WISHING ALL A VERY HAPPY AND PROSPEROUS NEW YEAR-2016

AN OVERALL TECHNICAL UPDATE ON JSPL-31-12-2015

                                                                                             

J S P L

CLOSED AT: - Rs.96.25 on 31-12-2015

Support:-96.25/89.05/86.35/83.60/82.15/69.

Resistance:-96.45/106.04/110/120.75/125.15/127.70/138.05/140.

It made its all time high of 796.10 on 27-8-2010 and since then it has been falling for last five years and during the fall it broke major   bottom of 86.35 & 66.76 it made in the year 2008 & 2007 respectively, it made a new bottom at 56 on 29.9.2015 and since then it has been steadily moving up.

Technically it is still very weak on the weekly and monthly charts now but daily chart has shown marked improvement and good strength therefore it seems that gradually long term technical setup may also improve. 

Please note that it has very good support in the range of 82—96.25 so buy on dip can be tried but not below 86.35 with a stop loss of below 82 but it is suggested to create long position always above 96.25 in the year 2016 with a stop loss of below 86.35(bottom of 2008) because 96.25 is the benchmark point for the year 2016 and if it consistently starts trading below this mark then it could trigger down move again.

The range for the month of January-2016 is 83—98.15 so break on either side will decide which way it will move .As of now it is likely to give upside break, so fresh long call can be added if it moves  and sustain above 98.15 with a stop loss of below 94 for added long position. Moving up it will face stiff resistance in the range of 105—110--117—129—145. The short term bias is on the upside as long as it holds 96.25.

Remark:-The long term trend is still down. But it is exhibiting good strength on the daily chart, so long call can be tried as suggested above .It is important to always keep in mind the benchmark point of 96.25 because trading below this mark for some time could open the down move again.

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.

CNX-NIFTY--A TECHNICAL VIEW--1-1-2016

CNX-NIFTY

Closed at 7946.35 on 31-12-15.(Open-7897.80/High-7955.55/Low-7891.15)

Support:-7946/ 7940/7894/7888.75/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:- 7960/7979.30/7997/8055/ 8065.

As expected it hit 7950+ level (see my earlier post) today and closed just below this mark but ended near the high of the day. Its short term technical setup is still looking o.k. furthermore it has negated the yesterday’s reversal bar completely which is a good sign, its recent bottom on the line chart is at 7896.25 and it is well above it, it is also running above all its short term moving averages and the range for which is between 7889—7788(it changes every day) for 1-1-2016.  But since it has achieved its expected target of 7950+ and entered the tough resistance zone of 7940—8000 one should have cautious approach in initiating fresh long trade now and for existing long trade exit position if it consistently trades below 7946 so that one can still clock in some profit in trade. But please note that the authentic stop loss for all long trade now is close below 7896 or if it consistently trade below 7860 during the day. For 1-1-2016 before initiating trade let the market settle down after open and then take action, avoid long call below 7946 and try if it moves and sustain above 7956 with a stop loss of below 7930 or try near but not below 7900 with a stop loss of below 7860. It would be safe to try long call above 7956 with suggested stop loss.

Remark:-The long term trend is down. Since it has achieved the expected target and entered the tough resistance range, but long call can still be tried as suggested above but should be handled with extreme caution and care.

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.

CNX-BANK NIFTY--A TECHNICAL UPDATE--1-1-2016

CNX--BANK NIFTY

Closed at 16922.20 on 31-12-15.(Open-16916.05/High-16972.25/Low-16896.65)

Support:-16787/16741//16704/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 16946.10/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It had a weak day today and it closed near the low of the day and just 4.29 points above previous day’s close which indicates  some weakness, furthermore it is showing less strength in comparison with Nifty. However it is still above its all short term moving averages which are in the range of 16889---16740(it changes every day) for 1-1-2016 and marginally above its recent bottom of 16917.90 on the line chart. But since it achieved its expected target, it made reversal bar yesterday and broken short term rising trend line also therefore in view of this it is suggested to avoid long call now. For 1-1-2016 try long call only if it moves and sustain above 16995 with a stop loss of below 16917 on the closing basis or below 16880 during the day. Avoid fresh long call below 16917 for sure. Although it has not given potential signal for short call but in view of the weak undertone short call can be tried below 16889 with a stop loss of above 16947. Aggressive short call can only be attempted below 16740.

