CNX--NIFTY---- TECHNICAL VIEW--21-7-2015

                                                                                                                

 CNX NIFTY           

 CLOSED AT 8529.45 ON 20-7-15.

Nifty went past its critical and most important point of 8626.95 today also but failed to close above this mark, in fact it plunged down sharply in the last 45 minutes of trade today and made a low of 8517.90 before closing the day near the low at 8529.45. Please note that today’s movement indicate that the on- going up move may be over and down slide may begin, if it does not close above 8626.95 in next 3-4 days. Therefore it is suggested to initiate fresh long trade only if it closes above 8626.95 and sustain or after a reasonable decline. Going down it may find good support at 8480 / 8440 / 8393 / 8368 / 8269 & 8190.  It is important to mention here that if it breaks the 8190 mark and sustain then it may break the bottom of 7940.30 it made on 12-6-2015.  

Looking at today’s movement my bias is completely on the downside, therefore, I would prefer to try sell call on the rise till it closes above 8626.95 or on breaking of the important support levels. On 21-7-2015 sell call can be tried below 8517 with a stop loss of above 8540 for a target of 8480 / 8440 & 8400.   

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 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.