CNX--BANK NIFTY
Closed at 17946.80 on 8-6-2016(Open-17976.25/High-17995.80/Low-17855.20)
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 moved in a short range today but still below
its critical resistance point of 18045.
The observation posted for 8-6-2016 is
valid for 9-6-2016 also except for that the long trade should only be tried if
it maintains above 17950 but with extreme caution. Avoid long call below 17950
for sure on 9-6-2016.
Please note that it will give alert signal
below 17796 & 17719 and close below 17671.40 may take it down for deeper
correction. Therefore fresh long call should be avoided below 17796 and below 17670
for sure as of now. Avoid buy on dip strategy at least for 9-6-2016.
TRADING OPTION FOR-9-6-2016
1. Long call can be tried if it sustain
above 17950 with a short stop loss of below 17850 for a target of 18045/18250 .The
authentic stop loss for long trade would be below 17670.
2. Contrarian trader can try short call
for correction only if it moves and sustains below 17850 with a stop loss of
above 17960 for a target of 17762/17670/17587/17500/17350/17157/17067/17029. It
could be a risky trade but worth trying.
Remark: - The trend is up but long call should only be
attempted if it moves and sustain above 17950. 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.
In option contacts long call gives right to the contract owner of buying. It is not his obligation but. This is one of the most important benefit of option contracts. To get best advise on option contract contact epic research.
ReplyDelete