A TECHNICAL SNAPSHOT OF BSE-SENSEX-----16-4-2015

BSE-SENSEX CLOSED AT 28799.69 ON 15-4-2015.

1. Support:- 28693.82 / 28065 / 28044 / 27499 / 27485.

2. Resistance:- 28822.37 / 28978.74 / 29094.61 /  29183.76 / 29369.53 / 28522.86 / 29844.16.

3. All Time High:-30024.74 made on 4-3-2015.

4. Trend:- In long term up trend.

5. Valuable Support now exist at:-28044.49 & 27248.45.

6. Tough Resistance Range:-29134—29490.

7. Critical Points For 2015:- 28822.37 / 27499.42 & 27485.77. Avoid fresh long call below 28822.37 & 27485.77.

8. Short Term Moving Average Range:-28729---28553---28371(it changes every day with price movement), get alerted in long trade below 28729 and exit trade below 28553.

9. Medium Term Moving Average Range:-28955---28377---28046(it changes every day with price movement) avoid long trade below 28700.

10. Long Term Moving Average Range:-28177---26970(it changes every day with price movement) below 28177 long term up trend will be threatened and consistently trading below 26970 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

Please note that today’s trading pattern and close indicate that the on-going pull back rally may be over and downside may begin. Furthermore as expected it could not hold above its critical level of 28822.37(see my last post). I would therefore suggest to avoid long call now and below 28822.37 for sure instead try short call on the rise but below 29184 with a stop loss of above 29220 or sell below 28822.37 or 28721 with a stop loss of above 28870 & 28750 respectively. Going down it can have good support at 28693.82 / 28044 / 27248.45 and Fibonacci Retracements support points are at 28658 / 28389 / 28171 / 27953 / 27684 , moving up it will have very tough resistance in the range of 29134---29490.  

Please 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.

Kindly also 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.