A TECHNICAL VIEW ON CNX--BANK NIFTY--14-12-2017

CNX--BANK NIFTY

Open-25118.20--High-25270.75--Low-24938.55—Close-25000.35 on

 13-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 24938/24878.65/24813.60/24798.65/24560/.

MajorResistance:- 25119.50/25166/25206/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support:-24938/24910/24878.65/24813.60/24798.65/24768/24560/.

Resistance: 25119.50/25140/25166/25206/25219/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 11-12-17 it did move up that day but could not cross the short term moving averages and in next two days moved down sharply. It is well below its short term moving averages now but near its medium term averages which are placed at 24938/24910 & 24768(it changes every day), it may find support at the above points and may bounce back from here for a while before resuming the down move again. But sustained break below 24910 may drag it down further from here itself. The smooth up move from here does not seem easy because moving up it will face host of resistance first from its short term moving averages which are placed in the range of 25140—219---315---450(it changes every day) for the day, then from its multiple top in the range of 25694—695.75---25924—953.50 and finally from some of its long term indicators which are placed in the range of 25848—26111(it changes every day) for the day.  The technical setup has weakened and bias is on the downside so further down move cannot be ruled out. Therefore it is suggested to avoid long trade till it gives sign of correction completion or if initiated should be handled with extreme caution.

 In view of the above observation, safe trader should avoid long trade now and should try once it moves above 25450 and sustain. However aggressive trader can try long trade in or around the range of 24938—24910 but not below 24910 with a stop loss of below24870, it could be a risky trade mind you. In light of last two days sharp down move short trade can also be tried if it moves below 24910 and sustain with a short stop loss of above 24950 or sell on the rise and the possible sell point could be 25170—219 and then 25285 with a stop loss of above 25330.  

Remark: - The trend is still up but it is in correction mode and at this juncture looks evenly poised with slight downward bias, therefore both side trades can be attempted depending upon the price movement and 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.

A TECHNICAL VIEW ON CNX---NIFTY--14-12-2017

 CNX-NIFTY

Open-10236.60—High-10296.55---Low—10169.85---Close—10192.95 on 13-12-2017

Support: 10182/10178.95/10137.85/10118.05/10108.15/1010310094/10043.65/10033.35/9955/9943.

Resistance:10216.18/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                                    

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10182/10178.95/10162/10137.85/10118.05/10108.15/10103/10008/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10202/10216.18/10223/10237/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

It opened on a flat note and had both way swing during the day but eventually closed with a loss of 47.20 points. It  broke all its short term moving averages today except for one which is at 10182(it changes every day) and medium term moving average are placed in the range of 10162—10097(it changes every day) for the day. Moving down other support points would be 10146—10103/10094—92/10033.35/10008. So it has good support area in the range of 10162—10092 and then 10033.35---10008 and 10008(it changes every day) would be the last bounce back point because sustained break below it on the closing basis could pose a potential threat to the on-going uptrend. Similarly moving up it will face resistance from its short term moving averages which are placed in the range of 10202---10259 for the day and other important resistance point would be 10216.18/10265.84/10321/10335 and it is needless to mention here that the range of 10400---10490.45 would be the very tough range to cross (see my earlier post). So the continuation of smooth up move from here seems difficult, furthermore the technical setup has weakened and the bias is on the downside now and if it does not give a sharp recovery shortly then the down move could deepen. Therefore it is advised that long trade should be avoided till it gives visible sign of correction completion.  

In view of the above observation safe trader should avoid long trade now, however aggressive trader can try long trade on decline near but not below 10094 with a short stop loss of below 10080 and then in or around the range of 10033—10008 but not below 10008 with a stop loss of below 9965. In light of two day fall and anticipating further fall from here short call could be a better option and can be tried on the rise near but not above 10259 with a stop loss of above 10297 or sell if it sustain below 10162 with a stop loss of above 10205.

