CNX-NIFTY
Closed at 8337.90 on 7-7-2016 (Open-8342/High-8361.95/Low-8317.70)
Support: -8336.30/8313.05/8308.15/8294.85/8243/8212/8153.25/8146/8134/8063.90/7992/
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: -8356.75/8375/8398.45/8450/8489.55/8530/8550-8600/ 8621.
It closed with a meager gain of 1.95
points and above its critical top of 8336.30 today. But it seems that the correction
may not be over as yet because to confirm the correction completion it has to
sustain above 8336.30, close above 8370.70 and move above 8398.45 in next
3-4-days time and if it fails to do that then the down correction may deepen. Therefore
it would be safe to try long trade only if it closes above 8370.70 at least, so
avoid long trade on 8-7-2016.However aggressive trader can try long call if it
moves and sustain above 8377 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 consistently trades below 8308.
TRADING OPTION FOR-8-7-2016
1. It would be safe to try long call if it closes
above 8370.70.
2. Aggressive trader can try long call above 8377 with a
stop loss of below 8330 for a target of 8399/8425/8460.
3. Short call can surely be tried if it moves and
sustain below 8308 with a stop loss of
above 8350 for a target of 8287/8243/8212/8153/8146/8134. 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.
I found useful updates. Few more highlights are the broader indices after many a days, underperformed the benchmark NIFTY. While the NIFTY MID100 FREE closed DOWN by 0.19% @ 14095.35; the NIFTY SML100 FREE MOVED UP marginally by around 0.10% @ 5967.10. The advance decline, stood kind of even-stevens, but still favoring the BULLS slightly @ 897 advances to 703 declines. Join epic research for best trading tips.
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