close with a gain of 34.09 points. Despite breaking its important support point of 24078 for two consecutive days it bounced back sharply on both days and closed reasonably above it. Although it is technically weak but last two days move gives an indication that a short bottom may be in place at 24015.45 and it may stage a pullback rally from here before it falls further. The expected pullback rally may take it to 24273/24340/24390/24455/24560 levels. Please note that it would be a relief rally and could fizzle out at or around any of these points which may be noted, so be careful in your trade. It is important to mention here that it may regain the smooth up momentum only if it moves and sustain above 24690 on the closing basis.

The range for the day would be 24432----24390----24340----24273----24216---24151---24103----24078----24015. In anticipation of an expected pullback long call can be tried on decline at proper points but not below 24078 with a stop loss of below 24000 or above 24240 with a stop loss of below 24150. 

Remark:-It seems that it has made a bottom at 24015, so it may stage a pullback from here therefore long call can be attempted as suggested above to take advantage of an expected up move but with utmost caution, because pullback rallies are treacherous in nature and may end abruptly also. 

 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--BANK NIFTY--26-9-2017

CNX--BANK NIFTY-FOR- 26-9-2017

Open-24361.55--High-24363.80--Low-24015.45—Close-24165.05 on

 25-9-2017

MajorSupport:-24156--51/24103.30/24078/24015/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-26-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24156---151/24103.30/24078/24053/24015/23897.85/23852.65.

Resistance: 24364/24455/24496.20/24568---690.

The broad observation remains the same as mentioned in my post of 25-9-2017; the bias is on the downside as of now. The fall continued today and it broke its important support point of 24078(see my post of 25-9-2017) and hit a low of 24015.45 but in last hour trading session it recovered to some extent and bounced back above 24078 mark, however finally it closed with a loss of 203.79 points. It is looking extremely weak and the last hour recovery may not last but till it hold 24078 & 24015.45 level it may move sideways or may give a short up move. The range for the day is 24455----24365----24205----24078----24015.45----23897. Since it is in correction mode it is suggested to avoid long call till it gives visible indication of correction completion, so one may look for short trade now, but day trader can try both side trade depending on the price movement. It is therefore suggested to structure your trade in accordance with the range for the day mentioned above to get better result.

Remark:-It is in correction mode no, therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or 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---26-9-2017

 CNX-NIFTY---26-9-2017

Open-9960.10—High-9960.50---Low—9816.05---Close—9872.60 on 25-9-2017

Major Support: -9870/9850/9816/9801/9792.05/9784/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9925.75/9928.20/9947.80/9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-26-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9868/9836/9816/9802/9792/9784.

Resistance: -9925—9948/9970/9988.40/10031.

The broad observation remains the same as mentioned in my post of 25-9-2017; the bias is on the downside as of now. The fall continued today also but in last hour trading session it recovered to some extent but finally closed with a loss of 91.80 points. It came near the expected bounce back point of 9801(see my post of 25-9-17) and then recovered but this recovery may not be lasting but at the same time till it hold 9870,9801 & 9784 it may move sideways or may give a short up move.  The range for the day is 9948----9870----9801----9784. Since it is in correction mode it is suggested to avoid long call till it gives visible indication of correction completion, so one may look for short trade now, but day trader can try both side trade depending on the price movement. It is therefore suggested to structure your trade in accordance with the range for the day mentioned above to get better result.

Remark:-It is in correction mode no, therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or 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.

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---25-9-2017

CNX--BANK NIFTY

Open-24704.55--High-24709.70--Low-24340—Close-24368.85 on

 22-9-2017

MajorSupport:-24156--51/24103.30/23897.85/23852.65/23822.20/25523.65/23311.85.

MajorResistance: - 24455/24494.35/24496.20/24591.80/24651.05/24791.85/24924/24979.35/24994.30/25032/25105.35/25198.80

For-25-9-17 the intra-day short support and resistance levels are given here-under:-

Support:-24340--303/24193/24156---151/24103.30/24053/23897.85/23852.65.

Resistance: 24455/24496.20/24568---690.

