CNX-NIFTY-A TECHNICAL VIEW FOR—2-5-2016

CNX-NIFTY

Closed at 7849.80 on 29-4-2016 (Open-7844.25/High-7889.05/Low-7788.70)

Support: - 7842/7820/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It had a volatile day and it gave wild swings of more than 100 points both ways before closing the day just 2.54 points above the previous day’s close. The overall technical setup is not that bad but since it broke its recent bottom of 7855.05 on the line chart and is also below its short term moving averages, therefore it is slightly on a weak footing so one can still   follow sell on the rise strategy till it moves and closes above 7992(see my post for 28-4-2016), but one should be alert in short trade if it moves and sustain above 7901 and then 7947.However until and unless it closes above 7992 it is not likely to regain the up momentum and at this point of time it looks slightly difficult to cross this level. 

The range for the week starting from 2-5-2016 is between 7992---7847.25--7788.70 and it is near the lower end of the range now,  since it is showing weak sign chances of it drifting lower are quite bright. The trader should structure their trade keeping the above range in mind. Since it is sell on the rise market now, therefore it is suggested to avoid long trade in general but the contrarian trader who wish to try long call can try it, if it maintains above 7850 but do not attempt long trade below 7847.25 in any case. Similarly short call can be tried on the rise at proper points or sell for sure if it trades below 7842. Please note that if it breaks the 7788.70 level and sustain the long trade should be avoided for the entire week, instead short call should be tried for sure.

  

TRADING OPTION FOR-2-5-2016

1. Long call is not suggested but the aggressive and contrarian trader can still try it, if it maintains above 7850 with a stop loss of below 7810 for a target of 7889/7901/7915/7938/7947. It could be a highly risky trade.

2. Sell on the rise but not above 7992 with a stop loss of above 8055. The possible sell points could be at 7901/7915/7930-50/7992.The ultimate stop loss is above 8065. But it is advised to use self defined stop losses with the help of resistance points mentioned above for the suggested sell point’s trade to manage your trade in a better way.

3. Sell below 7842 with a stop loss of above 7910 for a target of 7822/7788/7777/7772/7723/7714, can add fresh position below 7810 with a stop loss of above 7855.

 4. If it moves below 7788.70 and sustain sell for sure for the entire week with a stop loss of above 7810.

Remark: - It seems that it is sell on the rise market now, therefore long call should be avoided but if initiated should be handled with extreme caution. It looks better and safe to try short call at this point of time.  Please initiate your trade after watching the market for at least 30-45 minutes.   

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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 2-5-2016

CNX--BANK NIFTY

Closed at 16795 on 29-4-2016(Open-16712.95/High-16841.30/Low-16527.55)

Support: 16750/16726/16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It exhibited huge volatility and had a wild swing of more than 300 points both ways during the day but at the end it closed with a gain of 78.09 points. Its technical setup is still good. It is holding its recent bottom of 16678.85 on the line chart, closed above its bear market threshold point of 16726 and still above its short term moving averages, therefore it could still move up from here as long as it holds 16678.85 on the closing basis. However the up journey from here may not be smooth because it will face very stiff resistance in the range of 16726—16855--16940—17068. Please note that it almost crossed this range recently and then slipped down, so crossing it for the second may be slightly difficult for it.

It is also important to mention here that although its technical setup looks o.k. on the chart but preceding two days move and certain technical indicators and patterns indicates that it may correct from here also. Therefore the overall bias is mixed at this point of time but slightly in favor of upside. Therefore long call can be tried if it moves and sustain above 16855 but I once again repeat that it would be safe to try long call above 17030 only(see my post for 28-4-2016) . Similarly short call should be tried if it moves and sustain below 16678.85 or in wake of advance technical parameters indication sell on the rise at proper point or near but not above 17030 can also be attempted but with extreme caution.

The range for the week starting from 2-5-2016 is between 17030—16526 and it is at the midpoint now, so it is difficult to say which way it will move, therefore be watchful and alert. The trader should structure their trade keeping the above range in mind. But long trader should get alerted if it consistently trade below 16795 and exit long trade for sure if it moves and sustain below 16678. Similarly short trader should get alerted if it moves and sustain above 16855 but attempt short trade for sure below 16678.

