CNX--BANK NIFTY
Closed at 16741.50 on 17-12-15.(Open-16704.05/High-16771.80/Low-16544.65)
Support:-16670.55/16648.30/16587.25/ 16497/16260/16192.25/15762.20
Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.
It gave more than 160 points rise
today but comparatively not showing the strength which Nifty is showing but it
seems that it may catch up with it in coming days because certain technical
parameter indicates that it may go beyond 16950 mark in coming days, so this up
move is expected to continue for few more days with an in between down day also.
Moving up it will face resistance from its Fibonacci retracement point of
16844/16998/17189 and from its short term moving average range which is between
16576—16777--16909(it changes every day). Going down it will find support at
16688/16670/16648/16587&16497. For now it is looking ok therefore buy now
or on dip strategy is suggested but not below 16550 with a stop loss of below
16480. Since short term trend is looking up now therefore, it is advised to avoid short call for
now.
Remark:-The long term
trend is down. Since the pull back rally
is gaining momentum therefore it is suggested to try long trade till it holds
16550.
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.