Remark: - The long term trend is still up. But it is correcting now, so long trade should be avoided now and can only be tried as suggested above. It would be relatively safe to try long trade in the range of 10033—10008. Short trade seems a better option now and could be worth trying as mentioned 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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIW ON CNX--NIFTY--13-12-2017

 CNX-NIFTY

Open-10324.90—High-10326.10---Low—10230.20---Close—10240.15 on 12-12-2017

Support: 10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-13-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10239/10228/10202/10199/10178/10159/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10242/10251/10255/10259.37/10264/10271/10312/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 11-12-17, it just lost momentum today and went down to end the day with a loss of 82.09 points this is a bad indication. Furthermore it is making lower top and bottom on the bar chart therefore long trade should be avoided till it crosses 10335 and sustain. Please note that if it does not move above 10335 in next 2-3 days time then it could head down again and this time down move could be sharp. The only hope of bounce back now is that it is still holding on to some of its short and medium term moving averages which are placed in the range of 10159---10199---10255(it changes for the day)for the day.

It is important to mention here that its long term averages are placed in the range of 10003—9691(it changes every day) for the day, break below 10003 will threaten the uptrend and sustained break below 9691 may put the uptrend in real danger.

In view of the above observation safe trader should avoid long trade   till it moves and sustain above 10335, however aggressive trader can try long trade above 10271 with a stop loss of below 10239. Although there is no clear sign of going short in the market but in light of yesterdays move short trade can be tried if it sustain below 10230 for some time with a stop loss of above 10271,it could be a risky bet but worth trying.

Remark: - The long term trend is still up. But long trade should be attempted only if it moves and sustain above 10335. Short trade could 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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX-- BANK NIFTY--11-12-2017

CNX--BANK NIFTY

Open-25145.50--High-25367.70--Low-25145.50—Close-25321.15 on

 8-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

MajorResistance:- 25383.55/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support:- 25275/25202/25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

Resistance: 25350/25383.55/25398/25467/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 4-12-17 it further moved down and broke its bottom of 25119.50 but later in the week as perceived bounced back from around the possible support points(see post of 4-12-17) and ended the week near the high. Therefore it seems that a bottom is in place at 24813.60 for now and it may move up further from here. But it is still below its short term moving averages, which are placed in the range of 25327—398—467(it changes every day) for the day. Furthermore moving ahead it will face resistance from its multiple top in the range of 25694—695.75---25924—953.50 and then from some of its long term indicator which are placed in the range of 25832—26095(it changes every day) for the day.  So moving up does not seems to be easy and smooth.  

 In view of the above observation, safe trader should avoid long trade now and should try once its closes above its short term moving averages. However aggressive trader can try long trade above 25370 with a stop loss of below25300.  

Remark: - The trend is up and it seems that it may further move up from here, but it would be safe to try long trade once it closes above its short term moving averages, however aggressive trader can try long trade 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.

A TECHNICAL VIEW ON CNX--NIFTY--11-12-2017

 CNX-NIFTY

Open-10198.45—High-10270.85---Low—10195.25---Close—10265.65 on 8-12-2017

Support: 10251/10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10246/10233/10220/10205/10178/10149/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 4-12-17, it did break the bottom of 10094 on three successive day’s intra-day but did not close below it. It was reasonably above its long term moving average during the week and last but not the least it crossed its short term moving averages and closed above it on the last day of the week, which is a positive sign. So as perceived it bounced back from the important point (See my post of 4-12-17) therefore it seems that a bottom is in place at 10033.35for now and it can rally further from here. But I once again reiterate here that the range of 10400—10490.45 seem very tough range to cross (see my post of 29-11-17), it may cross the said range this time but be alert and careful in long trade in and around this range. However the up journey from here to 10400 may be smooth.

In view of the above observation long trade can be tried on decline but not below 10178 with a stop loss of below 10145 on the closing basis or can try above 10271 with a short stop loss of below 10230.

Remark: - The long term trend is still up. It seems that a bottom is in place; therefore long trade should be tried 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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

TRADING CALLS FOR----4-12-2017

TRADING CALLS

1. ADANI  PORT.

Buy above -386.75, S/L-382, Target-395/405.

2. ASIAN PAINTS.

Sell below-1130, S/L-1135, Target-1123/1114/1110/1083.

      

3. AUROBINDO PHARMA.

     (A)Buy above -672.50, S/L-668, Target-689/697.

     (B) Sell below-665, S/L-673, Target-649.90/628.25.

4. AXIS BANK.

Sell below-531.90, S/L-536, Target-526/523/515.

5. DR.REDDY LAB.

Sell below -2222, S/L-2235, Target-2197/2166.                                     

