CNX-NIFTY- A TECHNICAL VIEW -2-1-2017

CNX-NIFTY

Open-8119.65—High-8197---Low—8114.75—Close—8185.80 on

30-12-2016

Support:-8077.50/8063/8056.50/8002/7992/7988/7940/7927.05/7916.40/ 7897/7893.80/7715.80/7678.35/7644/7615.85/7405.15.

Resistance:- 8199/8230.65/8250.80/8274.95/8294.95/8400.25/8476.70/8506/8518/8558/8598.45.

Since it held on to its critical point of 7897.25 on the closing basis it gave a good up move for last few days and ended the week with a gain of 200.05 points. As mentioned earlier that it is a buy on dip market now(see my post of 28-12-16), therefore it seems that the on-going up move is likely to continue with in between corrective down move. Please note that since it had a vertical rise from 7893.80 to 8197 in last 4 days, furthermore it is just below its tough resistance point of 8199 and also below its important long term moving average which is placed at 8220(it changes every day) for 2-1-2017, so the range of 8199—8220 is very tough range for it. Therefore it may correct from this range before resuming the up move again. In view of the above observation it is suggested to try long call if it sustain above 8199 but it would be relatively safe to try it above 8220 with a stop loss of below 8180 or on decline at proper level but not below 8080 with a stop loss of below 8050.

It is important to mention here that yearly close of 8185.80 and the opening figure on 2-1-2017(make a note of it on the opening) will be the benchmark point for your trade for the whole year of 2017, therefore it is suggested that one should be circumspect in long trade if it starts sustaining below the aforesaid mentioned points and vice versa.

Remark: - It is in the downtrend. But now the up move is on within the downtrend therefore buy on dip strategy should be followed till it gives visible sign of up rally exhaustion. Since it is near its tough resistance range therefore it would be safe to try long call on decline as suggested above or else if it moves and sustain above 8220.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 2-1-2017

TRADING CALLS

1. ASHOK LEYLAND.

Sell below-79.65, S/L-80.30, Target-78.60/78/77.40/76.80.

      

2. AUROBINDO PHARMA.

Buy above -672.50, S/L-668, Target-698/705/715.

3. DR.REDDY LAB.

Buy above -3070, S/L-3059, Target-3081/3111/3118.

                                       

4. LUPIN

Sell below -1486, S/L-1491, Target-1467/1451/1440  

   

.                              Note: Price stated here is of spot market.   

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.

 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.                       

 Contact me for strategic guidance to enter and exit the trade

                                    

                        

                     

  

                    

                             

CNX--BANK NIFTY-A TECHNICAL VIEW 2-1-2017

CNX--BANK NIFTY

Closed at 18177.20 on 30-12-2016(Open-18026.35/High-18245.75/Low-18016.80)

Support:-18143.70/17952.60/17910.80/17829/17606.

90/17425.80/17350.45/16946.05/16431.65/16368/16186/15762.

Resistance:- 18245.70/18443.65/18532/18537/18551/18713.60/17739.65/18824.40/18961.15/19059/19096.70/19125/19158/19493.50.

After making bottom of 17655.55 on 26-12-16 on the line chart it steadily moved up during the week and ended the week with a gain of 293.19 points. It seems that the on-going up move may continue for some time with in between corrective down move. It is making higher top and bottom on the line chart now and also reasonably above its important long term moving average which is placed at 18013(it changes every day) for 2-1-2017. So it is definitely a buy on dip market now as mentioned in my post of 30-12-2016. Therefore long call can be tried  if it moves and sustain above 18246 with a stop loss of below 18170 for a target of 18307-330/18472/18513 or on decline at proper levels but not below 18013 with a stop loss of below 17920.

It is important to mention here that yearly close of 18177.20 and the opening figure on 2-1-2017(make a note of it on the opening) will be the benchmark point for your trade for the whole year of 2017, therefore it is suggested that one should be circumspect in long trade if it starts sustaining below the aforesaid mentioned points and vice versa.

