CNX-NIFTY-A TECHNICAL VIEW FOR—21-6-2016

CNX-NIFTY

Closed at 8238.50 on 20-6-2016 (Open-8115.75/High-8244.15/Low-8107.35)

Support: -8213.60/8180/8160/8063.90/8055/7992/ 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: -8245/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It closed above 8206.40 and moved reasonably above 8213.60 today. It is making higher top and bottom again on the line chart and bar chart also, therefore it seems that the on-going correction may be over and it is ripe for up move again(see my post for 20-6-2016). It is therefore suggested to adopt buy on dip strategy but avoid fresh long call if it maintains below 8206 because then one may get it at a lower rate but avoid fresh long trade below 8140 and exit long trade if it consistently trades below 8108 or try long trade for sure above 8245. It would be safe to try long call above 8245.

TRADING OPTION FOR-21-6-2016

1. Long call can be tried now or on dip but avoid below 8206 and then try near 8140 with a stop loss of below 8108.

2. Try long call above 8245 for sure with a stop loss of below 8200 for a target of 8295/8317/8336/8375.

Remark: - The trend is up now. It seems that correction may be over; therefore long call can be tried 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.