BSE-Sensex-Technical View For-13-1-2015

BSE-Sensex  closed at 27585.27on 12-1-2015

SUPPORT: - 27485 / 27354.99 / 27247 / 27091.38 / 26845 / 26776 / 26469.42 / 26220 / 25910.77 / 25460 / 25232.

RESISTANCE: - 27761 / 27851.10 / 27924 / 28064.49 / 28267 /28541.96 / 28822.37.

 (Figures in bold are important)

Sensex opened on a positive note at 27523.86 and made a high of 27620.66 and made a low of 27323.74 before closing the day at 27585.27. It was a day of wild fluctuation but at the end the sensex closed above its critical level of 27500, now it has to be seen whether it will sustain this level or not, however since it has closed above 27500 mark therefore existing long call can be held on to and fresh long call can also be added above 27500 but get alerted and avoid adding fresh long position if it consistently starts trading below 27458 and exit long trade if it closes below 27330. Please note that fresh long call one would  take on 13-1-15 should be exited  if it gives sign of closing below 27458.

Going up it will face resistance at 27761 / 27851.10 & 27924 and moving down it will have support at 27480  / 27247 & 27091.38 / 26469.

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 it has closed above the critical point of 27500 therefore existing long trade can be carried on and fresh long position can also be added with proper alert and stop losses as mentioned above.

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.