CNX--BANK NIFTY
Closed at 17071.90 on 19-11-15.(Open-16944.35/High-17110.35/Low-16874.70)
Support:-16787.55/16741.80/16670/16648/16587.25/16192/15762.20.
Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.
After yesterdays breakdown as
anticipated it bounced back today but not in the way Nifty has. However still
it is showing some strength as it is above its short term moving average range
and some technical indicators are also pointing that possibly it could move up
from here to 17139/17309/17478/17689 levels before this up move may get
exhausted. Please note that now it is below its short to medium term moving
averages range which is between 17256---17112(it changes every day). In view of
the above observation long call can be tried if it sustains above 17112 with a
stop loss of below 17000 for a target of 17186 and then 17355+ in a day or two.
Remark:-The long term
trend is down. It seems that the pull back move is still on therefore long call
can be tried 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.