CNX--BANK NIFTY
Closed at 17626 on 21-6-2016(Open-17610.10/High-17755.25/Low-17518.15)
Support: 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:17666.05/17671/17719/17844/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.
It seems that the down correction is still
on therefore the views posted for 22-6-2016 will be relevant for 23-6-2016
also. However, I once again repeat that that long call should only be attempted
once it closes above 17718.60 or near its very important support range of 17067---16922.
TRADING OPTION FOR-23-6-2016
1. It is suggested to avoid long call till it closes
above 17718.60.
2. However aggressive day trader can try long call if
it moves and sustain above 17630 for some time with a stop loss of below 17580
for a target of 17720/17790/17842.It could be a risky trade.
3. Sell if it maintains below 17619 with a stop loss
of above 17730 for a target of 17593/17527/17425/17350/17209/17067/16962 or sell
on the rise near but not above 17720 with a stop loss of above 17765.
4. Long call can be attempted on decline
but within the range of 17067---16922 with a strict stop loss of below 16900.
Remark: - The trend is up now. But it is still in down correction
therefore long call should be avoided till it closes above 17718.60, instead
short call can be attempted if price movement supports. 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.
Being a trader i am always benefited from such posts. It helps me in learning market movements which in turns improve my trading decision. For experts calls i am following epic research.
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