CNX-BANK NIFTY--A TECHNICAL VIEW--20-11-2015

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.