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.
Very helpful updates I got to learn here on CNX bank nifty. To frame a trading strategy which is according to the market needs learning about market's performance is must. Service providers can suggest useful stock tips which can help you in improving your return.
ReplyDelete