CNX--BANK NIFTY
Closed at 16754.45 on 11-5-2016(Open-16544.25/High-16861.95/Low-16518.75)
Support: 16750/16726/16648.30/16587.25/16526/16386/16349/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.
Resistance:16824.05/16922.05/16932.50
- 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.
It opened with a huge
down gap and went down further but recovered sharply and at one point of time
crossed its previous day’s high but finally closed with a loss of 30.50 points.
Even after this wild swing technical setup is o.k. and as long as it holds 15950(it
changes every day) level this up move may be in place in broader sense, however
in between short down move could be there, but close below 16186 could be an
indication of the end of this rally. Please note it will gather good up
momentum it if it gives sustained close above its last long term moving average
which is at 16765 (it changes every day) &its recent previous top of 16795
on the line chart. Since its short and intermediate trend is up now long trade
is suggested but above 16795 on 12-5-2016 as it is still making lower top and
bottom on the line chart, so let it close above 16795 once then buy on dip strategy
can be followed. Avoid sell trade for sure.
TRADING OPTION FOR-12-5-2016
1. Long trade can be tried if it maintains
above 16795 but not below it for a target of 16860/16933/17030 with a stop loss
of below 16700.
Remark: - Long call can be
tried as suggested above. Short call should be avoided now. Please initiate
your trade after watching the market for at least 30 minutes.
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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