CNX--BANK NIFTY- A TECHNICAL VIEW FOR – 13-4-2016

CNX--BANK NIFTY

Closed at 15880.20 on 12-4-2016(Open-15809.10/High-15958.80/Low-15794.15)

Support:15762.20/15704.75/15682.65/ - 15522/15451.75/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

 After yesterdays good up move it relatively had a quite day today but it closed with a gain of 61.70 points. It is still above its crucial point of 15762.20 for the year 2016, so as long as it holds this level short call should be avoided because chances are that it may still move up from here, therefore long call can be tried if it maintains above 15890 but moving up it will face huge resistance in the range of 15968—15980. Therefore it would be safe to try long call if it sustains above 15980 and if it does sustain then the up move may accelerate. Please note that in view of the volatility it witnessed yesterday trade should be handled very cautiously. Furthermore its relative strength in comparison with nifty is also weak therefore one should be extremely cautious in the long trade because chance of this up move ending abruptly cannot be ruled out.

For 13-4-2016 long call can be tried if it maintains above 15890 with a stop loss of below 15760 or try long call above 15980 with a stop loss of below 15870. Short can be tried if it moves and sustain below 15762 with a stop loss of above 15850. Please see resistance and support points for targets.   

Remark: - It is already in the long term bear trend since 4-1-2016. It looks slightly shaky but could still move up, take your trading call as suggested above but with extreme caution and care.

  

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.