 Remark:-The long term trend is down. It is suggested to avoid long call below 16917 for sure and can only be tried as suggested above. Short call can be tried as mentioned 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.

TRADING CALLS FOR--31-12-2015

CNX-NIFTY-A TECHNICAL UPDATE--31-12-2015

CNX-NIFTY

Closed at 7896.25 on 30-12-15.(Open-7938.60/High-79/Low-7902.75)

Support:- 7894/7888.75/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7940/ 7960/7979.30/7997/8055/ 8065.

As perceived that it could move either way, it gave downside move today and made a copy book reversal on the bar chart. It also decisively broke its short term trend line drawn from it recent bottom of 7551.05 which it made on 14-12-2015. Today’s reversal bar and break of trend line was upsetting and indicate that the on-going up move may be over. But there is still some hope left for a bounce back from here or may be from little lower level as it has been making higher tops & bottoms on the line chart and now it is above its last bottom which is at 7861.05, secondly it is still above its short term moving average range which is between 7871---7787(it changes every day) for 31-12-2015. So as long as it holds the bottom of 7861.05 on closing basis one can be positive but overall today’s move was very disturbing and can open downside if 7860 and then 7780 is taken out, so be alert and watchful. For 31-12-2015 avoid fresh long trade below 7888 and exit all long position if it consistently trades below 7850.

Although it has not given clear cut sell signal now but in view of the reversal bar it made and broken trend line, the aggressive trader can try short call below 7880 with a stop loss of above 7930, fearless short trade should only be attempted below 7800.      

Remark:-The long term trend is down. It made reversal bar today and broke short term rising trend also. Therefore it is suggested to avoid fresh long call below 7888.

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.

CNX-BANK NIFTY--A TECHNICAL UPDATE--31-12-2015

CNX--BANK NIFTY

Closed at 16917.90 on 30-12-15.(Open-16997.50/High-17011.30/Low-16889.05)

Support:-16787/16741//16704/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 16946.10/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

 As perceived it gave downward moved today and closed below the previous day’s low, it was almost a  reversal on the bar chart , furthermore it also broke its short term rising trend line  drawn from its recent bottom of 16188.05 which indicate gross weakness. Looking at today’s overall move it seems that the on-going up rally may be over. But before concluding that this rally is over please note that it is making higher tops & bottoms on the line chart and it has not violated its recent bottom which is at 16811,it is also running above its all short term moving averages which are in the range of 16869—16746(it changes every day) for 31-12-2015. It has given ample signal for end of this rally by making reversal bar and breaking rising trend line but the confirmation will come if it closes below 16811 and then starts trading below the lower band of its short term moving averages. For 31-12-2015 in view of the above observation it is suggested to avoid long call but those who wish to can initiate if it move and sustain above 16950 or above 17000 with a stop loss of below 16880 and 16940 respectively.

Although it has not given clear cut sell signal now but in view of the reversal bar it made and broken trend line, the aggressive trader can try short call if it trades below 16889 with a stop loss of above 16950, fearless short trade should only be attempted below 16740.     

Remark:-The long term trend is down. Since it has made reversal bar and broken rising trend line therefore it is suggested to avoid long call.

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.

CNX-NIFTY--A TECHNICAL VIEW--30-12-2015

CNX-NIFTY

Closed at 7928.95on 29-12-15.(Open-7929.20/High-7942.15/Low-7902.75)

Support:- 7894/7888.75/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7940/ 7960/7979.30/7997/8055/ 8065.

