NIFTY---CNX BANK INDEX---BSE SENSEX---TECHNICAL VIEW FOR--4-2-2015

NIFTY CLOSED AT 8756.55.30 ON 3-2-2015

SUPPORT: -8750 / 8626 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8777 / 8809 /8841 / 8996.60 / 9039 / 9061 / 9704.

Nifty opened on a positive note but could not sustain at upper level and steadily moved down and made a low of 8726.65 before closing the day at 8756.55.It is expected to move in a volatile, uncertain and unpredictable manner till the Union Budget, therefore   to trade in this market one has to be very careful and vigilant in initiating trade because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement. Please note that the strong support for it is at 8626-8600 and if it fails to hold this level then it may trigger a deep down correction.

1. Long call can be tried if it maintains above 8777 or 8809 with a stop loss of below 8750 & 8775 or above 8835 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8835.

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 for a target of 8700 & 8640.

CNX-Bank Index closed at 19382.95 on 3-2-2015

SUPPORT: - 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 19560 / 19732.45 / 19778.95 / 19843.75 / 20610 / 20907.55 / 21097 / 21360.

Index is showing tremendous weakness and closed the day with a loss of more than 480 points today. It has decisively broken all the short term moving averages but its critical support levels are at 19240 / 18923 / 18728 and it is expected to bounce back from 19240 or 18923 point ,if it fails to hold 18923 and finally breaks 18728 and stays then it may go in for much deeper correction. Please note that Since the very important event of Union Budget is approaching therefore volatility, uncertainties and unpredictable movement is expected in the market, therefore   to trade in this market one has to be very careful and vigilant in initiating trade  because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement.

1.Today’s move suggest to avoid fresh long call now but  aggressive trader can try long call near 19200  or  18923 with a stop loss of below 19120  & 18720. Long call should be completely avoided below 18923 & 18728 for sure.

2. Short call can be tried on the rise with a stop loss of above 19995. Short call can also be tried below 19730 with a stop loss of above 19850.

BSE- Sensex  closed at 29000.14 on 3-2-2015

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

RESISTANCE: - 29047 / 29120 /29185 / 29844 / 30150 / 30271.

Sensex opened on a firm note at 29217.40 and made a high of 29253.06 for the day and thereafter started moving down and made a low of 28900.41 before closing the day at 29000.14.It is also exhibiting volatility and this may continue till the Union Budget therefore   to trade in this market one has to be very careful and vigilant in initiating trade because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement. Please note that the strong support for it is at 28822 and if it fails to hold this level then it may trigger a deep down correction.

1.Long call can be tried if it maintains above 29190 with a stop loss of below 29130 or above 29270 with a stop loss of below 29130.I would advice to try long call only if it maintains above 29270.

2. Short call can be tried on the rise with a stop loss of above 29270 or below 29130 with a stop loss of above 29190. I would advice to try short call only if it maintains below 29130.Short call can also be tried below 29070 with a stop loss of above 29150.

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.

Contact me for strategic guidance to enter and exit the trade.