CNX-NIFTY-A TECHNICAL VIEW—1-4-2016

CNX-NIFTY

Closed at 7738.40 on 31-3-2016 (Open-7727.65/High-7777.60/Low-7702)

Support:-7691/7678/7667/7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance:-7840/7863/7938.45/7946.35/7973/7980.

After closing above 7539.50 level on 18-3-2016,( it was an important level see my earlier post) it is  steadily moving up and did not break the said level even in intra-day , it is showing good strength and it may give further rise from here but moving up it will face very stiff resistance from its long term moving average which is in the range of 7750—7847---7895---7944(it changes every day)and from its most important resistance points of 7938.45 & 7946.35 for the year 2016 ,if it move above this and sustain then further good  up move can be expected. Similarly it will find good support moving down from its long term moving average at 7696 & 7646(it changes every day),then from its recent bottom of 7582 and finally from its one of the most critical point of 7539.50 for the year 2016 but please note that sustained break below 7539.50 may begin fresh down move. The up journey from here may not be smooth but since technically it looks good now, therefore buy on dip strategy should be followed till it closes below 7597 and then breaks and sustain below 7539.50 level.   

For 1-4-2016 since it will be the first day of the new series therefore initiate trade after watching the market for some time.   Long call can be tried above 7728 with a stop loss of below 7690 and fresh long position can be added if it sustains above 7780 with a stop loss of below 7738 for added position. Please see resistance points for targets.      

Remark: - Long call can be tried as suggested above but with some caution as stiff resistance range is ahead.

  

 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.

CNX-NIFTY-A TECHNICAL VIEW—18-3-2016

CNX-NIFTY

Closed at 7512.55 on 15-3-2016 (Open-7557.40/High-7585.30/Low-7479.40)

Support:-7512.55/7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7539.50/ 7551.05/7585.30/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a huge up gap and went up further and remained above its most critical point of 7539.50 for the year 2016 almost throughout the day, but in last 45 minutes of trade it plunged down and broke the aforesaid level convincingly and went on to break the   previous day’s close and ended near the low of the day and that too in a negative territory in real time but eventually after adjustment managed to close with a gain of 13.79 points. Please note in last six trading days it crossed 7539.50 level for five days but could not close above it ,which shows gross weakness in it, furthermore since it has made lower bottom on the line chart ,it is still sell on the rise market till it closes above 7539.50 mark (see my post for 17-3-2016). It is therefore suggested that long call can safely be tried only after it closes above 7539.50 levels because it failed to close above this mark in last five attempts. Please note that long call should be avoided if it moves and sustain below 7450 and short call can be tried below this mark with proper stop losses. Moving up it will face resistance at 7539.50/7551/7585/7600.45/7667/7678/7691.20 and going down it will find support at 7480/7450/7424/7405/7380/7350.

For 18-3-2016 long call should only be tried if it moves and sustain above 7539.50 with a stop loss of below 7475. Since it has made lower bottom on the line chart therefore sell call can be tried if it maintains below 7450 with a stop loss of above 7513 for a target of 7405/7380/7350/7308/7295. Aggressive day traders can initiate sell call if it maintains below 7475 for some time with a stop loss of above 7513 and add on position below 7450.      

Remark: - In view of its five failed attempts in last six days to close above one of its most critical point of 7539.50, it would be better and safe that long call should only be tried once it closes above this mark. Sell 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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 18-3-2016

CNX--BANK NIFTY

Closed at 15444 on 16-3-2016(Open-15622.30/High-15704.75/Low-15312.50)

Support:-15367.90/15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15451.75/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

 It opened with a huge up gap and went up further and remained in the positive range almost throughout the day but in last 45 minutes of trade it slipped down and went on to break the   previous day’s close and ended near the low of the day in real time but eventually even after adjustment it closed with a small loss of 17.70 points. Although  higher top and bottom on the line chart are still intact therefore as long as it holds 15146 on the closing basis it could still move up but today’s move was disturbing so caution should be exercised in long trade . It is therefore suggested that long call should only be tried if it move and maintains above 15465 and then near 15168 and not in between and avoid long trade completely below this mark. Moving up it will face resistance at 15565.50/15682.65/15762.20. Similarly going down it will find support at 15312.50/15178/15168/15146/15000/14989/14767—14754/14445. Please note that it will gain strong foothold once it closes above 15762.20 and sustain, it came pretty close to it today.

