BSE- SENSEX---Technical View---23-2-2015

.BSE- Sensex closed at 29231.41 on 20-2-2015

SUPPORT: - 29182.95 / 19143.63 / 19083.40 / 28822.37 / 28731 / 28469 / 28406 / 28064.49 / 28044 / 27851 / 27739 / 27499.42 / 27485.77 / 27203.25 / 27091 / 26776.12 / 26469.42.

RESISTANCE: - 29278 / 29522.86 / 29844.15 / 30345.

 (Figures in bold are important)

Sensex moved in a 439 point range during the week ended on 20-2-2015, it witnessed huge volatility and finally closed the week at 29231.41. Technically it is looking ok now and the range for the coming week starting from 23-2-2015 is between 29050--- 29550 and break on either side will decide direction of the coming week. It is suggested to try long call only if it moves above 29350 on 23-2-2015 and maintains otherwise not, instead Short call can be tried below 29140 with a stop loss of above 29190.,I would advice not to initiate fresh long trade till Union Budget ,in fact reduce your long trade exposure to a reasonable extent  so that you combat the expected volatility of either side after the budget in a better way. However  the present volatility provides both long and short call opportunity so aggressive intra-day trader can try both calls depending on the price movement.

 Going up it will face resistance at 29350 & 29550 level and moving down it will have support at 29050 / 28822.37 & 28731.

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. It is suggested to avoid fresh long trade till budget but aggressive trader can try both long and short call as suggested 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.