CNX--BANK NIFTY
Closed at 14298.15 on 18-2-2016(Open-14301.75/High-14385.65/Low-14180.90)
Support:- 14258/14120.90/13971.50/13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.
Resistance:- 14338.65/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/
It opened with an up gap today but
filled the gap during the day and closed with a gain of 178.30 points. It is
still looking very weak in comparison with nifty but the positive point is that
it has made higher bottom on the line chart at 14119.85, therefore as long as
it holds this bottom on the closing basis it could still move up from here. Moving
up it will face resistance at 14386/14445/14590/14670/14754.65 and possibly the
on-going up move may exhaust at any of these points so be watchful and alert.
Since it is in down trend and the today's up move is a bear rally only as of now
so the above points could also be used as sell point also provided weakness is
visible in the prices during the day.
Please note that I would once again
caution safe trader that not to take advantage of the in between up rallies in
bear market, as these rallies are treacherous in nature and can trap you
unaware at higher levels. However aggressive intra-day trader can try long call
if they wish too at appropriate points.
The long trade can safely be attempted only if it moves and sustain
above 14754.65.
For 19-2-2016 aggressive trader can
try long call if it maintains above 14300 with a stop loss of below 14180 for a
target of 14445/14590/14670 or near 14120 with a stop loss of below 14080 for a target of 14298/14386/14450-475/14590/. Similarly
these target points can also be used as sell points provided price show weakness
during the day with proper stop losses or sell call can be tried if it
maintains below 14100 with a stop loss of above 14190 for a target
of 13892/13810/13760. Please note that
sell call should surely be attempted in
the range 14650--14750 with a stop loss of above 14820.I once again repeat
that since it is in down trend therefore long trade should be handled with
extreme caution and care.
Remark:-It
is in long term bear trend now. Since it has made higher bottom on the line
chart long call can be tried as suggested above.But if price moves otherwise short
call should also be tried and must be attempted in the range of 14650-14750. Please note
that taking advantage of the pullback rally could be risky, so be alert and
watchful in long trade.
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.