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.

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