For 18-3-2016 long call can be tried if it moves and maintain above 15465 or else try near 15168 but not below 15168 levels for sure for a target of 15565.50/15682.65/15762.20. Please use self defined short stop losses with the help of support levels to manage your long trade effectively because the authentic stop loss for long trade would be below 15130. Short call can be attempted if it moves below 15146 and sustain with a stop loss of above 15230 but in view of today’s move aggressive day traders can try short call even if it maintains below 15300  with a stop loss of above 15462 for a target of 15178—146/15000/14989.

Remark:-It is in long term bear trend since 4-1-2016. Long call should only be attempted if it maintains above 15465 for some time.

  

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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 17-3-2016

CNX--BANK NIFTY

Closed at 15461.70 on 15-3-2016(Open-15304.35/High-15489.50/Low-15178.30)

Support:-15451.75/15367.90/15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

As expected it gave good  move today and it has also given upside breakout from the flag pattern range which was between 15451.75—14989.40 (see my post for 14-6-16), furthermore higher bottom and now higher top on the line chart is intact, therefore as long as it holds 15146 on the closing basis it seems that further up move will be on, therefore long call can be tried now or on the dip but be alert in long trade if it consistently starts trading below 15339 and avoid long trade for sure below 15168. Moving up it will face resistance at 15565.50/15682.65/15762.20. Please note that it will gain strong foothold once it closes above 15762.20 and sustain.

For 17-3-2016 long call can be tried now or on dip near 15339 and the near 15168 but not below 15168 level for sure  for a target of 15565.50/15682.65/15762.20. Please use self defined stop losses with the help of support levels to manage your trade effectively because the authentic stop loss for long trade would be below 15130.

Remark:-It is in long term bear trend since 4-1-2016. 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.

CNX-NIFTY-A TECHNICAL VIEW—17-3-2016

CNX-NIFTY

Closed at 7498.75 on 15-3-2016 (Open-7457.05/High-7508/Low-7405.15)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a flat to negative note and went down further but in last hour of trade it staged a smart recovery and ended the day near the high of the day. Despite strong up move today it still seems to be sell on the rise market till it moves and sustain above 7539.50. It is important to mention here that now it is moving within its critical range of 7539.50---7295(see my earlier post), furthermore it moved above the upper band of the critical range i.e. 7539.50 four times in last five days but could not close above it, so until and unless it closes above 7539.50 one should be extremely cautious and careful in the long trade. It is therefore suggested that long call should only be tried above 7539.50, but aggressive day traders can try it above 7513 also. Please note that long call should be avoided if it moves and sustain below 7450 and short call can be tried below this mark with proper stop losses. Moving up it will face resistance at 7539.50/7551/7565/7600.45/7667/7678/7691.20 and going down it will find support at 7450/7424/7405/7380/7350.

For 17-3-2016 long call should be tried if it moves and sustain above 7539.50 but aggressive day traders can try it above 7513 with a stop loss of below 7450. Since it has made lower bottom on the line chart therefore sell call can be tried if it maintains below 7450 with a stop loss of above 7490 for a target of 7405/7380/7350/7308/7295.      

Remark: - In view of last hour robust recovery aggressive day traders can try long call also above 7513 but it would be safe to try long call above 7539.50 only. Short call can be attempted only if it moves below 7450.

 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.

TRADING CALLS FOR 16-3-2016

TRADING CALLS

1.  APOLLO HOSPITAL.

Sell below -1350, S/L-1360, Target-1340/1330/1305/1290/1242.

2. AUROBINDO PHARMA.

Sell below -704, S/L-710, Target-689/675/645.

3. ASIAN PAINTS

Sell below -882, S/L-887, Target-870/858/852/841/829/826.

4. CIPLA.

Sell below-521, S/L-526, Target-513./505/486.

5. GLENMARK PHARMA.

Sell below-807, S/L-814, Target-796/780/761/745.

6. HDFC.

Sell below -1105, S/L-1112, Target-1077/1058/1046.

  

7. HERO MOTOR CORP.

Sell below-2806, S/L-2814, Target-2788/2738/2705.

