CNX Bank Index in Correction Mode

As on 7.4.2014  12,506=45

The trend is up but after making a top at 12,869.35 on 31.3.2014 it is in down correction. The support and resistance are given  here under :-

 SUPPORT :-12,486 / 12430 / 12,368 / 12249 / 12,117 / 11,989

RESISTANCE :-12,563 / 12633 / 12,743 / 12,807 / 12,869.35


REMARKS:- I feel that down correction is not yet completed although it has shed more than 350 points from the top,so long position could be avoided for now,however those who are aggressive trader who want to try long position can take a chance keeping in mind the aforesaid support and resistance level and with a strict stop-loss of 12,425. Please note that if the index slips below 12,425 and stays  then it can go in for further deep down correction and may break 12,000 level in days to come.

NOTE:-1.PRICE STATED HERE IS OF SPOT MARKET.

          2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

          3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN. 

           4.TRADE CAUTIOUSLY

 Contact me for strategic guidance to enter and exit the trade

NASDAQ composite may head for big fall

Trend in NASDAQ is up but at present in a down correction mode. It has made a recent top at 4371.71 on 6th March '14 and thereafter going down making lower tops and bottoms. Strong support for index exists at 4048 | 3968 | 3990 | 3855 | 3650. Since it is falling for quite sometime and is near strong support area, so it may give a pull back rally. Going up it may face resistance at 4132 | 4220. But if it breaks 4048 and stays below that for 2-3 days, then it is expected to go in for deep down correction.

Remarks: Some technical parameters suggest that NASDAQ composite is heading for reasonable to big fall in days to come and may go down to 3791/3650 level.

Silver for a short upmove

Silver ( in $): $19.90 (as  on 7.4.2014)

Technically the trend is down but strong support exists at 19.57 | 18.97 | 18.89 | 18.72 | 18.17, so a pull back rally may be in the offing and going up it will face resistance at 20.23 | 20.67 | 21.79 | 22.18.

Remarks: The trend is down but considering good support area, one can try long position with a stop-loss of 19.30 for a target of 20.23 | 20.67 | 21.79 | 22.18.


 Contact me for strategic guidance to enter and exit the trade

Trading Ideas (April '14 Series - Article 2)

CIPLA:-CMP Rs.396 on 7.4.2014

Sell now or on the rise with a stop-loss of Rs.407=00 or sell below Rs.392=00 with a stop-loss Rs.397=00 for a target of Rs.386 / 379/ 373 / 366/ 364.

ACC:-CMP Rs.1377=75 on 7.4.2014

Sell below 1371 only with a stop-loss of Rs.1380=00 for a target of Rs.1336-40.

ICICI BANK:-CMP Rs.1206.15 on 7.4.2014

Sell below 1202 only with a stop-loss of Rs.1208=00 for a target of Rs.1191/ 1188 / 1182,below 1182 it can go in for bigger fall.

TITAN COMPANY:-CMP Rs.262=50  on 7.4.2014

Sell at current market rate with a stop-loss of Rs.271  or sell  below Rs.260 with a stop-loss of Rs.264/ ,for a target of Rs.254/ , 246,below 246 it will go for deeper down correction.

NOTE:-1.PRICE STATED HERE IS OF SPOT MARKET.

          2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

          3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN. 

 Contact me for strategic guidance to enter and exit the trade

Tata Motors Looks Fatigued

The stock is looking little bit technically tired ,its CMP is 405.50,it made an all time high of  420.70  on 4.3.2014 and tried to cross this high on 4.4.2014 but could not.this show some weakness in the stock, it may go in for down correction.

REMARKS: Trend is still up but avoid long position now,in fact short  call can be taken with a stop-loss 423.Take long call  if it stays above 420.70 for 3-4 days or after a reasonable downside correction

 Contact me for strategic guidance to enter and exit the trade

Gold in Down Trend

Gold in $ Term

Technically  trend in gold is down but in between it may give pull back rallies.It has made a bottom at 1277.40  on 1st April,2014 and moving up,going up it may face resistance at 1305/1322/1336/1349/1363 and going down it will find support at 1281 / 1277.40/1230.80/1181.40/1179.40.The deep slide will begin if it stays below 1281 for 3-4 days.

REMARKS:-  Long Term trend is down so the investment in gold  may be avoided.The trader may go in for long and short trades at the appropriate levels with an adequate stop-loss.

 Contact me for strategic guidance to enter and exit the trade

Dow Looks Heavy at Top

Dow made a high of 16,588.25 on 31.12.2013 and  thereafter it made 3 attempt to to cross the said high on 2nd,3rd & 4th April 2014 ,it was successful in creating a new high on 3rd & 4th April but could not close above the aforesaid level. Although technically the trend is up but some parameters are showing sign of fatigue.It may go in for good downward correction.Going down it will find support at 16,191.77/ 16046.99/ 16006.59/ 15865/ 15703.79

REMARKS:-  Only go long in Dow if it closes above 16,588.25 and stays above this for 3-4days.Down correction  looks imminent so one can try going short with an adequate stop-loss.