Further to my last post of 11-9-2017. It did move above its important point of 24924 but could not cross its all time high of 25198.80 therefore top out conclusion still holds (see my post of 11-9-2017)  .It made a high of 25105.35 in this up move and then slipped and has been falling for last 4 days and today it had massive fall and it broke some of its most important levels  and its short term moving averages also therefore it seems that the on-going down move may continue till it bounce back above its short term averages and important points which are placed in the range of  24455---24690---24826. Moving down it may find support at 24312---24303/24193/24151—103/24078  and it is possible that it may bounce back from or around any of these points and may resume the up move again. But in case it fails to bounce back then the correction may deepen and the threat points would be break and sustained close below 24303 and then below 24078 . But not to forget that it has strong support in the range of 23897-----23822.20, (see my post of 11-9-2017), so the real breakdown can only happen if it breaks and sustain below 23822.20 on the closing basis.

 It is important to mention here that its relative strength is weak in comparison with Nifty therefore it may have deeper correction than Nifty. It is in corrective mode now but it can witness in between short up move during the correction. Therefore those who want to take advantage of these short up moves can try long call above 24455 with a stop loss of below 24340, but it would be better and relatively safe to attempt long call if it moves and sustain above 24555 for the day. Avoid long call completely for the week starting from 25-9-2017 if it slips below 24340 and sustain and try it only on the decline near the important support points mentioned above with proper stop losses. In fact it is suggested to try short call if it slips below 24340 and sustain for few minutes with a stop loss of above 24455.

I once again reiterate that on the weekly chart strong negative divergence in RSI still persist and MACD is also in the sell mode, so if the correction continues for some time then it may drift on the downside and may hit 23200 or lower levels in coming days/ weeks (see my post of 11-9-2017), therefore long trade should be handled with extreme caution and care.

  

Remark: - It still seems that it has topped out at 25198.80. Now it is in corrective mode and how this correction culminates has to be seen. But in view of negative divergence in RSI and MACD sell mode, it could still go down sharply if correction persists for some time. Therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or 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--25-9-2017

 CNX-NIFTY---25-9-2017

Open-10094.35—High-10095.05---Low—9952.80---Close—9964.40 on 22-9-2017

Major Support: -9947.80/9870/9850/9838/9792.05/9783.75/9740.10/9709.30/9700/9688/9685.55/9621.40/9532.60.                                                                                                                    

Major Resistance: -9970/9988.40/10031/10048/10088.10/10114.85/10131.95/10137.85/10178.95.

Critical Point:-9870 & 9970.

For-25-9-17 the intra-day short support and resistance levels are given here-under:-

Support: -9955—9907/9883—9850/9803/9784.

Resistance: -9988.40/10031/10048/10062—10092.

Further to my last post of 11-9-2017 the way it was moving, it did not seemed that it would make a new high, but it did and also closed above the previous high of 10137.85 for three consecutive days then went in for correction. Today it had a massive down move and it broke some of its most important levels  and its short term moving averages also therefore it seems that the on-going down move may continue till it bounce back above its short term averages and important points which are placed in the range of  9970---10062. Moving down it may find support at 9932---9907/9874/9850/9801—9784 and it is possible that it may bounce back from or around any of these points and may resume the up move again. But in case it fails to bounce back then the correction may deepen and the threat points would be break and sustained close below 9850 and then below 9784. But not to forget that it has bed of supports in the range of 9740---9709---9685(see my post of 11-9-2017), so the real breakdown can only happen if it breaks and sustain below 9685 on the closing basis.

 It is in corrective mode now but it can witness in between short up move during the correction. Therefore those who want to take advantage of these short up moves can try long call above 9992 with a stop loss of below 9950, but it would be better and relatively safe to attempt long call if it moves and sustain above 10062. Avoid long call completely for the week starting from 25-9-2017 if it slips below 9950 and sustain and try it only on the decline near the important support points mentioned above with proper stop losses. In fact it is suggested to try short call if it slips below 9950 with a stop loss of above 9992.

I once again reiterate that on the weekly chart strong negative divergence in RSI still persist and MACD is also in the sell mode, so if the correction continues for some time then it may drift on the downside and may hit 9525/9448 or lower levels in coming days/ weeks (see my post of 11-9-2017), therefore long trade should be handled with extreme caution and care.

Remark:-It seemed that it had topped out at 10137.85 but it made a new high of 10178.95 and now it is in corrective mode and how this correction culminates has to be seen. But in view of negative divergence in RSI and MACD sell mode, it could still go down sharply if correction persists for some time. Therefore it is suggested to try long call only after the on-going fall is arrested and it starts looking up or 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.

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

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

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

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.