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.
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Thank you for sharing your views.