TRADING OPTION FOR-2-5-2016

1. Long call can be tried if it maintains above 16855 with a stop loss of below 16750 for a target of 16940/17003/17030/17068/17124. But it would be safe to try long call if it moves and sustain above 17030.

2. Sell on the rise but not above 17030 with a stop loss of above 17080 and the possible sell points could be at 16900/16952/17025.Please use self defined stop losses with the help of resistance point mentioned above for suggested sell points trade to manage your trade better. Please be alert above 16855 in short trade because then it may give you chance to go short at a much higher levels.    

3. Sell below 16678 for sure with a stop loss of above 16800 for a target of 16572/16526/16386.

Remark: - It is giving mixed indication here therefore both side trade can be tried depending on the price movement. Take your trading call as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.  

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.

DOW JONES INDUSTRIAL AVG INDEX- A TECHNICAL UPDATE-29-4-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 17830.76 ON -28-4-2016.

                                                                           

SUPPORT:- 17811.48/17796.76/17750.02/17484.23/17425.03/17405.48/17399.01/17210/17116.73/16887/16827.86/16510.40/16165.86/15979.95/15942.37/15803/15503/15450.56/15370.33/15340.69/14760/14719.43/14681/14551.27/14444.03.

 RESISTANCE:- 17914.34/17977.85/18084.66/18167.63/18188.81/18351.36.

(Figures in bold are important)

When I, last wrote on 16-4-2016 it was bracing for a big move on the either side. It did go up from there but failed to cross the upper band of the resistance range which was between 17800—18352(see my post of 10-4-2016). It slipped down after hitting 18167.63 on 20-4-2016, now it is showing sign of fatigue; it is also making lower top and bottom on the bar and the line chart, so either it is correcting before resuming the up move again or the on-going up move may be over. The technical setup is still good but certain technical indicators point towards a possible down slide from here, however as long as it holds the critical levels of 17425.03 & 17405.48 for the year 2016 the up move may be in place, furthermore even if it breaks the aforesaid points it will get very good support from its long term moving averages which are in the range of 17332—17006(it changes every day). Therefore only sustained close below 17000 can trigger a bigger fall. Since it is having good support in the range of 17425—17006, so long call can be tried on dip around this range but not below 17332 with proper stop losses.

REMARKS:-The trend is up. But it is in correction mode now so let it give visible indication of correction completion before initiating fresh long trade. However, long call can be attempted around the range of 17425---17332.

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.

CNX-NIFTY-A TECHNICAL VIEW FOR—29-4-2016

CNX-NIFTY

Closed at 7847.25 on 28-4-2016 (Open-7942/High-7992/Low-7834.45)

Support: - 7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It could not sustain the upside breakout even for a single day and plunged down sharply, breaking its most critical points of 7946.35 & 7938.45 for the year 2016 decisively. It also broke its recent bottom of 7855 on the line chart and closed below it, which is a bad sign and almost confirms that this on-going up move may be over if it does not cross 7992 level in 2-3 days time. Looking at today’s breakdown it seems difficult to cross the said level. Therefore in all probability the on-going rally is over and it has turned sell on the rise market now till it moves and closes above 7992. The range for it now is between 7992---7822, so one can sell on the rise at appropriate levels but not beyond 7992 or can sell below 7822. In wake of today’s breakdown long trade is not suggested but contrarian traders can use the aforesaid range for trying long trade as well if they wish too.   

TRADING OPTION FOR-29-4-2016

1. Sell on the rise but not above 7992 with a stop loss of above 8055. The possible sell points could be at 7915/7930-50/7992.The ultimate stop loss is 8055. But it is advised to use self defined stop losses with the help of resistance points mentioned above  for the suggested sell points trade to manage it in a better way.

2. Sell below 7822 with a stop loss of above 7855 for a target of 7772/7723/7714.

Remark: - In view of today’s breakdown long trade is ruled out for now, instead short call can be tried on the rise or below 7822.

