CNX-NIFTY
Closed at 7742.75 on 18-11-15.(Open-7788.50/High-7854.90/Low-7765.45)
Support:- 7840/7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.
Resistance:-7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.
As anticipated it did bounce back
today (see post of 19-11-15) and completely recovered the previous day’s loss
and closed above the recent top of 7837.55 on the line chart which shows
strength and indicate that this pull back move may extend to 7861/7952/8026/8099
levels before it gets exhausted, so long call can be tried on dip but the stop
loss for the same would be below 7714 for now which may please be kept in mind,
so take your trading call judiciously . Please note that it is still within its
short term moving averages range which is between 7859—7814(it changes every
day) and its short to medium term moving averages are in the range of 7997—7905(it
changes every day), therefore moving up it would find resistance at this range
and once these range are taken out and sustained then it can have further
smooth up ride and as it moves up stop losses will also elevate. Therefore
while initiating long trade keep the above moving average range in mind. Please
note that if it sustain above 7859 then stop loss for long trade would be elevated
to below 7814 on the closing basis.
Remark:-The long term
trend is down. Looking at today’s move long call can be tried on dip 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.
No comments:
Post a Comment
Thank you for sharing your views.