CNX-NIFTY--A TECHNICAL UPDATE--29-12-2015

CNX-NIFTY

Closed at 7925.15 on 28-12-15.(Open-7863.20/High-7937.20/Low-7863)

Support:- 7894/7888.75/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7940/ 7960/7979.30/7997/8055/ 8065.

As anticipated it moved up today but yet to hit the expected target of 7950+. Short term technical setup  looks good therefore it is still likely to cross 7955 level for sure and possibly may end this month and year-2015 with 8000+ level also, so watch out. For 29-12-15 it is suggested to buy now or on dip but not below 7888 with a stop loss of below 7860. Please note that it would encounter huge resistance in the range of 7940—8000 and since it is very close to this range, so long trader should be very cautious and careful in initiating long trade firstly because of the resistance range and secondly this is a pullback rally as of now and it may get exhausted anytime. So be vigilant in long trade.  

Remark:-The long term trend is down. Long call can still be tried as suggested above but with caution.

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.