Remark: - It is in downtrend. But now the up move is on therefore it is suggested to adopt buy on dip strategy, so long call can be tried on decline as mentioned above  else try long call above 18246.  

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.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY- A TECHNICAL VIEW -30-12-2016

CNX-NIFTY

Open-8030.60—High-8111.10---Low—8020.80—Close—8103.60 on

29-12-2016

Support:-8077.50/8056.50/8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a flat to negative note but recovered quickly and moved in a very short range for quite some time before it started moving up steadily in the latter half of the day and finally closed with a good gain of 68.75 points and near the high of the day. It is buy on dip market now (see my post of 28-12-16) therefore long trade can be tried either above 8112 or on decline but not below 8020 with a stop loss of below 7980. The upside target could be 8130/8185/8199/, it is important to mention here that it is still below its important long term moving average which is placed at 8221(it changes every day) for 30-12-16, therefore it will face huge resistance in the range of 8199---8221and once it moves above 8221 and sustain it will start gaining strength and may continue to move forward else the up move may exhaust at this range. Although technically it is buy on dip market now but since the on-going up move is within the downtrend therefore long call should be handled vigilantly and with extreme caution.

It is important to mention here that tomorrow will the first day of the January-2017 series, therefore market may open with an upside gap, so do not hurry to initiate long position if it opens with a upside gap then wait for the market to settle down before initiating long position.  

Remark: - It is in the downtrend. But now the up move is on within the downtrend therefore buy on dip strategy should be followed till it gives visible sign of up rally exhaustion.  The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 30-12-2016

TRADING CALLS

1. APOLLO HOSPITAL.

Buy above-1164, S/L-1159, Target-1171/1190/1201/1225.

      

2. AUROBINDO PHARMA.

Sell below -644, S/L-650, Target-620/601/588/582.

3. BAJAJ AUTO.

Buy above -2657, S/L-2645, Target-2667/2700/2716/2765.

                                      

4. CADILA HEALTCARE.

Buy above -353, S/L-350, Target-360/369/375.   

   

5. GLENMARK PHARMA.

Sell below -884, S/L-889, Target-877/860/852.

6. HCL TECH.

Buy above -825, S/L-818, Target-840/849/862.   

7. INFOSYS.

Sell below -988, S/L-994, Target-969/958/932.   

                                 

8. TCS

Buy above -2260, S/L-2350, Target-2400/2435/2456.

 

9. YES BANK

Buy above -1154, S/L-1147, Target-1160/1176/1194.

 

                              Note: Price stated here is of spot market.   

                                      

 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.

                       

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.                       

                     

   Contact me for strategic guidance to enter and exit the trade

                    

                            

CNX--BANK NIFTY-A TECHNICAL VIEW 30-12-2016

CNX--BANK NIFTY

Closed at 18033.15 on 29-12-2016(Open-17861.45/High-18053.30/Low-17829.40)

Support:-17952.60/ 17884/17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It opened on a flat to negative note but recovered quickly and then traded in a very short range throughout the day but picked up speed in last 30 minutes of trade and closed with a gain of 156.45 points and near the high of the day.  Please note that with today’s close it has made higher bottom of 17876.70 and crossed the recent top also, so it is in the process of making higher top too on the line chart, furthermore it has also moved above its first long term moving average which is placed at 17998(it changes every day) for 30-12-16 and if it sustain above this it may gain good strength. But today’s close indicate that it has turned into buy on dip market for now till it holds 17876.70 on the closing basis. Therefore long call can be tried either above 18060 or on decline but not below 17876 with a stop loss of below 17810. The upside target could be 18173/18307/18472/18513.  It is suggested to avoid short call for now and it can only be tried if it closes below 17876.70. 

It is important to mention here that tomorrow will the first day of the January-2017 series, therefore market may open with an upside gap, so do not hurry to initiate long position if it opens with a upside gap then wait for the market to settle down before initiating long position. 

  

Remark: - It is in downtrend. But with today’s close it is suggested to adopt buy on dip strategy till closes below 17876.70.The overall trend is bearish as of now.  

