CNX-NIFTY
Closed at 8060.70 on 3-11-15.(Open-8086.35/High-8100.35/Low-8031.75)
Support:-8055/ 8044/7997/7960/7940/
7840/7759/ 7723.
Resistance:-8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.
After six days of fall it had a weak
up day today but anyway this pull -back
move may last for another 2-3 days and
possibly could exhaust at 8126/8166/8207 levels or may end abruptly also at the
current level, so be watchful. Please note that it will gain strength only once
it closes above 8135(it changes every day) and then above 8195.65 and sustain
it for at least 3-4 days. Since the present trend is down therefore it is
suggested to avoid long call now but those who wish to take advantage of the
pull back move may try long call above 8066 with a strict stop loss of below
8044, it could be a risky trade mind you.
Please note that long call should be completely avoided for the rest of the on-
going week if it starts trading below 8044 and below 7930 for the entire month
of November-2015 till it bounces back above this mark again and sustain.
The bias is down now therefore break below these points can be used for
initiating short trades with stop loss of above 8070 and 7970 respectively.
Remark:-The long term
trend is down and the short term trend is also threatened therefore it is
suggested to avoid long call now .Short 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.