CNX-NIFTY
Closed at 7276.80 on 21-1-2016(Open-7376.65/High-7398.70/Low-7250)
Support:-7241.50/7118.45/6868.85/6638.55.
Resistance:- 7295/7422/7425.80/7435.10/7463.65/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.
As expected it broke and closed below
its most crucial point of 7295 today and if it sustain below this mark the
on-going fall may accelerate and going down it will find support at 7118.45/6869—6825/6650.
Although technically it is on a very weak footing but one technical indicator
is showing some positive sign, so it may give some rise from here provided it
moves and sustain above 7295. Please note that it will only get stable if it
moves and sustains above 7539.50.
For 22-1-2016 since it has closed
below its most important point, therefore short call can be tried if it
maintains below 7295 with a stop loss of above 7340, similarly long call can
tried if it maintains above 7295 with a stop loss of below 7240 . Long call can
be tried successfully if it moves and sustain above 7435 with a stop loss of
below 7400. I once again reiterate that long trade could be a risky proposition
below 7539.50 which may be kept in mind.
Remark:-The long term
trend is down. Since it broke and closed below its most important level of 7295,
so long call should be avoided below this mark for sure, similarly short calls
above 7295.
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.