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.
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Thank you for sharing your views.