CNX-NIFTY
Closed at 7887.80 on 10-5-2016 (Open-7873.55/High-7896.90/Low-7837.70)
Support: - 7849.80/7822.70/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.
Resistance: - 7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.
After yesterdays huge up
move it gave a small follow up rise today and crossed it’s last long term
moving average at 7877(it changes every day) and the recent top of 7890.25 on
the bar chart intra day but closed within it. The technical setup is o.k. and it
seems that this rally may continue for some time as long as it holds 7820 on the
closing basis. It is therefore suggested to adopt buy on dip strategy but not
below 7830. I once again repeat that it will gather good up momentum it if it
gives sustained close above 7877(it changes every day) & 7890.25(see my
post for 10-5-2016) else rally fizzle out fear will be there, although there is no immediate
threat to the up move as of now. The bias is on the upside now and overall it is
showing strength; therefore long trade can be tried but with caution and short
trade should be avoided for now.
TRADING OPTION FOR-11-5-2016
1. Long trade can be tried if it moves and
maintains above 7900 with a stop loss of below 7870 or on dip but not below 7830
with a stop loss of below 7790.
Remark: - Long call can be tried as suggested above but it would
be safe to try it above 7900 on 11-5-2016.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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