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.
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Thank you for sharing your views.