CNX--BANK NIFTY
Closed at 16728.95 on 18-5-2016(Open-16671.70/High-16759.05/Low-16556.60)
Support: 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:16750/16922.05/16932.50/16962/
- 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.
After two days of
volatile movement on 17th & 18th the on-going up trend still seems to
be in place as long as it holds 16186 and finally 15959(it changes every day)
levels on the closing basis (See my post for 16-5-2016). Please note that
sustained close below 16431.65 will be the first signal of the end of this up
move and break and sustained close below 16186 will be a potential indication of
the end of this up move.
It is
making lower top and bottom on the line chart so it is in the correction mode
now and it may move down further from here, furthermore it could not cross its
recent top of 17029.85 in last nine trading sessions which indicate some
weakness in it. But since the overall technical setup looks o.k. now therefore
long call can be attempted on decline in the strong support range of 16357—16186
but not below 16186 or long call can be
attempted if it moves and sustains above 16765. Please note that moving up it
will face huge resistance at 16903/16962/17029.85/17067.45 and it will regain
the up momentum only if it gives sustained close above 17067.45 which may
please be noted. It is range bound now therefore both long and short side trade
can be attempted depending on the daily price movement but any side trade should be
handled with extreme caution.
TRADING OPTION
FOR-19-5-2016
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. Long call can be tried above if it
maintains above 16765 with a stop loss of below 16700.
3. Can try sell call if it sustains below 16700
with a stop loss of above 16765 for a target for 16614/16574/16482/16357/16186
Remark: - Since it is range bound now, one can try both side
trades depending on the price movement. 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.
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