6. EICHER MOTORS.

Sell below -29135, S/L-29300, Target-28408/28183.

                                       

 7. GLENMARK PHARMA.

Sell below-553.50, S/L-556, Target-540/530/507.

                                          OR

Sell on the rise but not above 562, S/L, 569, Target-553.50/540/530.

8. ICICI BANK.

Sell below-303.90, S/L-306, Target-295/289.

9. L & T.

Sell below -1202, S/L-1212, Target-1179/1158.  

10. L I C HOUSING FINANCE.

Sell below-568, S/L-572, Target-560/550.

11. RELIANCE INDUSTRIES.

Sell below-907, S/L-911, Target-890/878.

                          

12. TATA MOTORS.

Sell below-396.50, S/L-400, Target-391/387/380.

                          

Note: -- After opening watch the market for sometime before initiating trade.

   

.                              Note: Price stated here is of spot market.   

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.

 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

   

                       

                     

  

                    

                            

A TECHNICAL VIEW ON CNX--BANK NIFTY--4-12-2017

CNX--BANK NIFTY

Open-25409.55--High-25441.35--Low-25152.65—Close-25191.95 on

 4-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 25186.05/25119.50/25103/25058.70/24878.65/24798.65/24782.30/24560/24505.89/24496/24422/24163.90/24079.58.

MajorResistance:-25198.80/25332.40/25400.69/25409.55/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.

For-4-12-17 the intra-day short support and resistance levels are given here-under:-

Support:- 25186.05/25119.50/25103/25058.70/24878.65/24815/24798.65/24782.30/24749/24560/24505.89/24496/24422/24370/24163.90/24079.58.

Resistance: 25198.80/25253/25332.40/25400.69/25409.55/25477/25537/25566/25596/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.

Further to my last post on 16-11-17 it had huge up move and it made a new all time high of 25953.50 on 28-11-17 but in last two days it fell sharply and lost more than 600 points. Please note that two days fall had eaten last 20 days up move and technical setup has also weakened. Furthermore it was an impulse down move and if it does not recover fast  then it may be heading for much lower levels in coming days/ weeks. Now it is near its recent major bottom of 25119.50, so chances are that it may make an attempt to stage a pullback from here but sustained break below it on the closing basis may drag it down fast which may please be noted. Moving down it may find good support at 25058.70/24782.30/24505.89/24370 (it changes every day) and it may bounce back from any of these points but sustained break below 24370 will threaten the uptrend. Similarly going up it will find stiff resistance from its short term moving averages which are clustered in the range of 25341.65---477—566—596---686 (it changes every day) for the day and then from some of its long term averages which are placed in the range of 25830—26088(it changes every day) now, so moving up may not be easy and smooth this time . The bias is negative as of now but its relative strength is better in comparison with Nifty.

In view of the above observation, it seems that it is mildly sell on the rise market now, therefore safe trader should avoid long trade till it moves above its short term moving averages and sustain on the closing basis. But aggressive trader can try long trade if it holds 25119.50 levels for at least two hours of trade then, with a stop loss of below 25050. Please note that long trade may be a highly risky bet at this point of time. Short trade relatively seems a better option and can be tried on the rise and possible sell point range for the day could be between 25341---440 with a stop loss of above 25480 or can sell below 25150 with a stop loss of above 25200 and add on position below 25119.50 with a stop loss of above 25155.   

Remark: - The trend is up, but last two days huge down move indicates that it could drift down further in coming days, therefore be circumspect in long trade. Short trade seems a better bet and would be safe to try if it moves and sustain below 25119.50. But can be tried on the rise too as suggested above. The overall technical outlook for short term looks bearish.

  

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.

A TECHNICAL VIEW ON CNX--NIFTY--4-12-2017

 CNX-NIFTY

Open-10263.70—High-10272.70---Low—10108.55---Close—10121.80 on 1-12-2017

Support: 10108.15/10094/10043.65/9955/9943.

Resistance: 10137.85/10157.11/10178.95/10251.85/10307.30/10309.55/10340.20/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                                              

For-4-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10108.15/10094/10085.78/10043.65/9969/9955/9943. 

