CNX-BANK NIFTY--A TECHNICAL VIEW--19-11-2015

CNX--BANK NIFTY

Closed at 16812.10 on 18-11-15.(Open-17108.90/High-17186.70/Low-16812.10)

Support:-16670/16648/16587.25/16192/15762.20.

Resistance:- 16881.65/16932.85/17069/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It had a complete breakdown today and as nifty it also lost the up momentum. It seems that the pull back rally may be over but there is still a glimmer of hope because certain technical parameters indicate that it could still bounce back if it holds the support range of 16740---16648 but price movement was extremely weak today and indicate otherwise . In view of the above it is suggested to avoid long trade below 16881.65 for sure and can only be tried above 16935 with a stop loss of below 16870 or within the aforesaid range of 16740--16648. Similarly short call can also be tried below 16881 with a stop loss of above 16935.

Remark:-The long term trend is down. Since it had a breakdown today therefore it is suggested to watch the market for at least 30-45 minutes before initiating any trades and thereafter take a trading call 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.