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.