CNX NIFTY
CLOSED AT 8285.60 ON 28-4-2015.
SUPPORT: - 8284.70 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 /
8065.45/7961.15 /7841 / 7723.
RESISTANCE: - 8364 / 8445 / 8470 / 8505
/ 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 /
8849.75 / 8913.45 / 8996.60 /
9119.20.
Nifty opened today at 8215.55 and made a
low of 8185.15 and thereafter in last 45 minutes of trade it shot up sharply
and made a high of 8308 but could not sustain and fell to close at around 8264
in real time but the adjusted close was at 8285.60. I feel that the bottom is not in place now
because panic and capitulation like situation were totally missing which are required
for decent bottom formation and I am still of the opinion that it is expected
to make a bottom in the range of 8140---7960 . However since it has closed above
it critical points and recent bottom of 8269.15, therefore short call should be
avoided above 8269.15 and can be tried only below this mark with a stop loss of
above 8310 or below 8210 with a stop loss of above 8283. Similarly long call
can be tried above 8283 with a stop loss of below 8250. The bias is still down
therefore I would personally look for more clarity and better signal at least
to initiate long trade.
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.
REMARK:-Long term up trend still intact but threatened. Please
handle your trade with extreme caution.
Kindly 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.
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Thank you for sharing your views.