8. LUPIN.

 Sell below-1716, S/L-1723, Target-1695/1688/1636.

9. SUN PHARMA.

Sell below -840, S/L-845, Target-833/818/802/780.

10.ZEE ENTERTAINMENT.

Sell below-384,S/L-387,Target-374/364/350.

                                        

   

Note: Price stated here is of spot market.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW—16-3-2016

CNX-NIFTY

Closed at 7460.60 on 15-3-2016 (Open-7535.85/High-7545.20/Low-7452.80)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a flat to negative note and crossed once again one of its most critical point of 7539.50 on the fourth consecutive day but could not sustain even for a minute and thereafter steadily moved down and closed near the low of the day and most importantly closed below 7480 mark (see my post for 15-3-16). Today’s move  is showing   sign of some weakness but it is still within its major range of 7539.50---7295(see my post for 14-3-16) so going down from here it will find good support at 7424—7417/ 7380/7350/7308/7295/7235. It may bounce back from any of these points but if it breaks the range of 7424-7417 and sustain then it could go down further. Furthermore it has broken its bottom of 7486.15 & 7485.30 on the line chart therefore technically it will be a sell on the rise market now till it moves and close above 7539.50 level or one can sell below 7417. Similarly contrarian trader  who wish to try long call can try near 7424 and then, near 7295 but not below this mark for sure.

 For 16-3-2016 in view of today’s move long call should be avoided till it moves and sustain above 7539.50 but aggressive traders can try  near 7424 with a stop loss of below 7400 and then near 7308—7295 with a stop loss of below 7230,it could be a risky trade mind you. Since it has broken the bottom on the line chart therefore it is sell on the rise market now till it moves and closes above 7539.50 and sustain or sell if it maintains below 7450 with a stop loss of above 7490 and add on short position if it moves below 7417 with a stop loss of above 7450 for added position for a target of 7380/7350/7308.     

Remark:- In view of today’s down move and breaking of bottoms on the line chart sell on the rise strategy should be followed till it moves above 7539.50 and sustain. Take your trading call as suggested above but long call should only be tried either above 7539.50 or near 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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 16-3-2016

CNX--BANK NIFTY

Closed at 15326.80 on 15-3-2016(Open-15310.45/High-15386.85/Low-15268.10)

Support:-15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15451.75/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a flat note and moved in a very short range throughout the day and closed with a meager gain of 49 points. Today’s short range movement indicates that it is bracing for a big move on the either side in coming day or two, today’s bar on the chart is pointing towards a possible down move. However  it is within its  critical range now which is between 15451.75—14989.40 (see my post for 14-6-16),furthermore it  has higher top and bottoms on the line chart therefore chances are that it could still move up as long as it holds 15140 on the closing basis. But it will show good strength once it gives sustained upside breakout from its critical range for now i.e. above 15451.75. In view of the above it is suggested to try long call above 15451.75 but it can still be tried if it maintains above 15355 but with extreme caution. Moving up it will face resistance at 15367/15451.75/15565.50/15682.65/15762.20. Similarly going down it will find support at 15140/14989.40/14969/14761/14754/14670. Please note that it will gain strong foothold once it moves above 15762.20 and sustain.

For 16-3-2016 in view of short trading range today please exercise extreme caution in first hour of trade. Long call can be tried if it moves and sustain above 15355 with a stop loss of below 15220 for a target of 15367.90/15451.75/15577/15682.65/15762.20. Similarly short call can also be tried if it maintains below 15220 for some time with a stop loss of above 15310 and add on further position below 15140 with a stop loss of above 15220 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted if it sustains above 15355 and short call can also 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.

CNX-NIFTY- A TECHNICAL VIEW FOR-15-3-2016

CNX-NIFTY

Closed at 7538.75 on 14-3-2016 (Open-7542.60/High-7583.70/Low-7515.05)

Support:-7512.55/7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a very strong and positive note almost near the high of the previous day and went up further it traded above one of its most critical point of 7539.50 for a long time during the day but closed just below it .However it still technically o.k. on the daily chart but to get strong foothold it is very essential for it to close above 7539.50 level and sustain too. Please note that despite crossing this mark intra-day continuously for last three days, it could not close above it which is slightly concerning but as long as it holds 7480 mark on the closing basis it is o.k. close below this level will indicate first sign of weakness. In view of the above long call can be tried if it moves and sustain above 7539.50 but cautiously. Long call should be avoided for sure below 7480. Moving up it would face resistance at 7551/7600.45/7680; similarly going down it will find support at 7510/7480/7422/7380/7350/7295.      

