CNX-NIFTY
Closed at 7791.30 on 5-1-2016(Open-7828.40/High-7831.20/Low-7777)
Support:-7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119
Resistance:-7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.
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 7946.35. 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 7863 and if it
moves above 7863 and sustain then avoid
fresh selling and try short call again near but not above 7938. The
authentic stop loss in both the situation would be above 7990. But short stop
loss of above 7890 is suggested for the short call initiated below 7863.
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 7946.35. 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.