CNX--BANK NIFTY
Closed at 17828.60 on 10-6-2016(Open-17830.20/High-18051.50/Low-17815.25)
Support: 17828.60/17762.05/17719/17670.85/17620/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.
Resistance: 18029.05/18051.50/18250/18580.65/18662/19030.
It had wild
swing during the day but eventually it closed near the low of the day which
shows weakness in it. Although it has not violated its recent bottom of
17671.40 on the line chart but certain technical indicators indicates that it
may correct from here and most likely to break the bottom of 17671.40 in coming
days. Please note that close below 17671 will confirm the exhaustion of the
on-going up move and then it may correct further from there before moving up
again. Therefore it is suggested to avoid long call now.
Going down it will find good support at
17636/17515/17350/17209/17175/17067/17029/16962 and it may complete correction
at any of these points possibly in the range of 17067--16962 if this up move
has to continue, because sustained break below 17067 & 17029 and finally 16920
will give potential threat to the uptrend. Therefore on decline long call can
be tried near the range of 17067--16962
or wherever it gives visible indication of correction completion but not below 16920.
In view of the above observation, it
is suggested to avoid fresh long call now and attempt only if it closes above
17950 or on decline and within the range of 17067—16962. Therefore at this
point of time it is suggested to try sell trade now and on the rise till it
closes above 17950.
TRADING OPTION
1. Can sell now or on
the rise at proper points but not above 17950 with a stop loss of above 18060
for a target of 17719/17671/17636/17570/17515/17408/17350.
2. Long call can be attempted on decline
but within the range of 17067--16962 with a strict stop loss of below 16920 or
if it moves and sustain above 17950 with a stop loss of below 17820.
Remark: - The trend is up but long call should only be
attempted if it closes above 17950. Instead short trade should be tried here as
suggested above as it looks safer option as of now. 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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