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.