CNX--BANK NIFTY
Closed at 16716.90 on 13-5-2016(Open-16891.70/High-16891.70/Low-16594.55)
Support: 16750/16726/16648.30/16587.25/16518.75/16205/16188/16186.25/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.
Resistance:16726/16750/16922.05/16932.50/16962/
- 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.
It had a down day today
and it closed with a loss of 206.79 points.
Please note that as long as it
holds 16186.25 and finally 15955(it changes every day) levels on the closing
basis the up-trend may be in place but in between down correction may happen as
it is happening now. It has established a lower top of 16962 on the bar chart
recently and broken the recent bottom of 16754.45 on the line chart, so it is
definitely in correction mode now and may move down further from here before it
resumes the up move again. Going down it will find good support at 16665/16574/16482/16357/16186,
it may bounce back from any of these points, but break below 16357 may take it
down to 16186 and break and close below 16186 will be a potential indication of
the end of this up move. The overall bias is slightly tilted towards upside as
of now, so long call can be attempted in down move in the range of 16357—16186
but not below 16186. Since it is correction mode now one can take advantage of
the expected fall also therefore sell call can be tried on the rise but not
above 16925 or can sell below 16700, but one should be quick and swift in
handling short trade because overall technical setup is still not that bad as
of now for the up move to continue except for its recent lower top formation of
16962 on the bar chart which is only the concerning thing. Please note that it
will regain up momentum only if it moves and sustains above 17030 else danger of this up
move fizzling out will be there which may be kept in mind.
TRADING OPTION
FOR-16-5-2016
1. Long trade can be attempted in the
range of 16357—16186 but not below 16186 with a stop loss of below 16180. It
could be a risky trade but worth trying, so handle it very cautiously.
2. Since it is in correction mode short
call can be tried on the rise at proper points but not above 16950 with a stop
loss of above 17030.
3.
Sell below 16700 with a stop loss of above 16785 for a target of 16574/16482/16357/16186
Remark: - Both side trades can be tried depending on the price
movement. So take your trading call as suggested above. 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.
Even i believe its not worthed to trade without stop less as it increases our risk and no one is having any control over the market so it is must. Targets on which we trading should be according to current market needs. Epic research offers accurate stock tips.
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