CNX-NIFTY--A TECHNICAL VIEW--13-11-15

CNX-NIFTY

Closed at 7825 on 11-11-15.(Open-7838.80/High-7847.95/Low-7819.10)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It moved up on the mohurat trading day today and closed the short trading day on a positive note at 7825 as expected but it is not showing the required strength. Today’s up move may extend for another 1-2 days before it get exhausted provided it maintains above 7825, therefore those who wish to take long call now can initiate it above 7825 with a stop loss of below 7771, please note that as the trend is down, it could be a risky trade mind you. Furthermore you would recall that I had suggested avoiding long call below 7930.65 for the entire month of November-2015  still stands(see my earlier post), so it would be safe to try long call if it moves above 7930.65 and sustains. Therefore short call can be tried on the rise but below 7930.65 with a stop loss of above 7970 or below 7771 with a stop loss of above 7810. The bias is still down.

Remark:-The long term trend is down and the short term trend has also turned down and as the technical parameters indicating further fall ahead therefore long trade is an avoid but aggressive trader can try it as suggested above. It would be better to try short trade instead as suggested above because the trend is down so short trade seems safer option.  

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.