CNX-NIFTY
Closed at 7865.95on 23-12-15.(Open-7830.45/High-7871.45/Low-7826.10)
Support:- 7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119
Resistance:-7894/7940/7960/7979.30/7997/8055/
8065.
It moved as anticipated and crossed
the 7853 level and closed above it. Short term technical setup looks o.k ,so it
seems that this up rally may continue for few more days, 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 one can
try long call on dip but not below 7840 with a stop loss of below 7800 or buy if
it moves and sustain above 7872 with a stop loss of below 7825 for a target of
7900+. Please note that the authentic stop loss for all long trade is below 7760
but short stop loss is suggested so that one can get out early and at a minimum
loss in an unfavorable trade. Moving up it will face very tough resistance at
7894 and then in the range of 7924—7940 but as of now it looks that it can cross
these hurdles and can still hit 7950+ mark in coming days provided it holds
7760. Since it is in short term up move therefore short call should be avoided
now.
Remark:-The
long term trend is down. The pullback rally is still showing strength; so long
call should be tried as suggested above.
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.