Nifty-Technical View--2-2-2015

NIFTY CLOSED AT 8808.90 ON 30-1-2015

SUPPORT: -8776—750 / 8626—8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8996.60 / 9039 / 9061 / 9704.

(Figures in bold are important)

Nifty opened with gap up in the uncharted zone at 8996.60 and the same was the new all time high also but it could not sustain at upper level even for 10 minutes and slipped in the negative territory and thereafter consistently moved down and made a low of 8775.10 and finally closed the week at 8808.90. It was a terrible down day today and as expected the desired correction has set in and that too within the anticipated range (see my post dt-27-1-2015) and nifty tanked by more than 220 points from  intra-day high and finally closed 143.44 points lower then the previous day. This correction may last for few days and these are the possible points from where it can bounce back 8626=8600 / 8530—8350 / 8280—8200 and resumes the up move again.

Please note that 8626.95 & 8270 are the benchmark points for the entire year of 2015, so get alerted in long trade below 8626.95 and avoid long trade for sure below 8270 till it bounce back above 8290 and sustain.

Technically it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameter the range for which is between 8752---8669(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 8752 and below 8669 for sure instead try short call below 8775 with a stop loss of above 8820 for a target of 8650 & 8600 Overall it is advised to avoid long call for at least 2-3 days or till visible indication of correction completion emerges. However those who want to take long call should only try it above 8840 with a stop loss of below 8800.

Going up it will face resistance at 8960 / 9039 & 9061 and moving down it will have support at 8625 / 8535 / 8445.60 & 8380.55. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample indication of correction completion.

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.

CNX-Bank Index-Technical View--2-2-2015

CNX-Bank Index closed at 19843.75 on 30-1-2015

SUPPORT: - 19732 / 19606 / 19250-200 / 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20610 / 20907.55 / 21097 / 21360.

(Figures in bold are important)

Index opened with a small gap up at 20600.65 and the open was the high also for the day, it could not sustain at the upper level and immediately sipped into negative zone and steadily moved down and made a low of 19732.45 before closing the week at 19843.75. It was a devastating down day today and as expected the desired correction has set in and that too around the anticipated range (see my post dt-27-1-2015) and index tanked by more than 860 points from intra -day high and finally closed 685.84 points lower than the previous day. This correction may last for few days and these are the possible points from where it can bounce back 19600-19550 / 19240-200 /18840-800 / 18300 and resumes the up move again.

Please note that 18923 & 18728 are the benchmark points for the entire year of 2015, so get alerted in long trade below 18923 and avoid long trade for sure below 18728 till it bounce back above 18740 and sustain.

Technically it is looking much weak in comparison with Nifty and BSE Sensex, furthermore it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameters and the range for which is between 19680---19325(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 19680 and below 19325 for sure instead try short call below 19730 with a stop loss of above 19850 for a target of 19550 & 19300 Overall it is advised to avoid long call for at least 2-3 days. However those who want to take long call should only try it above 20150 with a stop loss of below 19950.

Going up it will resistance at 20170 / 20610 & 20907.55 and moving down it will have support at 19600 / 19325 /19166 / 19061 / 18923 & 18728.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample indication of correction completion.

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.

BSE-Sensex-Technical View--2-2-2015

BSE- Sensex  closed at 29182.95 on 30-1-2015

SUPPORT: - 28822.37 / 29120 / 29047 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 /  27203.25 / 27091.38 /  26776 / 26469.42.

RESISTANCE: - 29844 / 30150 / 30271.

 (Figures in bold are important)

Sensex opened with a up gap at 29801.60 and made a new all time high of 29844.16 but could not sustain at higher level and moved in a negative territory in no time and then steadily moved down during the day and made a low of 29070.48 before closing the week at 29182.95. It was a devastating day today and as expected the desired correction has set in and that too around the anticipated range (see my post dt-27-1-2015) and sensex tanked  by more than 770 from days high during the day  and finally closed  498.82 points lower on 30-1-2015.This correction may last for few days and these are the possible points from where it can bounce back 28822 / 28670-555 / 28310-28150 / 27940-750 / 27500-250 and resumes the up move again.

It is important to mention here that 28822 & 27480--500 these are the two benchmark points for the sensex for the entire year of 2015,therefore be alert in long trade below 28822 and avoid long trade below 27480 for sure till it bounce back above 27500 and sustain.

Technically it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameters the range for which is between 29130-28840(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 29130 and below 28844 for sure instead try short call below 29070 with a stop loss of above 29150 for a target of 28850 & 28700. Overall it is advised to avoid long call for at least 2-3 days. However those who want to take long call should only try it above 29280 with a stop loss of below 29220.

Going up it will face resistance at 29845 level and moving down it will have support at 28822 / 28700 & 28550.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample indication of correction completion.

