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.