6th,
August, 2015
CNX
NIFTY
CLOSED AT 8567.95 ON 5-8-15.
Nifty opened firm at 8547.45 and made a
low of 8545.85 and then a high of 8591.85 for the day and closed at 8567.95. It
did cross 8561.35 mark during the day but closed just above it therefore, Head
& Shoulder pattern making may be in question so watch out, it could be a
whip saw also (see my previous post). Technically it is looking ok now but not
showing the required momentum. However it suggest to go for long trade on dips
but please get alerted below 8532 in your trade and avoid fresh long trade
below 8510 & 8490.The short stop loss for long trade would be below 8490
but the authentic stop loss for positional long call would be below 8448. For
day traders it is suggested to avoid long trade below 8540. It is important to
mention here that the nifty will gather the sharp momentum and robust up move only
if it moves above 8626.95 mark and sustain above it.
Going up it will face resistance at 8626.95
/ 8654.75 / 8670 & 8850 and moving down it will have good support at 8470 /
8321.75 / 8315.40 / 8269 & 8195.65.
REMARKS;-
Although technical
parameter are ok now and suggest buy on dips but looking at last three days movement of nifty ,I, would be extremely
cautious in the long trade, in fact I would personally prefer to try long call if it sustain above
8626.95 only. However traders can try long call with suggested stop loss.
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.