CNX-NIFTY
Closed at 8108.55 on 14-6-2016 (Open-8134.40/High-8134.95/Low-8069.50)
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 and
14-6-2016 will be relevant for 15-6-2016 also. Please note that in down correction, it will
have in between up day also but till it closes above 8275 or it starts making
higher bottom and top again on the line chart it is sell on the rise market.
However in any case long call can be attempted in the range of 8040—7992 or try if correction Completion signal emerges , but avoid long call below
7938 for sure ,because sustained break below this mark may put a break on the
uptrend.
TRADING OPTION FOR-15-6-2016
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 8160/8178/8213/8245/8270. Please use self defined
stop
losses with the help of resistance level for on the rise sell points.
2. If it remains below 8160 can try sell call
entire remaining week with a stop loss of
above 8215 for a target of 8063/8055/8005/7992/7972.
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.
a good overview on CNX nifty i got to learn here. Always plan your trading strategy wisely and never panic with small market movements. To learn timely updates on stock market follow epic research.
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