CNX-NIFTY
Closed at 7783.40 on 19-5-2016 (Open-7875.50/High-7876.20/Low-7766.80)
Support: -7772/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.
Resistance: - 7822.70/7849.80/7890.25/7938.45/7940.10/7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.
The major observation for
20-5-2016 remains the same as it was for 19-5-2016 (refer my post of 19-5-2016)
except for some change in trading option. Please note that it is in correction
mode now, therefore short trades can still be tried below 7766 but with caution
as it is nearing strong support area therefore short trade if initiated should be
exited in the range of 7733—7678---7630 and long call can be tried in this range or stay neutral till it gives
some visible indication of moving up. Fresh short trade should only be tried if
it moves and sustains below 7620(it changes every day).
TRADING OPTION FOR-20-5-2016
1. Long trade can be attempted in the
range of 7733—7678 but not below 7678 with a stop loss of below 7620. It could
be a risky trade but worth trying, so handle it very cautiously.
2.Can try sell call if it sustains below 7766
with a stop loss of above 7800 for a target for 7753/7733/7714/7678/7630.
Remark: - It is range bound now and in correction mode,
therefore 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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