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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 29-4-2016

CNX--BANK NIFTY

Closed at 16716.90 on 28-4-2016(Open-16885.80/High-17023.35/Low-16692.70)

Support: 16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16727/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

As perceived that it is showing sign of fatigue and exhaustion, it went down further today and closed with a loss of 156.04 points. It came below the bear market threshold point of 16726 also which is a bad sign. But as long as it holds 16678.85 on the closing basis, it could still make an attempt to move up, but looking at last two days move it seems slightly difficult to move up from here because there is huge resistance in the range of 16726—16940--17068. It did cross the range of 16726—16940 once two days back but could not sustain above it and slipped down, so now crossing it for the second time will be really difficult. It is therefore suggested to avoid fresh long call now and can try it only if it moves and sustain above 17030. However aggressive day trader can still try long trade above 16726 with a stop loss of below 16670 but it could be a risky trade. In wake of last two days move it is suggested and would be better and safe at this point of time to look for an opportunity to sell on the rise rather than trying long trade.   

                                  TRADING OPTION FOR-29-4-2016

1. Sell on the rise but not above 17030 with a stop loss of above 17080 and the possible sell points could be at 16858/16897/16950/17025.Please use self defined stop losses with the help of resistance point mentioned above for suggested sell points trade to manage your trade better.   

2. Sell below 16678 with a stop loss of above 16750 for a target of 16572/16526/16386.

Remark: - It is showing sign of exhaustion therefore fresh long call should only be attempted above 17030. Short call seems a safer bet and 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.

CNX-NIFTY-A TECHNICAL VIEW FOR—28-4-2016

CNX-NIFTY

Closed at 7979.90 on 27-4-2016 (Open-7942/High-7991/Low-7940.55)

Support:- 7979.30/7972.45/7946.35/ 7938.45/7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It gave an upside breakout from the weekly range of 7980(exact point was 7979.30)—7842 today and closed above it, which is a good sign. The technical setup is also good and indicates that it may further move up from here if it holds 7979.30 levels, but as long as it holds 7938 on the closing basis the on-going uptrend may be in place and as of now a close below 7855 only may signal the end of this rally.  In this regard please note that the sustained close above 7979.30 only may take it to 8200+ levels in coming days else the rally may fizzle out. Therefore it is suggested to try long trade above 7979.30 only and traders should get alerted if it consistently starts trading below it. The bias is on the upside now so do not think of short trade now but if there is price breakdown it can be tried as suggested below.

TRADING OPTION FOR-28-4-2016

1. Long call can be tried if it moves and sustain above 7991 with a stop loss of below 7938 for a target of 8055/8065/8091/8166. It is needless to mention here that fresh long trade should not be initiated below 7979.30.

2. Short call can be attempted if it moves and sustain below 7938 with a stop loss of above 7980 for a target of 7894/7855/7842/7822. It could be a risky trade but worth trying.

Remark: - It gave an upside breakout today, so it is advised to try long trade 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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 28-4-2016

CNX--BANK NIFTY

Closed at 16872.95 on 27-4-2016(Open-16869.35/High-16995/Low-16827.35)

Support: 16824.05/16750/16727/16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It could not sustain the close above its critical points of 16922.20 & 16932.50 for the year 2016 even for a day and closed below it, which is disturbing, today’s move showed some sign of fatigue or it may be indicating that this on-going up rally is near its end. However technically it is still looking o.k. so if it could still move above these points in a day or two and crosses 17068 mark  then it may hit 17250---17498 levels in coming days, else this rally may end here. It is looking slightly shaky at this point of time, therefore now the fresh long trade can be tried if it moves and sustain above 17030, but it would be safe to try long call above 17068 only. Since it has shown some weakness today and if it fails to move above 17030 then short call can also be attempted near it with caution.

TRADING OPTION FOR-28-4-2016

1. Long call can be tried if it moves and sustain above 17030 with a stop loss of below 16910 for a target of 17174.70/17246.55/17498.35. But it would be safe to try long call if it moves and sustain above 17068 with a stop loss of below 16920.   

2. Aggressive day trader can try long call if it maintains above 16935 with a stop loss of below 16860, but it could be a risky trade mind you.

