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.
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Thank you for sharing your views.