CNX--BANK NIFTY
Closed at 15695 on 5-4-2016(Open-16127.45/High-16147.15/Low-15659.75)
Support:-15682.65/15522/15178.30/14989.40/14761/14754.
Resistance:- 15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.
I had mentioned in my last post (see
my post for 4-4-16) that it may rise
from here but the up journey may not be smooth and today it corrected sharply
and closed with a loss of 495.60 points. The way it corrected today further
fall looks certain and some technical indicators also corroborates it.
Furthermore today it closed below one of its most critical point of 15762.20
for the year 2016, which is bad sign and if it sustain below this level fall
may accelerate, therefore it is suggested to avoid long call till it closes
above 15762.20 levels again and sustain. Instead short call can be attempted if
it maintains below this mark.
For 6-4-2016
avoid long call now instead short call can be tried on the rise but below 15762
or below 15650 with a stop loss of above 15850 and 15780 respectively. Please
see support points for targets.
Remark: - It is already
in the long term bear trend since 4-1-2016 and in view of its close below the
critical point of 15762.20 long calls should be avoided till it closes above it
again and sustain for at least 2-3 days. Short call 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.