It moved in a short range of 40 points today and closed just 3.80 point above its previous close, which indicates that moderate to sharp move on either side is imminent in coming days.  It rallied more than 390 points from 7551 to 7942 in 11 trading session, so it may be either near exhaustion or will take a breather here before it moves up again has to be seen. Therefore it is advised to handle long trade with extreme caution and care. Please note that the short term technical setup still looks o.k. but the long term setup is weak, furthermore it is pullback rally as of now and it may fizzle out anytime but certain technical parameter still indicate that it may hit 7950+ level or may be above 8000 in coming days provided it holds 7860 level. So for 30-12-15 watch the market for some time then buy on dip but not below 7900 with a stop loss of below 7860 for a target of 7960. Moving up it will face stiff resistance in the range of 7940—8000. Exit all long trade position below 7860.    

Remark:-The long term trend is down. Long call can still be tried as suggested above but with extreme caution. It is better to watch the market for some time before initiating trade.

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.

CNX-BANK NIFTY-A TECHNICAL UPDATE--30-12-2015

CNX--BANK NIFTY

Closed at 16991.45 on 29-12-15.(Open-16988.30/High-17045.55/Low-16921.15)

Support:-16946.10/16704/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It moved in relatively short range of 124 points today and closed just 12.29 points above the previous day’s close, today’s move showed some indecisiveness so it could be near exhaustion point also, therefore long call if initiated should be handled with extreme caution and care. However short term technical setup still looks o.k. for the up move to continue, but moving up it will face very stiff resistance in the range of 17028-- 17038---17072---17130---17260---17320. It has immediate support from its short term rising trend line which is at 16992(it changes) for 30-12-2015 and then from the bottom on the line chart at 16811. So for 30-12-2015 watch the market for some time and if it moves above 16992 and sustain then only try long call with a stop loss of below 16910.

Remark:-The long term trend is down. Since it has achieved the expected upside target of 16950+ and it showed indecisiveness today, I would prefer to wait and watch the market on 30-12-2015.

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.

CNX-NIFTY--A TECHNICAL UPDATE--29-12-2015

CNX-NIFTY

Closed at 7925.15 on 28-12-15.(Open-7863.20/High-7937.20/Low-7863)

Support:- 7894/7888.75/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7940/ 7960/7979.30/7997/8055/ 8065.

As anticipated it moved up today but yet to hit the expected target of 7950+. Short term technical setup  looks good therefore it is still likely to cross 7955 level for sure and possibly may end this month and year-2015 with 8000+ level also, so watch out. For 29-12-15 it is suggested to buy now or on dip but not below 7888 with a stop loss of below 7860. Please note that it would encounter huge resistance in the range of 7940—8000 and since it is very close to this range, so long trader should be very cautious and careful in initiating long trade firstly because of the resistance range and secondly this is a pullback rally as of now and it may get exhausted anytime. So be vigilant in long trade.  

Remark:-The long term trend is down. Long call can still be tried as suggested above but with caution.

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.

CNX-BANK NIFTY--A TECHNICAL UPDATE--29-12-2015

CNX--BANK NIFTY

Closed at 16979.15 on 28-12-15.(Open-16843.40/High-17019/Low-16843.40)

Support:-16946.10/16704/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

Despite showing sign of fatigue in last two days, it picked up today and achieved the expected target of 16950+ (see my post for-21-12-2015).It still looks o.k. and may move further up from here but moving up it will face resistance in the range of 17028-- 17038---17072---17130---17260---17320. For 29-12-2015 one can try long call if it maintains above 16946 and then near 16840 but not below this mark with a stop loss of below 16800. It would be better to try long call if it moves above 17019 and sustain with a stop loss of below 16930. Since it has hit the expected target of 16950+ and having multiple resistances starting from-17028 therefore it is suggested to watch the market for some time before initiating trade and one should be extremely cautious and careful in long trade.

Remark:-The long term trend is down. Since it has achieved the expected upside target of 16950+ therefore long trades should be initiated after watching the market for some time and should be handled carefully. I would personally avoid long call below 17019 and below 16946 for sure.