3. If it fails to cross 17030 level for reasonable period of time then short call can be tried near it but not above it with a stop loss of above 17080 for a target of 16932/16922/16872/16824/16770/16726/16.

4. Short call can also be tried if it sustain below 16820 with a stop loss of above 16935 for a target of 16770/16726/16678/16648/16587.

Remark: - It is showing sign of exhaustion therefore fresh long call should only be attempted above 17030. Short call seems a safer bet and 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.

CNX-NIFTY-A TECHNICAL VIEW FOR—27-4-2016

CNX-NIFTY

Closed at 7962.65 on 26-4-2016 (Open-7828.15/High-7974.50/Low-7822.55)

Support:- 7946.35/ 7938.45/7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It again broke the weekly range of 7980—7842 today on the downside and went below yesterdays low also, but it held the important level of 7800, therefore as perceived (see my post for 26-4-2016) it made a sharp U turn around late afternoon and crossed 7900 level(as expected) decisively and closed above its most critical points of 7938.45 & 7946.35 for the year 2016 first time in this year and also came close to its multiple top range of 7980 but did not cross it, however as long as it holds 7938.45 level on the closing basis it can continue the up move . Although it has closed above its important points for the year 2016 but fresh long call should only be attempted if it moves and sustain above 7980 because then only it may hit 8200+ level and it fails to cross this mark then this up move may end here.

The technical setup is good and indicates that it may further move up from here but even then, I once again repeat that long call should only be tried if it moves and sustain above 7980 otherwise not. Since it is at the make or break juncture therefore short call can also be tried if it fails to cross 7980 mark for sometime but avoid short call above 7980 for sure. The on-going up trend may signal end only either if it fails to cross 7980 or if it closes below 7855 as of now. So watch out.

TRADING OPTION FOR-27-4-2016

1. Long call can be tried if it moves and sustain above 7980 with a stop loss of below 7930 for a target of 8055/8065/8091/8166.

2. Short call can be tried if it fails to cross 7980 level for say at least 2 hours with a stop loss of above 8020 for a target of 7946/7938/7894/7855/7842/7822.

3. Short call can be attempted if it sustain below 7930 with a stop loss of above 7965.

4. Short call can be tried if it maintains below 7890 with a stop loss of above 7920.

5. Short call can safely be tried if moves and close below 7855 because close below it may signal the end of this rally.

NOTE: - Although technical setup do not indicate to try sell call here but as it is at a make or break juncture, so if price pattern breaks down then it is worth trying short call.

Remark: - It gave a robust move today and closed near the high of the day therefore one should be alert in sell call now and only  attempt as suggested above. Similarly long call should only be attempted if it sustain above 7980.

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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 27-4-2016

CNX--BANK NIFTY

Closed at 17002.55 on 26-4-2016(Open-16647.75/High-17029.85/Low-16572)

Support: 16932.50//16922.05/16824.05/16750/16727/16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It gave a robust up move today and crossed it bear market threshold point of 16726, double top of 16770 and most importantly its critical points of 16922.20 & 16932.50 for the year 2016 for the first time in this year. It is exhibiting tremendous strength therefore as long as it holds 16922.20 on the closing basis the up- trend seems o.k. Please note that the sustained close below 16922.20 will signal danger bell and close below 16678.85 as of now may end this on-going up move. Therefore it is suggested to avoid long call below 16922.20. It is still a buy on dip market but below 16678 for sure, but to be on the safe side it is advised to avoid long call below 16922.20.

TRADING OPTION FOR-27-4-2016

1. Long call can be tried if it moves and sustain above 17068 with a stop loss of below 16910 for a target of 17174.70/17246.55/17498.35.

2. Short call can be attempted if it sustain below 16900 with a stop loss of above 17010 for a target of 16932/16922/16830/16770/16678. Although technical setup does not permit a clear sell call here but if it sustains below it critical point of 16922.20 for some time it is worth trying.

Remark: - It gave a robust move today and closed near the high of the day therefore one should avoid sell call here. Long call can be tried if it moves and sustain above 17068.

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.

