BSE-Sensex-Technical View For-5-1-15

BSE-Sensex  closed at 27887.90on 2-1-2015

SUPPORT: - 27851 / 27739 / 27485 / 27354 / 27247 / 27091.

RESISTANCE: - 27937.47 / 28267.08 / 28369 / 28542 / 28823 / 29130.

 (Figures in bold are important)

Sensex opened on a flat to positive note at 27521.28 and made a low of 27519.26 and then moved up and made a high of 27937.47 before closing the day at 27887.90.It gave good up move today and technically also looking O.K, therefore fresh long call can be taken above 27940 with a stop loss of below 27850 for a target of 28200.I Would suggest to hold the existing long call now but get alerted and avoid fresh long position below 27850 & 27739 and exit long position if it closes below 27475. Going up it will face resistance at 27940 / 28270 & 28542 and moving down it will have support at 27739 & 27485.The bias is up now.

REMARK:-  :- Long term up trend is intact .Hold existing long position and can add fresh long position above 27940 with proper 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.