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.