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.

Nifty--CNX Bank Index--BSE Sensex-Technical View For-29-1-2015

NIFTY CLOSED AT 8914.30 ON 28-1-2015

SUPPORT: -8795.40 / 8774 / 8680 / 8626.95 / 8535.35 / 8445.60 / 8380.55 / 8364.75 / 8326 / 8282.70 / 8272.80 / 8180 / 8160 / 8147.95 /

 RESISTANCE: - 8960 / 8986 / 9039 / 9061 / 9704.

Nifty had a straight rise of 9 days but it could not sustain itself at the higher level today and showed pressure at the upper level although technically it is good but ,Since it had a vertical rise from the level of 8065 to 8985 in just 15 trading session therefore it looks highly vulnerable for correction and it may set in anytime, therefore I would suggest to avoid long call now and below 8870 for sure on 29-1-2015 and advice profit booking on existing long trade on every rise. In fact aggressive trader can try short call either on the rise  or below 8870 with a stop loss of 8990 & 8900 respectively on 29-1-2015.

CNX-Bank Index closed at 20491.75 on 28-1-2015

SUPPORT: - 20460 / 20170 /19788 / 19723 / 19166 / 19061.35 / 18923.60 / 18875.45 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20710 / 20908 / 21097.

After 6 straight days of rise it had a down day today, it could not sustain at higher level today and closed near the low of the day which indicate exhaustion and pressure at upper level, furthermore since it had a vertical rise from the level of 18211 to 20907 in 15 trading session therefore it looks highly vulnerable for correction and it may set in anytime. I would therefore suggest to avoid long call now and below 20435 for sure on 29-1-2015 and advice profit booking on existing long trade on every rise. In fact aggressive trader can try short call below 20435 with a stop loss of above 20495 on 29-1-2015

BSE- Sensex  closed at 29559.18 on 28-1-2015

SUPPORT: - 29165 / 28822.37 / 28541 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27354.99 27247 / 27203.25 / 27091.38 / 26845 / 26776 / 26469.42.

RESISTANCE: - 29630 / 29787 /  29817 / 30150 / 30271.

After 8 straight days of rise it had a down day today, so correction may be imminent , furthermore since it had a vertical rise of more than 3000 points from the level of 26776 to 29786 in just 15 trading session therefore it looks highly vulnerable for correction and it may set in anytime. I would therefore suggest to avoid long call now and below 29450 for sure on 29-1-2015 and advice profit booking on existing long trade on every rise.

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.

Nifty---CNX Bank Index & BSE Sensex---Technical View For---28-1-2015

NIFTY CLOSED AT 8910.50ON 27-1-2015

SUPPORT: -8795.40 / 8774 / 8680 / 8626.95 / 8535.35 / 8445.60 / 8380.55 / 8364.75 / 8326 / 8282.70 / 8272.80 / 8180 / 8160 / 8147.95 /

 RESISTANCE: - 8945 / 8960 / 9039 / 9061 / 9704.

It is suggested to avoid fresh long call if it consistently trades below 8901 & 8880 on 28-1-2015 because it is highly vulnerable for correction at this juncture, however if it moves above 8950 and stay then it may continue up move for another 2-3 days before correction sets in because correction looks inevitable now, therefore it is advised to book profit on existing long trade on every rise.

CNX-Bank Index closed at 20555.25 on 27-1-2015

SUPPORT: - 20460 / 20170 /19788 / 19723 / 19166 / 19061.35 / 18923.60 / 18875.45 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20710 / 21097.

Avoid fresh long call below 20350 on 28-1-2015 because correction looks imminent at this juncture, however if it starts trading above 29680 and stays then the  on- going up move may continue for another 2-3 days before correction sets in,  therefore it is advised to book profit on existing long trade on every rise.

BSE- Sensex  closed at 29571.04on 27-1-2015

SUPPORT: - 29165 / 28822.37 / 28541 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27354.99 27247 / 27203.25 / 27091.38 / 26845 / 26776 / 26469.42.

RESISTANCE: - 29630 / 29817 / 30150 / 30271.

It is suggested to avoid fresh long call below 29460 on 28-1-2015 because below this mark correction may set in, however if it moves above 29670 and stays then it may continue up move for another 2-3 days before correction sets in because correction looks inevitable now, therefore it is advised to book profit on existing long trade on every rise.

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.

Trading Calls For--27-1-2015

Nifty-Technical View---27-1-2015

NIFTY CLOSED AT 8835.60 ON 23-1-2015

SUPPORT: -8795.40 / 8774 /  8680 / 8626.95 / 8535.35 / 8445.60 / 8380.55 / 8364.75 / 8326 / 8282.70 / 8272.80 / 8180 / 8160 / 8147.95 /

 RESISTANCE: - 8867 / 8960 / 9039 / 9061 / 9704.

