BSE-Sensex-Technical View For-6-1-2015

BSE-Sensex  closed at 27842.32on 5-1-2015

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

RESISTANCE: - 27851.10 / 27888 / 27937.47 / 27978.43 / 28267.08 / 28369 / 28542 / 28823 / 29130.

 (Figures in bold are important)

Sensex opened on a positive note at 27978.43 and made a high of 28064.49 and then went  down  and made a low of 27786.85 before closing the day  at 27842.32.It encountered some profit booking today but it closed below certain important level also , therefore now fresh long position should only be taken if it moves above 27940 and stays with a stop loss of below 27850 for a target of 28200. The existing long call can still be held on to but avoid fresh long call and get alerted in long position below 27850 & 27739 and exit trade if it closes below 27475. Going up it will face resistance at 27980 / 28065/ 28270 & 28542 and moving down it will have support at 27739 & 27485.The bias is up as of now.

 REMARK:-  :- Long term up trend is intact .Hold existing long position  but add fresh long position only if it stays  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.