 For 15-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Short call can also be tried if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7422/7406/7380/7350.    

  Remark:- As long as it holds 7480 level on the closing basis this up move may continue, but fresh long call should only be tried if it moves and sustain above 7539.50.

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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 15-3-2016

CNX--BANK NIFTY

Closed at 15277.80 on 14-3-2016(Open-15309.05/High-15416.15/Low-15220.15)

Support:-15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a very strong and positive note and moved up further but could not hold on at higher level and slipped down but at the end of the day closed with a gain of 109.60 points. It did give upside breakout from the weekly range of 15354.15—14989.40 and went near the upper band of 15451 of the flag pattern (see my post for 14-3-16) but could not sustain and fallen back within the weekly range  and closed just 57 points above the low of the day this move  shows some sign of exhaustion. But since it is making higher bottom on the line chart it could still move up as long as it holds 15140 levels on the closing basis. Please note that sustained close below 15140 may indicate the end of this on-going up move. In view of the above long call be tried if it moves and sustain above 15355 but long call should be avoided for sure below 15140. Moving up it will face resistance at 15367/15451.75/15565.50/15682.65/15764.20. Similarly going down it will find support at 15140/14989.40/14969/14761/14754/14670.

For 15-3-2016 long call can be tried if it moves and sustain above 15355 with a stop loss of below 15168 for a target of 15367.90/15451.75/15577/15682.65/15762.20. Short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted if it sustains above 15355 and short call can also 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.

CNX-NIFTY- A TECHNICAL VIEW FOR-14-3-2016

CNX-NIFTY

Closed at 7510.20 on 11-3-2016 (Open-7484.85/High-7543.95/Low-7460.60)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened flat but made both ways movement during the day and at the end of the day closed with a gain of 25.05 points. It is still looking good on the daily chart but weekly and monthly charts are still weak. The range for the week starting from 14-3-2016 is between 7547.10----7424.30, the broad range is between 7539.50---7295 on the bar chart and between 7531.80---7485 on the line chart (closing basis) which may be kept in mind. Please note that breakout from the range will decide the direction for the coming week and so on. So plan your trade keeping the above range in mind. Since 7539.50 is one of its most critical point for the year 2016 and it did cross this level in last two days but could not sustain, it is therefore suggested that fresh long call should only be tried if it moves and sustain above 7539.50 but exercise caution if it closes below 7485 because then it may signal the end of this on-going rally if it does not cross 7539.50mark again shortly. It is important to mention here that as long as it holds 7295 it is o.k. because sustained break below this level will trigger fresh and severe fall which may please be noted and looking at the weekly and monthly chart it seems very likely to happen  in coming weeks/months, so be alert in long trades. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45; similarly going down it will find support at 7422/7380/7350/7295/7252.40/7241.50.       

 For 14-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Short call can also be tried if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7422/7406/7380/7350.    

  Remark:-It is moving now in its make or break range which is between 7539.50—7295, so till the either side breakout happens, trade keeping the said range in mind. The bias is up on the daily chart as of now but long trade should be handled cautiously, as it had vertical rise in last few days without reasonable down correction.

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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 14-3-2016

CNX--BANK NIFTY

Closed at 15168.20 on 11-3-2016(Open-15133.75/High-15343.55/Low-15024.80)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a negative note and gave both ways movement during the day and ended the day with a meager loss of 12.45 points. After giving 2000 points rise in last few days, now it seems that it is consolidating here and making a flag pattern and the range of which is between 15451.75---14989.40 and the range for the week starting from 14-3-2016 is between 15354.15—14989.40. Please note that breakout from the flag pattern will give substantial movement on either side. Please also note that it is still looking good on the daily chart but weekly and monthly charts are still weak. Furthermore it has given some weak indication on the line chart as because after making higher top of 15339.20 it has made a lower top of 15279.05 now but the only bright spot is that it has not violated its bottom of 15146.50 on the closing basis yet, sustained close below this level may indicate the end this on-going up move. In view of the above observation it looks slightly fatigued but technically it is still o.k. So long call can be tried if it moves and sustain above 15280 but it would be safe to try long call if it moves and sustain above 15355. Avoid long call for sure if it maintains below 15146.

