CNX--BANK NIFTY
Closed at 17985.55 on 1-7-2016(Open-18018.70/High-18074.95/Low-17955.30)
Support:17943.50/17907.50/17670/17636/ 17527/17518/17425/17350/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.
Resistance: 18029.05/18051.50/18074.95/18227/18312/18580.65/18750/19111.
It has been vertically moving up for last
five days, it did cross its critical point of 18045(see my post for
30-6-2016& 1-7-20160) intraday today but could not close above it.
Although technically it is still looking good but its relative strength is less
compared to Nifty and certain technical indicators indicates that it may
correct form here. Furthermore also note that vertical rise may have a vertical
fall too, but since it is showing strength now it can still move up from here for
another 2-3 days before it could finally correct. It seems that it may correct
latest by 8th July-16 or earlier also. Please note that sustained
close above 18045 will see it moving to higher levels.
Moving up it will face resistance at 18045/18075/18227.
It is therefore suggested to be extra careful in fresh long trades around the
aforesaid range; however long trades can be attempted above 18020 but with
caution. It is not indicating to attempt fresh short call here but it would be
worth trying if it consistently starts trading below 17930 with a stop loss of
above 18020 and for existing short trade one can square trade above 18020 but
reinstate your trade if it sustains below 17930. Please note that if it fails
to cross 18052 & 18075 level intraday for at least 2 hours of trade then short call can be attempted below 18045
with a stop loss of above 18100.
TRADING OPTION FOR-4-7-2016
1. Long call can be tried above 18020 with a stop loss
of below 17930 for a target of 18051.50/18075/18188/18227/18313.
2. Long call can be tried on decline at proper points but
not below 17650 with a stop loss of below 17530.
3. Short call can be tried if it moves and sustain
below 17930 with a stop loss of above 18020 for a target of 17825/17740/17643/17527.
Short trade is suggested for taking advantage of correction only. It could be a
risky trade but worth trying.
4. If it fails to cross 18051.50& 18075 intraday
for at least two hours of trade then short trade can be attempted below 18045
with a stop loss of above 18100. It
could be a risky trade but worth trying.
Remark: - The trend is up. But since it is vertically moving up
which is an alert sign that correction may
creep in anytime, however long call can still be attempted as suggested above
but with due caution and existing short call should be managed as mentioned in
the above paragraph and fresh short can also be attempted 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.
The broader indices, after underperformed the benchmark NIFTY slightly. While the NIFTY MID100 FREE closed DOWN by 0.39% @ 14282.20; the NIFTY SML100 FREE MOVED DOWN by around 1.04% @ 5952.70. The advance decline, once again switched ends to side with the BEARS, as it stood @ 580 advances to 1052 declines. The India VIX remained FLATTISH, to close above the 15.5 mark. Get more similar updates by following epic research.
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