CNX-BAN NIFTY--A TECHNICAL VIEW--20-1-2016

CNX--BANK NIFTY

Closed at 15269.65 on 19-1-2016(Open-15086.75/High-15338.20/Low-15086.75)

Support:-15206.30/15165.20/15154.35/14956.95/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

 It closed with a gain of 248.85 points today. Although it’s overall technical setup is still weak but today move raised some hope of moving up from here because it crossed previous day’s high after 11 trading session and closed just below it. Therefore chances are that it could move up further from here provided it manages to hold 15206 & then 15154 for the week. Please note that it will show stability only if it moves and sustain above 15762.20.

For 20-1-2016 long trade can be tried on dip but not below 15206 with a stop loss of below 15150 similarly short calls can be tried if it maintains below 15130 for some time with a stop loss of above 15210. 

 Remark:-The long term trend is down. Since it has crossed previous day’s high after 11 trading sessions, long call can 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.