CNX-NIFTY
Closed at 8273.05 on 8-6-2016 (Open-8285.50/High-8288.90/Low-8252.05)
Support: - 8245/8213.60/8160/8055/7992/ 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: -8295/8336/8375/8489.55/8530/8550-8600/8621.
It moved in a very short range today but
still above its critical resistance point of 8245.
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 8275 but with extreme caution. Avoid long call below 8275.
Please note that it will give alert signal
below 8245 & 8220 and close below 8201 may take it down for deeper
correction. Therefore fresh long call should be avoided below 8245 and below
8201 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 8275 with a short stop loss of below 8245 for a target of 8295/8336/8375.The
authentic stop loss for long trade would be below 8201.
2. Contrarian trader can try short call
for correction only if it sustains below 8245 with a stop loss of above 8295
for a target of 8220/8201/8178/8160/8134. It could be a risky trade but worth trying.
Remark: - The trend is up. It is above its critical resistance
point of 8245 but long call can only be tried if it maintains above 8275 with
extreme caution. 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.
Traders can earn good profit by investing in share market using option contracts . Also in this market risk is less. For best advise on your trading strategy join epic research.
ReplyDelete