CNX--BANK NIFTY
Closed at 16956 on 11-11-15.(Open-16944.70/High-17016.80/Low-16935.90)
Support:-16670/16648/16587.25/16192/15762.20.
Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.
As expected it broke the level of
16600(see my post for 9-11-2015) and hit a low of 16587.25 on 9-11-15 and then bounced
back the same day and closed at 17003,it closed today at 16956 but
is still looking weak on the
technical chart as it has been making lower top & bottom on the line chart.
Furthermore you would recall that I had suggested avoiding long call below 17111.65
for the entire month of November-2015 which still stands (see my earlier post).
The range for it now is between 17111.65---16836, therefore it would be safe to
try long call above 17111.65 only but aggressive trader can try long call if it maintains
above 16956 with a stop loss of below 16800, since the trend is down it could
be risky trade therefore short trade seems safer option, so short call can be
tried below 17956 with a stop loss of above 17130 or below 17836 with a stop
loss of above 16940.
Remark:-The long term
trend is down and the short term trend has also turned down therefore long
trade is an avoid now .It would be better to look for opportunity to sell on
the rise at proper points now or try short trade as suggested above.
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.