CNX--BANK NIFTY
Closed at 18084.90 on 7-7-2016(Open-18036.30/High-18146.55/Low-17997.10)
Support:18074.95/18051.50/18029.05/
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: 18146.55/18227/18312/18580.65/18750/19111.
Although it closed with a gain and above
its critical point of 18045 today, but the fear of down correction is not yet
over because it has not yet crossed the recent top of 18097.65 on the line
chart and made double top on the bar chart today at 18146.55. Furthermore it
has to be seen whether it will sustain above its critical point of 18045 or
not. Therefore to confirm that the down correction may be over it has to
sustain above 18045, close above 18097.65 and reasonably move above 18146.55 in
next 3-4 days time else the down correction may deepen. Therefore it would be safe to try long trade only if it
closes above 18097.65 at least, so avoid long trade on 8-7-2016.However
aggressive trader can try long call if it moves and sustain above 18147
intraday. Please note that it is not giving any signal for attempting short
trade now but in view of the above observation short call can be tried if it
fails to cross 18146.55 level for reasonable time or try sell trade below 17985 for
sure.
TRADING OPTION FOR-8-7-2016
1. It would be safe to try long call if it closes
above 18097.65.
2. Aggressive trader can try long call above 18147 with a
stop loss of below 17985 for a target of 18147/18188/18227/18313.
3. Short call can be tried if it fails to cross
18146.55 for some time with a stop loss of above 18170. It could be a risky
trade but worth trying.
4. Short call can surely be tried if it moves and
sustain below 17985 with a stop loss
of above 18100 for a target of 17863/17740/17687/17546/17527. It could be a
risky trade but worth trying.
Remark: - The trend is up. It closed on the positive note but it
is not sure whether correction is over or not, therefore long call could be a
risky proposition. Take your trading call as suggested above but cautiously. 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.
This post contributes in serving really useful information.The Nifty opened flat and ended the trading session almost unchanged. After a sharp upmove last week, the Index is possibly consolidating now. However, the Nifty has closed around the support zone. For live updates follow epic research on twitter.
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