CNX-NIFTY-A TECHNICAL VIEW FOR—14-6-2016

CNX-NIFTY

Closed at 8110.60 on 13-6-2016 (Open-8102.25/High-8125.25/Low-8063.90)

Support: -8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8160/8180/8213.60/8245/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

The observation posted for 13-6-2016 will be relevant for 14-6-2016 also. The only caution is that if it moves and sustain above 8160 wait for fresh short call because then one may get higher level to go short else if it break 8160 again then sell. Long can  be attempted in the range of 8040—7992 or try if  correction completion  signal emerges or if it starts making higher bottom and top again on the line chart , but avoid long call below 7938 for sure ,because sustained break below this mark may put a break on the uptrend.

TRADING OPTION FOR-14-6-2016

1. Sell on the rise at proper points but not above 8275 with a stop loss of above 8300. 

The possible sell point could be at 8160/8213/8245/8270.

2.  If it remains below 8160 can try sell call entire remaining week with a stop loss of 

above 8215 for a target of 8134/8073/8055/8005/7992/7972.

3. Long call can be attempted on decline but within the range of 8040—7992 with a strict stop loss of below 7938 or if it moves and sustain above 8275 with a stop loss of below 8245.

Remark: - The trend is up now. It is now in correction mode therefore long call should be avoided now and should only be attempted in 8040-7992 range. Short call seems safer bet as of now so one can try short 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.