NIFTY CLOSED AT 8683.85 ON 26-2-2015
SUPPORT: - 8671 / 8626.95
/ 8593 / 8535.35 / 8470 / 8445.6 / 8364 / 8282.70 /
8272.80 / 8236 / 8180
/ 8160 / 8147.95 / 8065.45 / 7961.35.
RESISTANCE: -8726.75
/ 8793.40 / 8802.50 / 8808.90 / 8841 / 8856.85 / 8873 / 8913.45 / 8996.60 /
9040 / 9065 / 9338.
Nifty opened on a firm note at 8779
and made a high of 8786.05 but could not sustain at the upper level and plunged
down in the afternoon and made a low of 8669.45 before closing the day near the
low at 8683.85. It is showing weakness on the chart furthermore Bse-Sensex has
broken its critical support level of 28822.37 today and closed below it, so it
is expected that nifty may follow it too and may break its critical level tomorrow
or day after which is at 8626.95. Please note that if you look on the bar chart
for last few sessions you would find that it is moving in a 7 days up &
down cycle and today was the 5th day of down cycle and if it
continues with this pattern then a bottom is likely to be made on 28-2-2015 and
incidentally it the Union Budget day also therefore extreme volatility and
swing is expected that day on both sides so a bottom formation is most likely. I
would therefore suggest to try long call on 28-2-2015 if the panic like
situation prevails. The potential support points for it are at 8657 / 8626.95 / 8559 & 8470 and
resistance points are at 8793.40 / 8808.90 & 8860. Avoid long call on
27-2-2015 because the bias is on the downside as of now.
Trading strategy for 27-2-2015 .
1. SELL CALL:-
(A) Sell on the rise but below 8770
with a stop loss of above 8809.
(B) Sell if it consistently trades
below 8683 with a stop loss of above 8745.
(C) Sell below 8657 for sure with a
stop loss of above 8690.
2, LONG CALL:- It
is suggested to avoid long call on 27-2-2015.
(A) Aggressive trader can try long
call only above 8770, with a stop loss of below 8750.
CNX-Bank Index closed at 18528.10. on 26-2-2015
SUPPORT: -18428
/ 18226 / 18211.50 / 18183 / 17890 /
17502.45.
RESISTANCE: -18728.20 / 18736.65 / 18923.60 /
19166 / 19200 / 19445 / 19532.90 /
19778.95 / 19844 / 19884 / 19992 / 20275 / 20610 / 20907.55.
Index is showing tremendous weakness
on the chart and today was the 6th straight day of fall and it has
also retraced 80% of the total rise from the bottom of 18226.90 and top of 19532.Please
note that if it fails to hold the level of 18488 (it has almost touched it
today) then it can test or break the bottom 18226 chance of which are looking
reasonably good as of now. Furthermore technically it is much weaker than Nifty
and nifty is likely to make a bottom on 28-2-2015 therefore it too may make the
bottom the same day but since it has
fallen for 6 days in a row it may make the bottom earlier also so be vigilant and
look for bottom formation sign but avoid long trade on 27-2-2015. The potential support points for it are at18488
/18211 & 17890 and it will face resistance at 18728 / 18736 & 18923.60.The
bias is on the downside as of now.
Trading strategy for 27-2-2015 .
1. SELL CALL:-
(A) Sell on the rise but below 18728
with a stop loss of above 18750.
(B) Sell on the rise but below 18923.60
with a stop loss of above 18950
(C) Sell below 18488 for sure with a
stop loss of above 18540
2, LONG CALL:-It
is suggested to avoid long call on 27-2-2015.
(A) Aggressive trader can try long
call if it maintains above 18740 with a stop loss of below 18700 or above
18923.60 with a stop loss of below 18890.
BSE- Sensex closed at 28746.65 on 26-2-2015
SUPPORT: -
28731 / 28469 / 28406 / 28064.49 / 28044 / 27851 / 27739 / 27499.42 / 27485.77 / 27203.25 / 27091 / 26776.12 / 26469.42.
RESISTANCE: - 28822.37
/ 29143.63 / 29182.95 / 29231.41 / 29316.58 / 29522.86 / 29844.16
Sensex is moving in the same way the
nifty is except for the sensex has broken its critical support level of
28822.37 whereas nifty is still above its critical support level ,therefore it
is most likely that sensex may also make
bottom on 28-2-2015 when nifty is likely to make, so it is suggested to avoid
long call on 27-2-2015 and try it on 28-2-2015 if the panic like
situation prevails. The potential support points for it are at 28621 / 28340
& 28044 and it will face resistance at 28822.37 / 28970 & 29080.The
bias is on the downside as of now.
Trading strategy for 26-2-2015 .
1. SELL CALL:-
(A) Sell on the rise but below 28822.37
with a stop loss of above 28850.
(B) Sell on the rise but below 29060
with a stop loss of above 29080.
(C) Sell if it consistently trades
below 28740 with a stop loss of above 28770
(C) Sell below 28690 for sure with a
stop loss of above 28750.
2, LONG CALL:-It
is suggested to avoid long call on 27-2-2015.
(A) Aggressive trader can try long
call above 28822.37 or above 29010, with a stop loss of below 28800 & 28970.
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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