CNX-NIFTY-A TECHNICAL VIEW FOR—26-4-2016

CNX-NIFTY

Closed at 7855.05 on 25-4-2016 (Open-7894.80/High-7911/Low-7827)

Support: - 7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45/7946.35/7961.35/7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It did break the weekly range of 7980—7842 on the downside   but managed to close above it, furthermore it is also holding 7842-- 7800 range which is essential to keep this up move going. But today’s movement was somewhat shaky and showed weakness because it closed below the low of the previous day after eight days which is slightly disturbing. However the technical setup still looks o.k. therefore as long as it holds 7842 for the week on the closing basis and finally if it holds 7800 levels then it could still make an attempt to go beyond 7900+ and try to test 7980 point once again this week and if it does that and fails to cross 7980 mark then this on-going uptrend may end for good and down move may begin. Please also note that sustained close below 7800 may end the up trend here also. Therefore it is suggested that long call should only be tried if it moves and sustain above 7980 and it should be completely avoided below 7842 for the entire remaining week. Since market exhibited some weakness today and it seems that it may be in its last leg of the up move, so any up move from here should not be used for long trade instead one should look for opportunity to sell at the higher levels till it closes above 7980.       

For 26-4-2016 please watch the market for some time before initiating any trade. Long call should be avoided and can only be attempted above 7980, but aggressive day trader can try long call if it maintains above 7860 with a stop loss of below 7827 but it would be relatively safe to try long call above 7915 with a stop loss of below 7880 for a target of 7939/7947/7980/8020. Looking at today’s movement long call could be a risky bet.  Short call can be safely tried if it moves and sustain below 7842 with a stop loss of above 7915 for a target of 7800/7777/7738. Please avoid long call for the entire week if it moves and sustain below 7842. Although technical setup is not clearly spelling out to sell on the rise but In view of the today’s weak movement short call can be tried on the rise also and the possible sell point could be near but below 7895 /7947/7980 with a stop loss of above 7920, 7980&8030.   

Remark: - It is in a range of 7980--7842 now but since it broke the range on the downside today, it is suggested to avoid long call now but aggressive day trader can try long call as suggested above.  It is however better to look for sell opportunity in view of today’s weak movement.

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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 26-4-2016

CNX--BANK NIFTY

Closed at 16678.65 on 25-4-2016(Open-16746.95/High-16767.90/Low-16605)

Support:16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a down day today and it closed with a small loss of 24.75 points. It went pretty close to its double top range of 16770 but could not cross it and slipped down, furthermore the concern of gap filling is also there for next two days and if it does then it could come down to 16386 and finally it is still below its   threshold point of 16726 for the bear market (see my post for 25-4-2016) therefore it is showing some shakiness  .Although technically it still looks o.k. but despite that it could not go beyond the important points of 16726 & 16770 in last two days  is disturbing. However it could still move up from here but long call should only be attempted if it moves and sustain above 16770. It is important to mention here that moving up the range of 16726—16940--17068 is very tough range  and it will  get  strength and gather real  up momentum only if it gives sustained close above 16940. Therefore even if it moves up the up journey may not be smooth from here. So it is suggested  to be extremely careful in long trade.

For 26-4-2016 watch the market for sometime before initiating trade. Long call can be safely tried but only if it moves and sustain above 16770 with a stop loss of below 16670 for a target of 16825/16940/17067, aggressive day trader can try long even above 16705 with a stop loss of below 16670 but it could be a slightly risky trade mind you. If it does not cross 16770 marks for reasonable time period say 2 hours short call can also be tried near it with a stop loss of above 16840 for a target of 16700/16648/16587/16526/16386 or short call can be tried below 16600 with a stop loss of above 16710 for a target of 16526/16386/16349.  

Remark: - It is still in the long term bear trend since 4-1-2016. Long trade should only be attempted above 16770; similarly 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.

TRADING CALLS FOR 26-4-2016

TRADING CALLS

1. AUROBINDO PHARMA

Sell below -758, S/L-765, Target-751/739/731/720/708.

2.  DR.REDDYS LAB.

Sell below -3097, S/L-3110, Target-3021/2995/2951.

                                        OR

Sell near 3168.S/L-3175,Target-3110/3097/3021/2995.