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.

CNX-NIFTY--A TECHNICAL UPDATE--28-12-2015

CNX-NIFTY

Closed at 7861.05on 24-12-15.(Open-7888.75/High-7888.75/Low-7835.50)

Support:- 7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7894/7940/7960/7979.30/7997/8055/

8065.

It closed with a minor loss of 4.90 points today but looks good on the chart for short term and still expected to hit 7950+ levels within this month, if it holds 7760 level. For 28-12-2015 it is suggested to buy now or on dip but not below 7835 with a stop loss of below 7800. One can add on fresh long position if it moves and sustain above 7889 with a stop loss of below 7855 for added long position.  Please note that the authentic stop loss for all long trade is below 7760 but short stop loss is suggested so that one can get out early and at a minimum loss in an unfavorable trade. Since short term technical setup looks o.k. therefore short call should be avoided for now.

It is important to mention here that this is a pullback rally as of now and it may get exhausted anytime therefore cautious and careful approach has to be followed in the long trade.

Remark:-The long term trend is down. The pullback rally is still showing strength; so long call should 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.

CNX-BANK NIFTY--A TECHNICAL UPDATE--28-12-2015

CNX--BANK NIFTY

Closed at 16811 on 24-12-15.(Open-16926.95/High-16939.60/Low-16756.90)

Support:-16704/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 16946.10/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It has shown sign of exhaustion in last two days trade but does not look out of momentum as yet as long as it holds 16590 levels but note that this is a pullback rally and may get exhausted anytime; therefore cautious and careful approach has to be followed in the long trade at least. For 28-12-2015 since this pullback rally is showing sign of fatigue so it is advised to watch the market for sometime before initiating trade. Please note that long trade can only be tried either if it moves or sustain above 16890 for sometime or if it moves and sustain above 16947 with a stop loss of below 16800 and 16870 respectively. It could be risky to enter long trade below 16947 which may please be noted.  If it breaks 16749 levels and sustain then it could give down move also. So the aggressive trader if they wish can try short call with caution, if it maintains below 16749 with a stop loss of above 16820. Please note that fearless short call can only be tried below 16580.

Remark:-The long term trend is down. Since this pullback rally is showing sign of fatigue therefore it is suggested to avoid long call below 16947.

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.

CNX-NIFTY--A TECHNICAL VIEW--24-12-2015

CNX-NIFTY

Closed at 7865.95on 23-12-15.(Open-7830.45/High-7871.45/Low-7826.10)

Support:- 7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7894/7940/7960/7979.30/7997/8055/

8065.

It moved as anticipated and crossed the 7853 level and closed above it. Short term technical setup looks o.k ,so it seems that this up rally may continue for few more days, but not to forget that this is a pullback rally and may get exhausted anytime therefore cautious and careful approach has to be followed in the long trade. For 24-12-2015 one can try long call on dip but not below 7840 with a stop loss of below 7800 or buy if it moves and sustain above 7872 with a stop loss of below 7825 for a target of 7900+. Please note that the authentic stop loss for all long trade is below 7760 but short stop loss is suggested so that one can get out early and at a minimum loss in an unfavorable trade. Moving up it will face very tough resistance at 7894 and then in the range of 7924—7940 but as of now it looks that it can cross these hurdles and can still hit 7950+ mark in coming days provided it holds 7760. Since it is in short term up move therefore short call should be avoided now.

 Remark:-The long term trend is down. The pullback rally is still showing strength; so long call should 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.

CNX-BANK NIFTY--A TECHNICAL VIEW--24-12-2015

CNX--BANK NIFTY

Closed at 16882.50 on 23-12-15.(Open-16828.35/High-16913.15/Low-16812.50)

Support:-16771.80/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It gave reasonable rise today but failed to get past yesterday’s high of 16946.10, since it almost achieved its target of 16950 so is this rally over?, has to be seen. However it still looks o.k on the chart so this up move may continue for few more days provided it holds 16590 mark, but not to forget that this is a pullback rally and may get exhausted anytime therefore cautious and careful approach has to be followed in the long trade. For 24-12-2015 it is advised to watch the market for sometime before initiating long trade. It is suggested to try long call either near 16749 but not below this or above 16951 with a stop loss of below 16700 and 16870 respectively. Moving up it will face resistance at 16951/16998/17003---17040---17125—17150.

