CNX--BANK NIFTY
Closed at 17055.60 on 20-11-15.(Open-17022.70/High-17262.85/Low-16931.30)
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 the volatile movement during
the week finally it ended the week on a positive note. It is not showing the
required strength but also not showing the weakness either therefore looking at
certain technical parameters, it seems that it is likely to gather required
strength in coming days provided it
holds 16990(it changes every day) mark on closing basis. Similarly if it moves
above 17271(it changes every day) and sustain then it can have smooth up rise which
can take it to 17309/17355/17478/17689 levels before this pull back rally get
exhausted.
In view of the above observation long
call is suggested and can be tried above 17072 but it would be safe to try it
above 17111.65 with a stop loss of below 16990 for a target of 17355+ in a day
or two.
It is important to mention here that
its most critical resistance point is at 17461(it changes every day), if it
moves above this and sustain then it will gain further strength which may
please be noted.
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.