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.