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.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 29-12-2016

CNX--BANK NIFTY

Closed at 17929.20 on 28-12-2016(Open-18059.65/High-1717829.15/Low-17876.70)

Support:- 17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It is on a weak technical footing (see my post of 28-12-16), however it opened on a positive note and moved up and crossed its first important point of 17971 (which is at 17985 for 29-12-16) and went near the closing point of 18085 but could not hold on at the upper level and plunged down to close with a meager loss of 2.85 points. It is still making lower top and bottom on the line chart and will only give some hope of a relief rally if it closes above 17884, therefore it would be relatively safe to try long call once it closes above this mark, however aggressive day trader can try long call if it move and sustain above 17884 for some time with a stop loss of below 17819. It is important to mention here that it will gain some strength only if it moves and sustain above 17985(it changes every day). In view of the above short call can also be tried it moves and sustain below 17819 with a stop loss of above 17884 for a target of 17819/17790/17730/17704/17672/17655.   

Remark: - The uptrend is severely threatened and downtrend is on. It would be preferred and safe to try long call once it closes above 17884.However day trader can try both side trade depending on the price movement and as suggested above.The trend is bearish as of now.  

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.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY- A TECHNICAL VIEW -29-12-2016

CNX-NIFTY

Open-8047.55—High-8100.55---Low—8028.40—Close—8034.85 on

28-12-2016

Support:-8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a positive note and hit a high of 8100.55 for the day but could not sustain at the higher level and slipped down and finally managed to close with a meager gain of 2 points but near the low of the day. Although it relatively closed on a weak note today but since it crossed its recent top of 7985.75 on the line chart yesterday therefore it seems that as of now it is still buy on dip market till it holds 7908.25 on the closing basis and finally the level of 7897.25(see my post for 28-12-16). Therefore for 29-12-16 long call can be tried on decline near but not below 7965 with a stop loss of below 7940 or try if it maintains above 8045 for some time with a short stop loss of below 8020 here please note that today it will face huge resistance in the range of 8065-8071. It is therefore suggested to structure your trade keeping the above options in mind. But looking at today’s close buy on decline at proper point would be a better option.

It seems that it is buy on dip market now but moving up the range of 8065—8071 will pose stiff resistance today therefore one can take a contrarian short call also near the said range if it fails to cross the same   for some time with a stop loss of above 8085 or can also try below 8028 with a stop loss of above 8045 for a target of 8000/7986/7965/7942.

Please note that the on-going rise is an up move within the downtrend and it could end abruptly also (see my post of 28-12-2016) therefore be careful in long trades.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. Although today’s close was not that encouraging but still long call can be tried but only on decline and at suggested level but with extreme caution and care. Meanwhile if price movement permits then it would also be worthwhile to try short call as suggested above.  The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

CNX-NIFTY- A TECHNICAL VIEW -28-12-2016

CNX-NIFTY

Open-7915.05—High-8044.65---Low—7903.70—Close—8032.85 on

27-12-2016

Support:-8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a steady note and since it did not break its critical point of 7897.25 it gradually firmed up and gave sustained and robust rise and closed near the high of the day. In today’s up move it crossed its recent top of 7985.75 on the line chart decisively which indicates that a  bottom is in place at 7908.25, therefore it is expected that this up move may continue for few days provided it holds its bottom of 7908.25 on the closing basis and finally the level of 7897.25. Therefore  to take advantage of this pullback rally  long call can be tried above 8045 or on decline but not below 7974 with a stop loss of below 7940. Moving up it would face stiff resistance at 8056.86/8085/8130/8185/8199 and the up move may get exhausted at any of these points. It is therefore suggested to be vigilant and cautious in long trade.