Remark:-The long term trend is down. It still looks good on the chart but since it did not cross yesterdays high therefore it is suggested to try long call either near 16749 or above 16951 only with proper stop loss.

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.

CNX-BANK NIFTY-A TECHNICAL UPDATE-23-12-2015

CNX--BANK NIFTY

Closed at 16749.20 on 22-12-15.(Open-16810.70/High-16946.10/Low-16704.15)

Support:-16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 16771.80/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

As expected it almost hit 16950 mark and then corrected but it is still looking good on the chart as long as it holds 16590, so it is suggested to try long call now or on dip with a stop loss of below 16570. But it would be better and safe to try long call above 16772 with a stop loss of below 16690 and fresh long position can be added if it moves and sustain above 16826 with a stop loss of below 16750.

Remark:-The long term trend is down. It still looks good for an up move till it holds 16590.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.

CNX-NIFTY--A TECHNICAL VIEW--23-12-2015

CNX-NIFTY

Closed at 7786.10 on 22-12-15.(Open-7829.4/High-7846.30/Low-7776.85)

Support:- 7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7817/7840/7852.90/7940/7960/7979.30/7997/8055/

8065.

It was suggested to exit all long trade if it did not cross 7853 in first hour of trade and it failed to cross 7853mark and gave sharp downward correction but the stop loss of below 7750 was not violated (see my post for 22-12-15), so chances are that it can still bounce back from here if it holds 7760, therefore it is worth trying a long call here because the stop loss is very near. It is important to mention here that as it has made lower top on the line chart but the bottom it still intact, so it will catch up momentum only if it moves above 7853 and sustain. Hope of crossing this mark is still there. The range for now is 7760—7853. It is suggested to try long call now or above 7817 with a stop loss of below 7750 and can add fresh long position if it moves above 7853 and sustain for a target of 7900+ else book profit in that range. Please note that for added long position the stop loss would be below 7830.

 Remark:-The long term trend is down. It gave sharp correction today but since the stop loss of below 7750 was not violated .It would be worth trying a long call here or 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.

CNX-NIFTY-A TECHNICAL UPDATE--22-12-15

CNX-NIFTY

Closed at 7834.45on 21-12-15.(Open-7745.65/High-7840.75/Low-7733.45)

Support:-7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7840/7852.90/7940/7960/7979.30/7997/8055/

8065.

As anticipated it bounced back today and almost recovered last day’s loss and closed near the high of the day. It crossed all its short term moving averages today which is good sign. Technical indicator  still suggest that it could go beyond 7950 level but after all it is a pullback rally and cannot be relied upon blind folded as the weekly and monthly chart are still weak, therefore it is suggested to have cautious approach in trading long. So for 22-12-2015 existing long trade should be held if it moves above 7853 in the early trade and sustain otherwise book at least part profit for sure and exit all long position if it fails to cross 7853 mark in first hour of trade, so now fresh long call should be avoided below 7853. However whenever it crosses 7853 mark during the day and sustain for sometime then fresh long position can be created again for a target of 7900+. Please note that the authentic stop loss for all long trade would be below 7750, but if you wait till then all your profit would be wiped out and you would end up losing. So the suggested short stop losses are below 7817/7781/7775/7761, it is therefore advised to have your own stop loss depending upon your trade initiation point so that you can get out of the unfavorable trade at a minimum loss.       

 Remark:-The long term trend is down. It bounced back as anticipated so fresh long call can be tried if it moves and sustain above 7853 and existing long trade should be exited if it remains below 7853 for a reasonable time period.

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.

