CNX--BANK NIFTY -A TECHNICAL VIEW FOR—15-6-2016

CNX--BANK NIFTY

Closed at 17672.40 on 14-6-2016(Open-17698.95/High-17719.85/Low-17575.95)

Support: 17671/17620.90/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17719/17828.60/17950/ 18029.05/18051.50/18250/18580.65/18662/19030.

The observation posted for 14-6-2016 will be relevant for 15-6-2016 also. It is in correction mode now therefore one can sell now also but if it maintains above17666 wait for fresh short call because then one may get higher level to go short, sell below 17620  and  below 17593 for  sure. Please note that it is sell on the rise market till closes above 17950 or starts making higher bottom and top again on the line chart again. However in any case  long can  be attempted in the range of 17067--16962 or try if  correction completion  signal emerges or it starts making higher bottom and top again on the line chart , but avoid long call below 16922 for sure ,because sustained break below this mark may put a break on the uptrend.

TRADING OPTION FOR-15-6-2016

1. Sell on the rise at proper points but not above 17950 with a stop loss of above 17980 

for a target of 17570/17515/17408/17350/17209/17067/16962. The possible sell point 

could be at 17760/17830/17945.

2. Can safely sell below 17620 and add on position below 17590 with a stop loss of above 17680.

3. 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 or in the range of 17067-16962. Instead short trade should be tried 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.