BSE-Sensex--Technical View---13-2-2015

BSE- Sensex closed at 28805.10 on 12-2-2015

SUPPORT: - 28731 / 28406 / 28064.49 / 28044 / 27851 / 27739 / 27499.42 / 27485.77 / 27203.25 / 27091 / 26776.12 / 26469.42.

RESISTANCE: - 28822.37 / 29157 / 29183 / 29278 / 29420 / 29844.15.

(Figures in bold are important)

Sensex opened with a up  gap at 28650.25 and made a low of 28406.25 and while making low it filled the gap also and then it moved in a range for quite some-time and thereafter shot up and made a high of 28838.52 before closing the day at 28805.10. It had a positive day today but it still closed just below its critical point of 28822.37 whereas Nifty & CNX Bank Index have closed way above  their critical level today,  seeing today’s move it is expected that hopefully sensex will also follow them too. It is therefore suggested to try long call only if it moves above 28822.37 and stays with a stop loss of below 28625. Please note that it will gather real up momentum if it moves above 29280 and stays.

Going up it will face resistance at  28822.37 / 29183 & 29280 level and moving down it will have support at 28731 / 28406 / 28044 / 27940 / 27751 / 27485.

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. Pull back rally is on but long call should only be tried above 28822.37.

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.