BSE-Sensex-Technical View For-31-12-14

BSE-Sensex  closed at 27403.54on 30-12-2014

SUPPORT: - 27372 / 27324 / 27160 / 26997/ 26795 / 26469.

RESISTANCE: - 27526 / 27646 / 27740 / 27851.10 / 27924 / 27980 / 28268 / 28823.

(Figures in bold are important)

Sensex opened on a positive note at 27478.30 and the open was the high also and then made a low of 27312.29 before closing the day at 27403.54.It closed a shade higher today then its previous days close which indicate some indecisiveness. I would therefore suggest to take fresh long call only if it moves above 27572 and stays for some time and for those who are holding long call now are advised not to add fresh position if it consistently starts trading below 27330 and should get alerted below 27240 and exit trade below 27200. Short call can be tried if it moves below 27240 and stay with a stop loss of above 27270 for a target of 27095. Please avoid long call below 27090 for sure for the entire week. Going down it can have support at 27240 /27160 / 27090 / 27024 / 26997 & 26795, moving up it will have resistance at 27526 / 27646 / 27740 / 27852 / 27925 & 28268. The overall bias is mixed now with a slight tilt on the downside till it moves above 27852 and stays.

REMARK:-  :- Long term up trend is intact .I suggest  not to initiate any trade in last day of the current year 2014.

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.

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.

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