CNX-BANK NIFTY--A TECHNICAL UPDATE---22-12-2015

CNX--BANK NIFTY

Closed at 16825.15 on 21-12-15.(Open-16593.40/High-16848.60/Low-16580.65)

Support:-16771.80/16670.55/16648.30/ 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

As anticipated it bounced today and posted a gain of 230.85 points, this robust bounce back wasn’t expected. It crossed almost all its short term moving averages except for one which is at 16873(it changes every day) this could be a resistance point. Today’s move showed strength and technical indicator still suggest that it could go beyond 16950 mark in 2-3 days, but not to forget that this is a pullback rally and cannot be trusted as it can fizzle out anytime, therefore it is suggested to have cautious approach in trading long. So for 22-12-2015 it is suggested to hold existing long position as long as it remains above 16771 one can add fresh long position also above this level, but if it starts trading below 16771 book at least part profit in your existing long trade and exit trade position below 16745 because the authentic stop loss for all long trade would be below 16580 and if you wait till then all your profit would be wiped out and you would end up losing. So the suggested short stop losses are below 16771/16745/16648, it is therefore advised to have your own stop loss depending upon your trade initiation point so that you can get out of the unfavorable trade at a minimum loss. Please note as long as it holds 16580 mark chances of this rally continuing for few days looks good, however moving up it would encounter huge resistance in the range of 17000—17150---17335.       

Remark:-The long term trend is down. It had a robust bounce back today and looks good above 16771 so existing long call should be held and fresh long call can also be tried above this mark.

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.

CNX- NIFTY--UPDATE FOR THE WEEK STARTING FROM--21-12-2015

CNX-NIFTY

Closed at 7761.95 on 18-12-15.(Open-7828.90/High-7836.15/Low-7753.35)

Support:-7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7817/7840/7852.90/7940/7960/7979.30/7997/8055/

8065.

As expected it gave down correction today but it almost erased yesterday’s gain which is concerning and pointing that this move may be over. As I have mentioned time and again that the pull back rallies are treacherous in nature and may end abruptly also, today’s move was indicative of that. However there is still a glimmer of hope of moving up ,as it is  still holding on to some of its Fibonacci support point of 7715/7652 and also moving within its short term moving average range which is between 7708—7796(it changes every day), furthermore it has cluster of bottoms in the range of 7723--7650 and certain technical indicator suggest that  it may cross 7950 mark, so it can possibly bounce back from here and make an attempt to go beyond 7950 mark in coming days before it get exhausted provided that it holds the said range of 7723-7650. The up journey may not be smooth as it will  encounter resistance from its Fibonacci points at 7766/7817/7879 and from its medium to long term moving average range of 7797--7867---7927--7940--7960---8065(it changes every day). It is therefore suggested that those who are holding long position now should exit trade if it sustain below 7700 and fresh long trade should only be tried if it maintains above 7817 with a stop loss of below 7750.Please monitor your trade keeping above figures in mind for better result. It is advised to avoid short call till it holds 7650 mark. 

It is important to mention here that it is still way below its neckline of the Head & Shoulder pattern on the weekly chart which is now In the range of 8100 (it keeps moving up every week) therefore it is likely to hit its down target of 7100-6880 maximum (see my post for 14-12-15) in coming weeks/months . Furthermore its technical setup on the weekly and monthly chart is still very weak and  as of now indicates that it may seek much lower levels from here in coming weeks/months after this on-going move get exhausted, but it has to be reviewed from time to time because interpretation will change with change in prices. In view of the above in all probability it is likely to break its major bottom of 7539.50 which it made on 8-9-15 in coming weeks/ months. Similarly it will gain strength if it moves above the neckline of 8100(it changes) and sustain and will regain up momentum if it moves and sustain above 8288(it changes every day), which looks slightly difficult as of now but you never know anything can happen, so watch out.

 Remark:-The long term trend is down. Today’s down correction was huge but it could still bounce back from here and give a reasonable rise till it holds 7723-7650 range. Therefore try long call 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.