CNX-NIFTY
Closed at 7934.90 on 25-5-2016 (Open-7811.80/High-7941.20/Low-7809.30)
Support: - 7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.
Resistance: - /7938.45//7946.35/ 7972.45/7979.30/7992/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.
As perceived it respected
its strong support range of 7733-7678 (see my earlier post)and staged a huge
pull back today, the pull back was expected from the above range but not of
this intensity. Therefore it has to be seen how today rise shapes up in coming 3-4
days time because if it fails to keep the up momentum on it can have a similar
kind of fall too, however as long as it holds 7715 on the closing basis the
on-going up move may be in place but please be alert in existing long trade and
avoid fresh long trade below 7820(it changes every day). Moving up it will face
very stiff resistance in the range of
7938.45—7946.35---7972---7992—8055—8091—8118—8170—8187.
It is important to
mention here that 7938.45 and 7946.35 are one of the most critical points for
it for the year 2016 and sustained close above these points only could keep the
up momentum going and now it is just below it. It is therefore suggested to
structure your trade keeping the above points and aforesaid
resistance range in mind.
TRADING OPTION FOR-26-5-2016
1. Long trade can be tried if it moves and
sustain above 7947 with a stop loss of below 7900 for a target of 7972/7992/8038/8055/8065/8091/8118.
2. Long call can be tried on dip near 7840
but not below 7840 with a stop loss of below 7800 for a target of
7890/7938/7950/7972/7992.
3.Contrarian trader can attempt sell trade also near its previous top of 7992 but not above it only if it fails to cross it in first 2 hours of trade with a stop loss of above 8020. It could be a highly risky trade but worth trying.
3.Contrarian trader can attempt sell trade also near its previous top of 7992 but not above it only if it fails to cross it in first 2 hours of trade with a stop loss of above 8020. It could be a highly risky trade but worth trying.
Remark: - In view of today's robust up move, it seems that the
down correction may be over. So long call can be tried as suggested above but
with caution. Please initiate your trade after watching the market for some
time.
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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