CNX-NIFTY-A TECHNICAL VIEW FOR—13-4-2016

CNX-NIFTY

Closed at 7708.95 on 12-4-2016 (Open-7669.25/High-7717.40/Low-7663.35)

Support: - 7691/7678/7667/7582.25/7539.50/7526.70/7422/7405/7350.30/7295/7252.

Resistance: - 7718.05/7738.40/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

After giving robust up move yesterday it moved in a short range of 54 points today and closed with a gain of 37.55 points. The short range movement again indicates (see my post for 11-4-2016) that there could be another big move ahead on either side in a day or two as it happened on 11-4-2016 therefore be watchful and alert. The short term parameters suggest that long can still be tried above 7720 or on dip but not below 7650 and short call should be avoided  for now and only be attempted below 7600. In view of the volatility it witnessed yesterday long trade should be handled very cautiously because chance of this up move ending abruptly cannot be ruled out although technically it looks good as of now.

For 13-4-2016 long call can be tried if it maintains above 7720 with a stop loss of below 7700 or try on dip but not below 7650 with a stop loss of below 7600. It would be safe to try long call above 7720. Please see resistance points mentioned above for targets.

Remark: -Long call can be tried as suggested above. In view of the huge volatility it witnessed on 11-4-2016 trade should be handled with extreme  caution and care as this volatility may trap you at higher levels. 

 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.