2nd,
August, 2015
CNX
NIFTY
CLOSED AT 8532.85 ON 31-7-15.
Nifty had a tremendously volatile movement
during the week ended on 31-7-2015. It made a low of 8321.25 and a high of
8548.95 for the week before closing the week near the high at 8532.85. Kindly note that huge volatility is not a good
sign for a steady market, therefore trade position should be handled with
extreme caution and care because technical parameter may switch side very fast.
Technically it is looking o.k now and
suggest to go for long trade , therefore
those who are already having long position should hold with a stop loss of
below 8450, one can still initiate long position but it would be safe to
initiate long position if it maintains above 8533 and one can add on to
position if it moves above 8550 and sustain with a stop loss of below 8505 for
the added long position. Please avoid fresh long position below 8495. Similarly
if it moves below 8450 and sustain then short call can be initiated with a stop
loss of above 8505.
It would be important for nifty to cross
8561.35 mark in 2-3 days time to give some hope of regaining up momentum but it
will regain the real strength and sustained up momentum only if it maintains
above 8626.95 level. Going up it will face resistance at 8561.35 / 8626.95 /
8654.75 / 8670 & 8850 and moving down it will have good support at 8470 /
8321.75 / 8315.40 / 8269 & 8195.65.
REMARKS;-
Technical parameters
suggest to go long now but it seems that nifty is in a mid range now and it will give clear up momentum signal only
if it crosses 8626.95 mark and sustain
above it, therefore long position
should be handled with extreme caution because volatility in the nifty could
end this up move abruptly also.
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.
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Thank you for sharing your views.