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.
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Thank you for sharing your views.