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.
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Thank you for sharing your views.