CNX--BANK NIFTY
Closed at 19023.50 on 24-1-2017(Open-18931/High-19054.30/Low-18906.95)
Support:-18961/18781.25/17739.65/18722.85/18551/18537/18515---18441/18443.65/
18242.10/18177.20/18143.70/17952.60/17929/17910/17606.
Resistance: 19059/19096.70/19158/19276.50/19493.50/19666.80.
It is showing less strength in
comparison with Nifty as it has not crossed its recent top of 19164.50 on the
line chart and top of 19276.50 on the bar chart but moved above its short term
moving averages and also above the top end of the long term moving average
which is placed at 18911.81(it changes every day) for 25-1-2017.
In view of the above long call can be
tried only above 19025 with a stop loss of below 18900 and not on decline because it
has not crossed its recent top on the line and the bar chart and if it does not
cross the aforesaid tops in coming days or start making fresh higher tops and bottoms then it may continue to make lower top
and bottom and that would be concerning which may please be noted. The upside target for long trade could be
19059/19097/19165/19277/19442.
Remark: - For today long call can be only be tried above 19025
with suggested stop loss as it has still not shown the strength which Nifty is
showing.
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.
No comments:
Post a Comment
Thank you for sharing your views.