CNX--BANK NIFTY
Open-20273.65--High-20308.70--Low-20116.90—Close-20251.80
on
13-2-2017
Support:20248/ 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.
Resistance: -20,309.70/ 20470/20541.65/20575.80/20907.55.
The broad
observation remains the same (see my post of 13-2-2017).The overall technical
setup is still o.k. but volatility is a big concern. Please note that till it
closes above 20371.60 and then consistently hold the level of 20248 on the
closing basis it cannot be said convincingly that this up move may continue. In
fact if it does not close above 20371.60 in next 2—3 days and make a lower top
and then break the recent bottom of 20151.15 on the line chart then this up move
could end here for the time being and down move may begin. Therefore attempting
long trade before it closes above 20371.60 could be a risky proposition.
In view of the above it is suggested for
safe and risk averse trader to try long call only once it closes above 20371.60.
However
aggressive trader can try long call above 20275 with a stop loss of below 20140
for a target of 20310/20371.60/20427/20470. It could be a risky trade.
Remark: - Technically it is still o.k. but since
it has not yet closed above the critical top of 20371.60 and if it fails to do
so in next 2-3 days time or make a lower top then it may top out here and down
correction may begin. Therefore I would personally wait for a close above
20371.60 for initiating fresh long call.
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.