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.
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Thank you for sharing your views.