NIFTY CLOSED AT 8869.10 ON 18-2-2015
SUPPORT: - 8841 / 8822.10 / 8808.90 / 8802.50 / 8795 / 8733 / 8671 / 8626.95 / 8593 / 8535.35 / 8470 / 8445.6 / 8364 /
8282.70 / 8272.80 / 8236 / 8180 /
8160 / 8147.95 / 8065.45 / 7961.35.
RESISTANCE: - 8873
/ 8996.60 / 9040 / 9065 / 9338.
Nifty crossed 76.40% retracement
level point intra-day today which was at 8872.44 but closed the day a shade lower
then that at 8869.10. Technically it is showing good strength but it seem that here
it is looking bit heavy and today was the 6th straight day of rise
also so it may encounter a small correction here before it moves up again or it
may continue the up run for few days more before correction happens, I would therefore
suggest to take a cautious approach and try fresh long call on 19-2-2015 only
if it maintains above today’s high of 8894.30,therefore I would still suggest to book
profit below 8894.30 mark on existing long trade and reduce your long trade exposure
to a reasonable extent before the Union
Budget so that you can handle the expected volatility after the budget in a
better way. The range for it is now between 8900—8800, so long trade can be
tried above 8894.30 on 19-2-2015 with a stop loss of below 8850 or near 8810
with a stop loss of below 8780 similarly if it fails to cross 8894.30 mark and consistently trades below it then aggressive
intra-day trader can try short call also with a stop loss of above 8915. Please
note that long call should be avoided below 8800 for sure.
CNX-Bank Index closed at 19296.50. on 18-2-2015
SUPPORT: - 19166 /18923.60 / 18736.65 / 18728.20 /18428 / 18226 /
18211.50 / 18183 / 17890 / 17502.45.
RESISTANCE: -
19445 / 19568 / 19778.95 / 19844 / 19884 / 19992 / 20275 / 20610 / 20907.55.
Index
is not exhibiting the strength in fact it is looking weak on the technical
chart in comparison with Nifty & Bse Sensex, furthermore it has tremendous
hurdles in the range of 19500---19884. I
would therefore suggest to exit long trade now and on the rise too and try
it only if it moves above 19550 and stays or near its critical support level of
18923 & 18728 with a stop loss of below 18850 & 18780 respectively but
note that below 18728 fresh long call should be completely avoided. Aggressive
intra- day trader can try short call below 19160 with a stop loss of above
19240 for a target of 18950 on 19-2-2015.
BSE- Sensex closed
at 29320.26 on 18-2-2015
SUPPORT: - 29278
/ 29183 / 29160 / 29144 / 28822.37 / 28731 / 28469 / 28406 / 28064.49 / 28044 /
27851 / 27739 / 27499.42 / 27485.77
/ 27203.25 / 27091 / 26776.12 / 26469.42.
RESISTANCE: - 29420 / 29844.16.
Sensex is moving up in rhythm and it
has almost hit the 76.40% retracement mark today which was at 29420 furthermore today was the 6th
straight day of rise also so it may
encounter a small correction here before it moves up again or may continue the
up run for few more days before correction happens, I would therefore suggest
to take cautious approach and try fresh long call on 19-2-2015 only if it
maintains above 29420,therefore I would still suggest
to book profit below 29420 mark on existing long trade and reduce your long
trade exposure to a reasonable extent
before the Union Budget so that you can handle the expected volatility after
the budget in a better way. The range for it is now between 28822---29420, so
long trade can be tried above 29420 on 19-2-2015 with a stop loss of below 29380,
similarly if it fails to cross 29420 mark and consistently trades below it then
aggressive intra-day trader can try short call also with a stop loss of above 29450.
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. Use support and resistance levels for
entry, exit and trailing stop losses.
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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