3.  SIEMENS.

Sell below -1147, S/L-1152, Target-1135/1120/1105/1094.

4. TCS.

Buy above-2457, S/L-2450, Target-2489/2517/2535.

5. TECH MAHINDRA

Sell below -469, S/L-473, Target-460/456/442.

                                       

Note: Price stated here is of spot market.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW FOR—25-4-2016

CNX-NIFTY

Closed at 7899.30 on 21-4-2016 (Open-7891.80/High-7923.35/Low-7873.35)

Support: - 7873/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45/7946.35/7961.35/7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It opened on a negative note and went down further then recovered from the low of the day and went above previous day’s close but finally closed with a loss of 12.75 points. The technical setup is looking good and in short term as long as it holds 7842—7800 range on the closing basis it seems that the up move may continue with in between short down correction. Please note that the long term uptrend  will remain good till it holds 7629(it changes every day) and only sustained break below 7539.50 will end the up move for good for sometime and may trigger severe down correction. So be alert below 7800 because then the on-going uptrend could be in danger.

The range for the week starting from 25-4-2016 is between 7980—7842 and breakout on the either side will decide the direction which way it will move during the week .So till breakout happens one can  trade the range both ways. In this regard please note that the sustained close above its most crucial points of 7938.45 & 7946.35 for the year 2016 and crossing of 7980 level is very essential  for the up momentum to continue. Therefore the range of 7938.45—7980 could be termed as a make or break range and if it fails to cross 7980 level soon then this rally may end here and down journey may begin. Therefore it is suggested to attempt long trade only above 7980 because if it sustains above it then it could hit 8200+ levels. At present it is critically poised, so be alert and watchful.  

       

For 25-4-2016 please watch the market for some time before initiating any trade. It would be safe to try long call if it moves and sustain above 7980 but aggressive day trader can try long call if it maintains above 7925 with a stop loss of below 7890 for a target of 7939/7947/7980/8020, it could be a risky trade mind you. Short call can be safely tried if it moves and sustain below 7842 with a stop loss of above 7915 for a target of 7800/7777/7738, but short trade can also be initiated if it maintains below 7870 for some time with stop loss of 7925 for a target of 7842/7800/7777/7738. Please avoid long call for the entire week if it moves and sustain below 7842.    

Remark: - It is in a range of 7980--7842 now so one can trade the range both ways or trade as suggested above but as far as long trade is concerned it would be safe to try it above 7980 only.  

 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.

CNX--BANK NIFTY- A TECHNICAL VIEW – 25-4-2016

CNX--BANK NIFTY

Closed at 16703.40 on 22-4-2016(Open-16641.05/High-16755.85/Low-16549.10)

Support:16648.30/16587.25/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a positive day today and closed with a gain of 66.25 points. It is showing good strength and could still move up from here, but the concerning thing is that, it is still below its threshold point of 16726 for the bear market, the gap it created yesterday is still intact and it may  make an attempt to fill the gap in next 2-3 days and if it does then it can come down to 16386 level, it had eight weeks of rise(which is a Fibonacci number) and lastly it did not cross yesterday high and almost made a double top at 16770, so it could still make a down move from here  before it moves further, if it fails to cross and sustain16770 level soon. Going down it will find support at 16526.55/16386/16282.75/16188/16011.   

The range for the week starting from 25-4-2016 is between 16770---16011 and since it closed near the upper band of the range therefore it seems that it could give an upside break, but looking at the above observation it may give down move also. Therefore fresh long call should only be tried if it moves and sustain above 16770. In this regard please also note that moving up the range of 16726—16940--17068 is very tough range  and it will  get  strength and gather real  up momentum only if it gives sustained close above 16940, so handle your trade very carefully till it closes above it.

For 25-4-2016 watch the market for sometime before initiating trade. Long call can be tried but only if it moves and sustain above 16770 with a stop loss of below 16680 for a target of 16825/16940/17067. If it does not cross 16770 marks for reasonable time period  short call can also be tried near it with a stop loss of above 16840 for a target of 16700/16648/16587/16526/16386.  

Remark: - It is still in the long term bear trend since 4-1-2016. Long trade should only be attempted above 16770; similarly 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.