CNX--BANK NIFTY
Closed at 17696.05 on 17-6-2016(Open-17772.30/High-17843.15/Low-17590.75)
Support: 17671/17620.90/17527.55/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.
Resistance:17719/17844/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.
It had an up move today and it closed with
a small gain of 24.75 points. It made lower top and bottom recently on the line
chart but today it made a higher bottom again at 17671.30 which is a positive
sign and part indication that correction may be near completion but it is yet
to make higher top and it will only make it, if it close above 17917.90. Furthermore
on the bar chart also it made a lower top of 17943.65 but yet to make a lower
bottom .Therefore close above 17917.90 and then sustained move above 17943.65
is important for correction completion confirmation and both of these points
are far away as of now. Similarly close below 17671.30 and then sustained break
below 17527.55 will indicate that this correction may continue and it could
further head lower before resuming the up move again. In this regard also note that certain
technical indicators indicates that it may still move downwards and may hit
17400 or may be lower before it looks up again, therefore long call should be
handled with due caution.
In
view of the above observation it would be safe to try long call if it moves and
sustain above 17943.65, however aggressive day trader can try long call above 17700.
Please note that short call can only be attempted if it moves and sustains
below 17660 for some time.
In case the correction continues , even
then long call can be attempted in the range of 17067--16962 since it is a very
strong support area, but avoid long call below 16920 for sure, because
sustained break below this mark may put a break on the uptrend which may please
be noted.
TRADING OPTION FOR-20-6-2016
1. Aggressive day trader can try long call if it moves
and sustain above 17700 for some time with a stop loss of below 17620 for a
target 17785/17845/17945/18029/18052.It could be a risky trade.
2. It would be safe to try long call if it moves and
sustain above 17944 with a stop loss of below 17850.
3. Sell if it maintains below 17660 with a stop loss
of above 17730 for a target of 17593/17527/17408/17350/17209/17067/16962.
4. Long call can be attempted on decline
but within the range of 17067---16962 with a strict stop loss of below 16920.
Remark: - The trend is up now. It seems that correction may be
near completion but certain technical indicators indicating otherwise, so it
may still move down before it finally moves up therefore be careful in long
trade at this point of time. It is suggested to take your trading call
according to the price movement and as suggested above. 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.
Many useful abouts on Indian share market i got through this post. If accurate stock tips are used while trading then i think you can earn your required returns and be in the safer zone always.
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