Please note that it is in downtrend and today’s rise was an up move within the down trend and may continue for another 3-4 days or more before it resumes down journey  again, therefore  avoid short call now and look out for signal and price pattern to initiate fresh short trade. However the aforesaid resistance points could be the potential sell points also, so watch out. Sell call can surely be tried if it breaks and sustain below 7940 with a stop loss of above 7992.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. But in view of the above observation it seems that the up move  may last for few days therefore long call can be tried as suggested above and short call be avoided now, but  can be tried below 7940  with a stop loss of above 7992. The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 28-12-2016

CNX--BANK NIFTY

Closed at 17879.55 on 27-12-2016(Open-17677.70/High-17907.35/Low-17616.10)

Support:- 17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It opened on a positive note and moved in a very short range for quite some time but later in the day it gradually started moving up and closed with a gain of 224 points and near the high of the day. Although it closed with a good gain today and also moved above its critical point of 17672 and 17819.25(for the week) but did not showed the required strength which Nifty has shown. However the up move may be carried forward if it moves and sustain above 17884 but it will gain some strength only if it moves and sustain above 17971 and then closes above 18085. Please note that close above 18085 will make sure that this up move may last for few days. However looking at today’s move long call can be tried if it maintains above 17884 with a stop loss of below 17819 .Similarly short call can be tried below 17819 with a stop loss of above 17884.

Remark: - The uptrend is severely threatened and downtrend is on. It had an up day today and it moved above some of its important points also, so this up move may continue therefore long call can be tried as suggested above. Short call can only be tried below 17819.The trend is bearish as of now.  

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.

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.

                                                                                      

Contact me for strategic guidance to enter and exit the trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 27-12-2016

CNX--BANK NIFTY

Closed at 17655.55 on 26-12-2016(Open-17825.50/High-17860.65/Low-17606.90)

Support:- 17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17819.75/17825.50/17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It is exhibiting tremendous weakness as it broke its previous week low of 17819.75 effortlessly and also broke its critical point of 17672 today and closed below it which is a bad sign. As mentioned in my post of 26-12-2016 short call is suggested below 17819.25 for the entire on-going week and similarly long call should be avoided below it, however if it moves above 17672 level and sustain for some time aggressive trader can try long call for a possible short up move with a stop loss of below 17600 for the day but it could be a risky trade mind you. Similarly if it sustain below 17655 try short call with a stop loss of above 17740 or on the rise at appropriate point but not above 17819.25. The trend is bearish.

Remark: - The uptrend is severely threatened and it is already in downtrend. The trend is down therefore I would prefer to avoid long call instead  wait for the opportunity to try short call . The trend is bearish as of now.  

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.

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.

                                                                                     

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY- A TECHNICAL VIEW -27-12-2016

CNX-NIFTY

Open-7965.10—High-7970.05---Low—7893.80—Close—7908.25 on

26-12-2016

Support:- 7897/7859/7807/7735-7714/7644.

Resistance:- 7916.40/7927.7938/7946/7988/7992/8002.25/8021/8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened with a negative bias and broke its critical range of 7916.40—7897.25(see my post for 26-12-16) in no time and hit a low of 7893.80 but recovered immediately and started trading above 7916.40 but not very comfortably and gave whip saw around it throughout the day and finally closed within the aforesaid range at 7908.25, which indicates gross weakness in it. The technical setup is terribly weak and the down move is on, therefore it is suggested to avoid long call in general but it can be tried if it moves and sustain above 7943 , but it would be safe to try long call only if it moves and sustain above 7992,  since it has closed just above the lower band of its critical point of 7897, therefore if it holds this level for some time aggressive trader can try long call above 7897 or even near 7965 but not below this level with a stop loss of below 7855, but it could be a risky trade mind you. The trend is down therefore short call seems a safer bet and it can be tried if it breaks and sustain below 7897 with a stop loss of above 7932. 

Remark: - The uptrend is severely threatened and it is already in the downtrend now. It has just closed above its critical point of 7897, so now both side trades can be tried depending on the price movement. But please note that sustain break below 7897 may accelerate the fall therefore long call should be handled with extreme caution. Since the trend is down therefore short call seems a better option. The overall technical setup is hugely bearish now.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.