CNX--BANK NIFTY
Closed at 16542.50 on 5-1-2016(Open-16652.05/High-16670.20/Low-16474.85)
Support:-16188.05/15762.20/15301.65/15130.35.
Resistance:-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.
The broad observation and figures
remains the same as mentioned in my post for 5-1-2016. It is definitely a sell
on the rise market till it moves and sustain above 16932.50. However going down
it could have an up day in between. Therefore it is suggested to take your
trading call using support, resistance and retracements points that will help
you to trade better.
For 6-1-2016 it is suggested to sell
on the rise but below 16824 and if it
moves above 16824 and sustain then avoid fresh selling and try short call again
near but not above 16922. The authentic stop loss in both the situation would
be above 16980. But short stop loss of above 16860 is suggested for the short
call initiated below 16824.
Remark:-The long term
trend is down. Since down move is on, therefore sell on the rise strategy is
suggested till it moves and sustain above 16932.50. Buying is ruled out as of
now.
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.