CNX-BANK NIFTY
Closed at 16597.65 on 10-9-15.
Support:-16452/16188/16120/15933.
Resistance:-16670/16730/16781.55/16880/16984.
Today it behaved the same way as
Nifty has but it is still below the bear market territory threshold level of
16730. Although not much has changed technically but today's move showed some
underline strength ,so this rally may
extend if it moves above 16782 and sustain, if it does then it could hit
the range of 16880---17250 , therefore those who are carrying short position
now should get alerted above 16730 and exit trade if it sustain above
16782,avoid fresh short trade above 16670 similarly those who are holding long
trade should get alerted below 16400 and exit trade below 16188,avoid fresh
long trade below 16400.
It is needless to mention here that
this is a pullback rally and after it gets exhausted, it is going to seek much
lower levels then what we have seen in the recent past. So watch out.
Remark:-In view of
today's volatility, it is suggested to watch the market for sometime tomorrow
before initiating either side trade position and for existing trade position's
take action as mentioned above
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.