CNX-NIFTY
Closed at 8204 on 29-6-2016 (Open-8173.10/High-8212.40/Low-8157.65)
Support: -8153.25/8063.90/8055/8039.35/7992/ 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: -8213.60/8245/8262/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.
It opened with an up gap and completely
filled the gap it created on 24-6-2016 in stipulated time (see my post for 27th
& 28th June-16). But the gap it created today is still there and
theoretically it can make an attempt to fill this gap in next 3-4 days time and
if it does then it can come down to 8146 level, which may please be noted.
Although it has closed above its short
term moving average today, which is between 8145—8186 for 30-6-2016 (it changes
every day) but is yet to make higher top and bottom on the line and bar chart.
Therefore chances are that it can still correct from here or may be after
little more upside, but since it closed above its short term moving averages, therefore
fresh short call should be avoided till it breaks 8145 and existing short call
should have a stop loss of above 8250. Similarly long call can be tried on decline
but not below 8186 or try it above 8213.60, it would be better and relatively
safe to try it above 8213.60.
I once again reiterate(see my post for
29-6-2016) that it will regain lost momentum only if it closes above 8245 and
sustain and then crosses its recent top of 8270.45 and 8295 on the line chart
and bar chart respectively which still looks slightly difficult to happen even
after closing above its short term
moving averages today. So watch out.
It
is needless to mention here that price is the king in the market therefore base
your trading decision on price movement and not on your instinct, thought and
personal bias because “MARKETS ARE NEVER WRONG BUT OPINIONS ARE”
TRADING OPTION FOR-30-6-2016
1. Long call can be tried above 8213.60 with a stop
loss of below 8140 for a target of 8245/8262/8296/8295/8336.
2. Long call can be tried on decline but not below 8186
with a stop loss of below 8140.
3. Short call can be tried if it moves below 8140 with
a stop loss of above 8190 for a target of 8088/8063/7992/7972.
4. For existing short trade authentic stop loss would
be above 8250 and short stop loss would be above 8213.60.So take your call.
Remark: - The trend is up now. It is not showing confirm signal
of moving up but closing above its short term moving averages suggest that
buying can be attempted above 8213.60.Existing short call should be handled 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.
I learned useful nifty updates here.NSE-NIFTY ended in green post two consecutive down ticks, where despite a higher level profit booking index reversed from 6-day low and closed above 8,500 mark. As mentioned earlier, any stable move above 8,600 mark will bring the exuberance back in trade and that will help index to visit its next target 8,850 level in the short-term.For best trading tips join epic research .
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