For 14-3-2016 long call can be tried if it moves and sustain above 15355 with a stop loss of below 15250 for a target of 15367.90/15451.75/15577/15682.65/15762.20. But aggressive trader can try long call if it maintains above 15280 with a stop loss of below 15146.It could be slightly risky trade.  In view of lower top on the line chart short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted above 15355 and short call can also 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.

CNX-NIFTY- A TECHNICAL VIEW FOR-11-3-2016

CNX-NIFTY

Closed at 7486.15 on 10-3-2016 (Open-7545.35/High-7547.10/Low-7447.40)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a small up gap and above one of its most critical point of 7539.50 for the year 2016 but could not hold at that level even for a minute and immediately moved below previous days close and traded throughout the day in negative territory and ended the day with a loss of 45.64 points. So finally down correction on the closing basis has happened now it has to be seen that how this correction culminates. Technically it still looks good on the daily chart but in view of today’s down move fresh long call should only be tried if it moves and sustain above 7539.50. Moving down in this correction it will find support at 7422/7380/7350/7308/7295. The broad range for it now is between 7539.50---7295 and breakout on either side will decide the further direction for the market in coming days , therefore plan your  trade keeping the above range in mind till  breakout happens .

For 11-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Although It is not giving any sign to try short call now but since it is near the upper band of the range i.e. 7539.50---7295 so short call can be tried near 7530 with a stop loss of above 7560 or if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7424/7406/7380.    

  Remark:- The it gave down move today so fresh long call should only be tried above 7539.50. Short call can also 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.

CNX--BANK NIFTY- A TECHNICAL VIEW - 11-3-2016

CNX--BANK NIFTY

Closed at 15180.65 on 10-3-2016(Open-15347.55/High-15354.15/Low-15098.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a small up gap but could not hold on at the upper level and drifted down and finally ended the day with a loss of 98.39 points. It did made a higher bottom at 15146.50 yesterday on the line chart but today it made a lower top of 15279.05 on the line chart which is slightly giving weak indication and if it fails to hold the bottom of 15146.50 on the closing basis then the fall may accelerate.  Although it is still looking good on the daily chart but in view of above fresh long call should only be attempted if it moves and sustain above 15340.

For 11-3-2016 long call can only be tried if it moves and sustain above 15340 with a stop loss of below 15180 for a target of 15367.90/15451.75/15577/15682.65/15762.20. In view of lower top on the line chart short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted above 15340 and short call can also 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.

CNX-NIFTY- A TECHNICAL VIEW FOR-10-3-2016

CNX-NIFTY

Closed at 7531.80 on 9-3-2016 (Open-7436.10/High-7539/Low-7424.30)

Support:-7512.55/7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a small down gap and moved in a negative mode for a long time and then in later part of the 2^nd half staged a smart recovery and almost hit one of its most critical point of 7539.50 but could not cross it; however it closed near the high of the day, which is a good sign. Although it is showing good strength on the short term technical chart but the unabated rise tremendously increases the vulnerability for a down correction on the closing basis. However if it moves and sustain above 7539.50 then the on-going up move may last for few more days before the correction happens. Moving up it will face resistance at 7551.05/7600.45/7667/7678 and most importantly from the down trend line which is placed at 7616(it decreases every day) for 10-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further and the next important point of resistance then would be at 7691.50(it changes every day) and sustained close above this level may accelerate the up momentum. In view of the above fresh long call can be tried above 7539.50 but with extreme caution and care.     

For 10-3-2016 long call can be tried above 7539.50 with an alert point below 7505 and exit below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Long call should be handled with extreme caution. Although It is not giving any sign to try short call now but in view of straight rise and critical point of 7539.50 ahead it is suggested that if it fails to cross this level or after crossing it falls below it again and sustain for some time then short call can be tried with a stop loss of above 7570 for a target of 7485/7442/7424/7406/7380.    

  Remark:-With every rising day the vulnerability of down correction is increasing but looking at its strength long call can still be tried if it moves and sustain above 7539.50 level but with extreme caution.

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.