Wednesday, 8 June 2016

CNX--BANK NIFTY -A TECHNICAL VIEW FOR—8-6-2016

CNX--BANK NIFTY

Closed at 17943.35 on 7-6-2016(Open-17796.55/High-18000.95/Low-17713.35)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.


It is showing good strength and today it came near the vicinity of 61.8% retracement point of 18042.43 but could not cross it, however it is still on a sound technical footing, but it will catch up fresh momentum if it moves and sustain above 18045 only, which may be kept in mind.  It is important to mention here that the uptrend is intact but it seems that on the line chart the recent up move it started from 16368 is slightly getting heavy  and may be near  the culmination point and  it may possibly exhaust at the 18045/18250 levels and then may reasonably correct before resuming the up move again. It is very close to the first point, therefore in view of the above observation long trade should be handled with extreme caution and care. However technically there is no weakness in it as yet therefore long call can be tried if it maintains above 17945 with an alert point at 17796 and exit point is close below 17670.Avoid fresh long call below 17620 for sure as of now.  


TRADING OPTION FOR-8-6-2016

1. Long call can be tried if it sustain above 17945 with an alert point at 17796 and stop loss of below 17670 for a target of 18045/18250.It could be a risky trade. 

2. Long call can be tried on decline near 17671 but not below it as of now with a stop loss of below 17620.

3. Contrarian trader can try short call for correction only if it sustains below 17671 with a stop loss of above 17800 for a target of 17500/17350/17157/17067/17029. It could be a risky trade but worth trying.


 Remark: - The trend is up but it near its critical resistance point of 18045 therefore it is suggested that fresh long call should only be attempted once its closes above 18045, although there is no technical weakness  but long trade could be risky here or take your trading call 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.




1 comment:

  1. To gain good profit on investment it is must that you follow a right trading path according to current market needs. To get best updates on stock market live follow epic research.

    ReplyDelete

Thank you for sharing your views.