CNX--BANK NIFTY
Closed at 19585.25 on 30-1-2017(Open-19718.80/High-19767.05/Low-19561.10)
Support:-19518/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.
Resistance:-19794.95/19816.50/19922.70/20283/20309.65/20541.65/20575.80/20907.55.
The broad observation remains the same for 31-1-17as it was for
30-1-17(see my post). It corrected today but still holding the downside range
of 19700—19450 but if it goes below 19560 and sustain then it could go down
further and may break the aforesaid range and then expected to take support at
19276.50, which is the breakout top and break below this can accelerate the
fall and the on-going up move may be in danger. Today’s move was slightly shaky
and indicates that it could correct further from here.
In view of the above long call can be tried above 19720 with a stop loss of below 19640 or above 19600 with a stop loss
of below 19560 or buy on decline near 19276.50 with a stop loss of below 19200.
But it would be safe to buy above 19720.
Although it is not the market for fearless
short call, but since it reasonably corrected today and if it falls below 19560
and sustain then it could correct further, so aggressive trader can take
contrarian short call below 19560 with a stop loss of above 19600 for a target
of 19534/19518/19450/19276.50. It
could be a risky trade.
Remark: -It corrected today and it seems that correction
may deepen, therefore it would be safe to attempt long call above 19720 but
aggressive trader can try on decline too near 19276 but not below it. Short
call can be worth trying as suggested above.
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.