CNX-NIFTY--A TECHNICAL VIEW FOR THE WEEK STARTING FROM-20-7-2015

                                                                                                                 18^th, July,2015

 CNX-- NIFTY           

 CLOSED AT 8609.85 ON 17-7-15.

Nifty has shown good up move during the week ended on 17-7-2015 and it crossed its first critical point of 8505 on 15-7-2015 and sustained and also went past the most important point of 8626.95 intra –day on 17-7-2015 but could not close above it. However technically it is showing good strength and if it closes above 8626.95 and sustain then it can hopefully regain good momentum but going up 8670 mark will pose very stiff  resistance and if this point is taken out then it may hit 8850 / 8914 / 8997 & 9119.20 in coming days, so be cautious around 8670 mark in long trade . Good support for it exist at 8561 / 8504.95 / 8470 / 8368 / 8269 & 8190.

SUGGESTION:-  

1.Fresh long call should only be initiated if it closes above 8627 with a stop loss of below 8555 but those who are already carrying long  position may at least book part profit if it remains below 8627 and exit completely below 8555.

2.Technically  there is no sign of initiating  a short call now but  since it had  a strait up move from 8315 to 8642.95 and now it is near and below its critical point of 8626.95,therefore a short call can be tried if it sustain  below 8627 with a stop loss of above 8650.

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.