CNX--BANK NIFTY
Closed at 15636.95 on 6-4-2016(Open-15750.15/High-15768.55/Low-15578.55)
Support: - 15522/15178.30/14989.40/14761/14754.
Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.
After yesterdays massive fall it did
not made any effort today to give even a small bounce back instead closed with
a loss of 58.04 points which is
exhibiting gross weakness, furthermore it closed below its one of the most
critical point of 15762.20 for the year 2016 for the 2nd consecutive
day and if it sustain below this mark for another 2-3 days then fall may
accelerate, chances of which are pretty high because certain technical
indicators also corroborates it. Therefore it is suggested to avoid long call
till it closes above 15762.20 and sustain for at least 2-3 days. Instead short
call can be tried on the rise but not above 15762.20.
For 7-4-2016 short call can be tried
on the rise but not above 15762 or below 15570 with a stop loss of above 15850
and 15660 respectively. Please see support points for down targets.
Remark: - It is already
in the long term bear trend since 4-1-2016 and in view of its 2nd
consecutive close below the critical point of 15762.20 long calls should be completely
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.