CNX-NIFTY
Support:-8257.42/8250.80/8244/8224.50/8056.85/8002.25/7992/7952.55/7946/7935/7927/7916.40/7897/7859/7807/7735-7714.
Resistance:-8274.95/8300/8337.90/8371/8402/8445/8476.70/8489/8506/8518/8540-8555/8598.45.
The up rally
which started from the bottom of 7916.40 gave some sign of exhaustion but did
not confirm it and got extended (see my post of 7-12-2016). It is needless to
mention here that this is just a pullback rally and will get fizzle out any
time, but if it holds 8257.42 mark the rally may extend further and the
possible exhaustion points could be at 8300/8338/8371&8463. Please note
that if it moves and sustain above 8463 then situation has to be reviewed.
Please note that
it has been rallying for 15 days from the bottom of 7916.40 and it is becoming
vulnerable for down move with each passing up day, therefore long call is not
suggested overall, however as long as it sustain above 8257 long call can be
tried by the day trader with a stop loss of below 8230 but it would be safe to
try long call above 8275 with a stop loss of below 8250 during the week
starting from 12-12-2016.Please note that the authentic stop loss for long call
would below 8145. Similarly aggressive trader can try short call if it sustain below
8257 for some time with a stop loss of above 8275.
Remark: - The uptrend is threatened and it is in
intermediate downtrend now. The pullback rally got extended but with each
passing up day it looks vulnerable for complete exhaustion therefore long call
should only be attempted above 8275 during the week starting from 12-12-2016. Similarly
short call can be tried as suggested above. The overall technical setup 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.
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Thank you for sharing your views.