CNX--BANK NIFTY
Closed at 17689.90 on 29-6-2016(Open-17643.65/High-17728.95/Low-17580.50)
Support:17671/17666/ 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.
Resistance:17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.
It opened with an up gap but filled it
during the day and closed with a gain of 128.35 points. However it is still
within but near the upper band of its short term moving average range which is
between 16572---17707 for 30-6-2016(it changes every day) furthermore it is yet
to make higher top and bottom on the line and bar chart. Therefore chances are
that it can still correct from here or may be after little more upside. But fresh
short call should be avoided if it sustains above 17707 and can be tried if it
breaks 16572 and for existing short trades one should have a stop loss of above
17850. Similarly long call can be tried if it moves and maintain above 17730.
I once again reiterate (see my post for
29-6-2016) that it will show some strength if it closes above its recent top of
17892.45 and 17943.65 on the line chart and bar chart respectively and finally
it will regain lost momentum only it is closes above 18045 and sustain, which
looks slightly difficult to happen as these levels are reasonably away and secondly it is not showing required strength at this
point of time. So watch out.
It
is needless to mention here that price is the king in the market therefore base
your trading decision on price movement and not on your instinct, thought and
personal bias because “MARKETS ARE NEVER WRONG BUT OPINIONS ARE”
TRADING OPTION FOR-30-6-2016
1. Long call can be tried above 17730 with a stop loss
of below 17660 for a target of 17800/17892/17943.
2. Short call can be tried if it moves below 17570
with a stop loss of above 17730 for a target of 17527/17425/17350/17200/17067.
3. Avoid fresh short call above 17707 and for existing
short trade authentic stop loss would be above 17850.
Remark: - The trend is up now. But it is still not showing
confirm signal of moving up, however if it moves and sustain above 17730 long
calls can be attempted. Short call should be handled 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.
I found some really helpful updates on nifty here in this blog. Some more i would like to add
ReplyDelete: NSE-NIFTY rose to fresh 11-months closing high with its second consecutive up tick, where firm global cues and buying across the board (except few Media & IT counters) supported the move. We believe undergoing positive momentum will continue, as rise in market participation with bullish market breadth are signaling the same provided index stay firm above the psychological mark-8,600.Get accurate market updates by following epic research.