NIFTY--CNX BANK INDEX--BSE SENSEX--Technical View For-3-2-2015

NIFTY CLOSED AT 8797.40.30 ON 2-2-2015

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SUPPORT: -8775—750 / 8626—8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8809 / 8996.60 / 9039 / 9061 / 9704.

Nifty had a wild swing today and moved both ways sharply and eventually closed the day with a minor loss of 11.50 points, looking at the huge volatility it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade. However the aggressive intra-day trader can try both long and short call depending on the price movement.

1. Long call can be tried if it maintains above 8809 with a stop loss of below 8775 or above 8841 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8841.

2. Short call can be tried below 8802 with a stop loss of above 8841 or below 8775 with a stop loss of above 8815. I would advice to try short call only if it maintains below 8775.

CNX-Bank Index closed at 19865.90 on 2-2-2015

SUPPORT: - 19732 / 19606 / 19250-200 / 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20610 / 20907.55 / 21097 / 21360.

Index  had a much wilder swing  and at one point of time it was down by more than 250 point and in next 30 minutes it was up by 135 points this zig -zag movement continued throughout the day and lastly closed the day with minor gain of 22 points. Amid this type of volatility it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade otherwise trader will end up losing in both the trade. However the aggressive intra -day trader can try both long and short call depending on the price movement.

1. Long call can be tried if it maintains above 19845 with a stop loss of below 19750 or above 20130 with a stop loss of below 20020.I would advice to try long call only if it maintains above 20130.

2. Short call can be tried on the rise with a stop loss of above 20130 or below 19730 with a stop loss of above 19850. I would advice to try short call only if it maintains below 19730.

BSE- Sensex  closed at 29122.27on 2-2-2015

SUPPORT: - 29120 / 29047 /28822.37 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27203.25 / 27091.38 / 26776 / 26469.42.

RESISTANCE: -29185 / 29844 / 30150 / 30271.

Sensex also had its share of up and down movement during the day and finally closed the day with a loss of 60.67 points. Looking at today’s movement it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade. However the aggressive intra-day trader can try both long and short call depending on the price movement.

1.Long call can be tried if it maintains above 29190 with a stop loss of below 29130 or above 29290 with a stop loss of below 29130.I would advice to try long call only if it maintains above 29290.

2. Short call can be tried on the rise with a stop loss of above 29290 or below 29130 with a stop loss of above 29200. I would advice to try short call only if it maintains below 29130.

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.