(Figures in bold are important)

Nifty opened with a huge gap up at 8827.95 and tried to fill the gap and made a low of 8795.40 but the gap still exist and thereafter it moved up and made a new all time  high of 8866.40 and closed the weekend at 8835.60.Today was the 7^th straight day of rise and with each passing up day its vulnerability for correction is increasing, therefore I once again caution trader to be highly alert in long trade and handle it with extreme vigil and promptness because it may encounter severe profit booking anytime. It seems that this on- going up rally may get exhausted and take a  breather in the range of 8960—9061 and since we are not far away from striking this range ,I would therefore advice to book profit on existing long trades on every rise and avoid fresh long trade for at least 2-3 days.

The benchmark point for nifty is 8625 for the whole year of 2015, so the alert point for long positional trader is below 8625 and exit point is below 8570.

The aggressive trader can still go long above 8867 with a stop loss of below 8820 for 27-1-2015 but avoid fresh long trade if it consistently starts trading below 8820 because then the correction may set in. I once again repeat to avoid fresh long trade for at least 2-3 days, because of over optimism and exuberance prevailing in the market for the last couple of trading sessions which is a distinct indication of a top for now is nearby.

Going up it will face resistance at 8960 / 9039 & 9061 and moving down it will have support at 8625 / 8535 / 8445.60 & 8380.55. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. It is still buy on dip market but I would suggest to avoid fresh long trade here instead it is suggested to book profit on existing long trades on every rise because we are not far away from the expected exhaustion range.

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.

CNX-Bank Index-Technical View---27-1-2015

CNX-Bank Index closed at 20072.70 on 23-1-2015

SUPPORT: - 19788 / 19723 / 19166 / 19061.35 / 18923.60 / 18875.45 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20170 / 20460 / 20710 / 21097.

(Figures in bold are important)

Index opened with a huge gap up at 20133.85 and almost filled the gap during the day and made a low of 19967.35 and thereafter it moved up and made a new all time  high of 20167.65 and closed the weekend at 20072.70.Today was the 5^th straight day of rise   and with each passing up day its vulnerability for correction is increasing, therefore I once again caution trader to be highly alert in long trade and handle it with extreme vigil and promptness because it may encounter severe profit booking anytime. It seems that this on- going up rally may get exhausted and take a  breather in the range of 20460—20700 and since we are not far away from striking this range ,I would therefore advice to book profit on existing long trades on every rise and avoid fresh long trade for at least 2-3 days.

The aggressive trader can still go long above 20080 and 20170 with a stop loss of below 20040 & 20130 for 27-1-2015 but should avoid fresh long trade if it consistently starts trading below 20040 because then correction may set in. I once again repeat to avoid fresh long trade for at least 2-3 days, because of over optimism and exuberance prevailing in the market for the last couple of trading sessions which is a distinct indication of a top for now is nearby.

Going up it will resistance at 20170 / 20460 & 20710 and moving down it will have support at 19788 / 19723 /19166 / 19061 / 18923 & 18728.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. It is still buy on dip market but I would suggest to avoid fresh long trade here instead it is suggested to book profit on existing long trades on every rise because we are not far away from the expected exhaustion range.

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.

BSE-Sensex-Technical View---27-1-2015

BSE- Sensex  closed at 29278.84on 23-1-2015

SUPPORT: - 29165 / 28822.37 / 28541 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27354.99 27247 / 27203.25 / 27091.38 / 26845 / 26776 / 26469.42.

RESISTANCE: - 29630 / 29817 / 30150 / 30271.

 (Figures in bold are important)

Sensex opened with a huge gap up at 29189.45 and tried to fill the gap and made a low of 29165.56 but the gap still exist and thereafter it moved up and made a new all time  high of 29408.73 and closed the weekend at 29278.84.Today was the 7^th straight day of rise and with each passing up day its vulnerability for correction is increasing, therefore I once again caution trader  to be highly alert in long trade and handle it with extreme vigil and promptness because it may encounter severe profit booking anytime. It seems that this on- going up rally may get exhausted and take a  breather in the range of 29630—29820 and since we are not far away from striking this range ,I would therefore advice to book profit on existing long trades on every rise and avoid fresh long trade for at least 2-3 days.

The benchmark point for sensex is 28822 for the whole year of 2015, so the alert point for long positional trader is below 28822 and exit point is below 28720.

The aggressive trader can still go long above 29280 with a stop loss of below 29150 for 27-1-2015 but avoid fresh long trade if it consistently starts trading below 29150 because then correction may set in. I once again repeat to avoid fresh long trade for at least 2-3 days, because of the over optimism and exuberance prevailing in the market for the last couple of trading sessions which is a distinct indication of a top for now is  nearby.

