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.
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Thank you for sharing your views.