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.
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Thank you for sharing your views.