Going up it will face resistance at 29630 / 29820  & 30150 level and moving down it will have support at 28822 / 28541 & 28294.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. It is still buy on dip market but I would suggest to avoid fresh long trade here instead it is suggested to book profit on existing long trades on every rise because we are not far away from the expected exhaustion range.

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.

Trading Calls For-23-1-2015

Nifty-Technical View--23-1-2015

NIFTY CLOSED AT 8761.40 ON 22-1-2015

SUPPORT: - 8680 / 8626.95 / 8535.35 / 8445.60 / 8380.55 / 8364.75 / 8326 / 8282.70 / 8272.80 / 8180 / 8160 / 8147.95 /

 RESISTANCE: - 8960 / 9039 / 9061 / 9704.

(Figures in bold are important)

Nifty opened with a small up gap at 8745.85 but filled the gap immediately and made a low of 8727 and thereafter made a new all time high of 8774.15 before closing the day at 8761.40. It is on an unabated rising spree therefore its vulnerability for correction is also very high at this point of time. So the long trade should be handled with extreme vigil and caution and positional trader should get alerted in existing long trade and avoid fresh long position below 8625 and exit long trade below 8600. Please note that since it on a vertical rise it may encounter profit booking anytime and it may go in for moderate correction if it breaks 8740(it changes every day) level and stays. So for the day trader it is suggested  that avoid fresh long call if it consistently starts trading below 8740(it changes every day) and the stop loss for long trade would be below 8720(it changes every day) for 23-1-2015. Technically it is looking good but in overall perspective , I would advice to book at least part profit on existing long trades here.

Going up it will face resistance at 8960 / 9039 & 9061 and moving down it will have support at 8625 / 8535 / 8445.60 & 8380.55. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. I would suggest to adopt buy on dip strategy with caution at appropriate level and with proper stop losses. It is also suggested to book at least part profit on existing long trades.

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.

CNX-Bank Index-Technical View--23-1-2015

CNX-Bank Index closed at 19917.65 on 22-1-2015

SUPPORT: - 19723 / 19166 / 19061.35 / 18923.60 / 18875.45 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20076 / 20387 / 20710 / 21097.

(Figures in bold are important)

Index opened on a positive note at 19898.50 and made a low of 19788.70 and thereafter made a high of 19964.25 and closed the day higher from the previous day at 19917.65. It came very close to its previous days high of 19964.95 but could not cross it and missed it by just .70 point, in the process it made a double top at 19964.95.Technically it is still looking good but if it does not cross 19965 mark in a day or two and stays below this then correction may step in, furthermore It is on an unabated rising spree for last few days therefore its vulnerability for correction is also very high at this point of time. I would therefore suggest to book profit on existing long trade (if not completely at least in part long trade) and take fresh long call only if it moves above 19965 and stays or after a reasonable decline. Please note  once again that since it had a vertical rise it may encounter profit booking anytime, therefore for the aggressive day trader it is suggested to avoid long trade if it consistently starts trading below 19850 on 23-1-2015 and stop loss for the long trade would be below 19750.

Going up it will resistance at 20076 / 20387 & 20710 and moving down it will have support at 19166 / 19061 / 18923 & 18728.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-  :- Long term up trend is intact, still buy on dip market but as of now,  I would advice to book profit on existing trade and  take fresh long call only above 19965 or on a reasonable decline.

 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.

BSE-Sensex-Technical View---23-1-2015

BSE- Sensex  closed at 29006.02on 22-1-2015

SUPPORT: - 28822.37 / 28541 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27354.99 27247 / 27203.25 / 27091.38 / 26845 / 26776 / 26469.42.

RESISTANCE: - 29630 / 30150 / 30271.

 (Figures in bold are important)

Sensex opened on a positive note at 28957.79 and made a low of 28892.23 and thereafter made a new all time high of 29060.41 before closing the day at 29006.02. It is on an unabated rising spree therefore its vulnerability for correction is also very high at this point of time. So the long trade should be handled with extreme vigil and caution and positional trader should get alerted in existing long trade and avoid fresh long position below 28810 and exit long trade below 28700. Please note that since it on a vertical rise it may encounter profit booking anytime and it may go in for moderate correction if it breaks 28900(it changes every day) level and stays. So for the day trader it is suggested to avoid fresh long call if it consistently starts trading below 28900(it changes every day) and the stop loss for long trade would be below 28860(it changes every day) for 23-1- 2015 . Technically it is looking good but in overall perspective, I would advice to book at least part profit on existing long trades here.

Going up it will face resistance at 29630 & 30150 level and moving down it will have support at 28822 / 28541 & 28294.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. I would suggest to adopt buy on dip strategy with caution at appropriate level and with proper stop losses. It is also suggested to book at least part profit on existing long trades.

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.