CNX-NIFTY
Closed at 7844.35 on 17-12-15.(Open-7783.05/High-7852.90/Low-7737.55)
Support:-7840/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50
Resistance:-7940/7960/7979.30/7997/8055/8065.
As expected it crossed its all short
term moving averages and 61.8%
Fibonacci retracement point of 7817
decisively today and closed with a gain of more than 90 points. The up move was
robust and showed good strength and it is expected to continue for few more
days but in between it could witness down day also. Please note that in down
correction it will find support from the Fibonacci points of
7817/7766/7715 which it had crossed. Furthermore it would also find support from
its short term moving average range which is between 7799—7762—7710 for 18-12-15(it
changes every day). It is exhibiting reasonable strength now and certain
technical parameter also indicates that it may cross 7950 mark soon and may go
beyond 8000 mark too; therefore it is suggested to buy now or on dip but not
below 7760 with a stop loss of below 7714. 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. The pull back rally is exhibiting strength therefore buy
on dip strategy is suggested till it holds 7760 mark.
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.