                                                                                                           

Resistance: 10130/10137.85/10157.11/10178.9510149/10200/10251.85/10286/10307.30/10309.55/10340.20/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

The impulse down move of 30-11-17 was followed by another big fall today and it closed with a loss of 104.75 points, it indicates that the final top may be in place at 10490.45 which it made on 6-11-2017. Furthermore it had already established lower top at 10409.55 on the bar chart and at 10399.85 on the line chart, but yet to break its recent major bottom of 10118.05 & 10094 on the line and bar chart respectively and once it breaks and sustain below these bottoms then it can be convincingly said that it has topped out at 10490.45 and could get into a deep correction mode now before it resumes the up move again. The technical setup has got severe jolt in last two days and indicates further fall ahead, but as long as it holds the aforesaid bottoms of 10118.05 & 10094 on the line and the bar chart respectively there is a slim ray of hope that it could still bounce back. If it does then it will just be a relief rally and every reasonable rise should be sold into till it moves past its short term moving averages again and sustain above it on the closing basis. Its averages are placed in the range of 10285---10320(it changes every day) for the day.

It is important to mention here that it’s long term moving averages are placed in the range of 9969---9645(it changes every day) and it is not far away . Since it is its long term support range it may bounce back from here, if it does not from the above mentioned point of 10094. But please note that sustained break below 9969 will threaten the uptrend and break below 9645 will put the uptrend in real danger and it may end and in that case it may seek much lower levels. Therefore long trade should not be initiated at all below 9969.

In view of the above observation it is sell on the rise market now, therefore safe trader should avoid long trade completely till it moves above its short term moving averages and sustain on the closing basis. However aggressive trader can try long call if it holds 10094 levels for first two hours of trade with a stop loss of below 10043 and then can try near but not below 9969 with a stop loss of below 9930, long trade could be a highly risky bet at this point of time. Short trade can be tried on the rise and the possible sell point for the day could be in the range of 10204—227---263 with short stop loss of above 10285 but the authentic stop loss would be above 10320 or sell below 10085 with a stop loss of above 10130.

Remark: - The long term trend is still up. But last two days impulse down move has rocked the technical setup and indicates further fall of moderate to sharp intensity cannot be ruled out in coming days/weeks. Therefore long trade should be avoided at least till it moves above its short term moving averages and sustain but can be tried near long term average upper band as suggested above. Short trade seems to be a safer option now so should be tried as mentioned above. The bias is negative as of now and if it does not bounce back sharply in coming week then it may steadily move downwards with in between relief rallies.                                                                                                                                                                                  

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

A TECHNICAL VIEW ON CNX--NIFTY--1-12-2017

 CNX-NIFTY

Open-10332.70—High-10332.70---Low—10211.25---Close—10226.55 on 30-11-2017

Support: 10214/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.

Resistance: 10251.85/10289/10335.08/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                             

For-1-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10214/10207/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.

                                                                                                              

Resistance: 10251.85/10289/10305-315/10339/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

It opened with a short down gap and moved down further and in the late afternoon it plunged down sharply to close with a loss of 134.75 points. Today’s fall has eaten the rise of eight days, so it was an impulse down move which is a bad sign. It had witnessed  this type of fall earlier also but bounced back too very fast within days, so watch out whether this fall will continue or it may resume the up from here again. Although it has decisively broken its short term moving averages today but it could still stage a bounce back because it has good support in the range of 10214—10157 but sustained break below 10157 could take it down further to the level of 10094/10043 & 9963(it changes every day). It is important to mention here that sustained break below 9963 would be a threat to the uptrend which may please be noted.

The support range for the day would be 10214—157 and the resistance range would be 10305—10340, it may pick up momentum if it moves and sustain above 10340. After today’s impulse down move it would be risky to take long trade till it gives visible indication of correction completion. So safe trader should try long call only if moves and sustain above 10340, but contrarian trader can try long call in the range of 10214—157 but not below10157 with a stop loss of below 10120. Avoid short trade for the day but those who wish can try below 10211 with a stop loss of above 10235 but has to be alert and sharp in this trade because if it bounces back it may be fast.

Remark: - The long term trend is still up. It had an impulse fall today and this may continue but there is glimmer of hope too that it could still bounce back from the range of 10214---157. So have a balanced approach and can try doth side trade as suggested above but with extreme caution particularly in short trade.   

 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.

 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.

                                                                                                                                                        Note: Price stated here is of spot market.

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