Friday, 27 June 2014
Thursday, 26 June 2014
Nifty-Technical View-27-6-14
Nifty closed at 7493.20 on 26-6-2014
SUPPORT:- 7487.55 / 7477/ 7441.60 / 7409 / 7340 / 7263 / 7229/7200
RESISTANCE: 7563.50 / 7593.35 / 7635/ 7663/ 7678.50 / 7700.
Nifty opened weak at 7554.10 and moved down
gradually during the day and made a low of 7481.30 before closing the day near
the low at 7493.20, today’s move indicate that the ongoing correction can turn
deeper as it has broken recent closing bottom of 7493.35 although by .15 points
only, however it is still above its bottom of 7441.60 made on 23.6.14 on bar
chart but seeing today’s move I don’t think it can hold this bottom. Furthermore
the nifty has failed to sustain above its
short term DMA therefore there is good chance of negative divergence to come
into play and if it happens then it can take the nifty to 7402 & 7229 level.
To give an indication to negate the divergence it has to fulfill the following
condition chance of which are looking weak at this point of time.
1.
It has to close above 7580.20 on 27-6-14 on line chart
2.
It has to hold bottom of 7441.60 and cross top of
7593.35 on the bar chart as of now
3.
It has to stay above its short term DMA for a
reasonable period of time .The DMA is placed at 7554 for 27-6-14(it keeps on
changing every day)
The nifty is having a cluster of moving averages
in the range of 7261-7180 therefore in
worst case it is expected to bounce from these levels but if it starts trading
below 7180 then it will be a cause of
concern for the intermediate uptrend .
REMARK:-
The chances of deep correction is becoming stronger and nifty coming to the
levels of 7230-7350 cannot be ruled out, therefore I suggests to avoid long
trades in nifty but one can try short call below 7487 with a stop loss of 7518
for a target of 7440 / 7402 / 7380. Kindly note that make your cost your stop
loss in favorable trade and then trail it as the price moves up/down to gain
maximum profit and avoid losses.
Contact me for strategic guidance to enter and
exit the trade
Wednesday, 25 June 2014
Nifty-Technical View-26-6-14
Nifty closed at 7569.25 on 24-6-2014
SUPPORT:- 7563.50 / 7547 / 7502 / 7487.55 / 7477/ 7441.60 / 7409 / 7340 / 7263 / 7229/7200
RESISTANCE: 7580.20/ 7601 / 7635/ 7656.40/ 7678.50 / 7700.
Nifty moved in a very short range today and has
not made any effort to cross closing top of 7631.70 and intra -day top of 7663
but remained above its short term DMA which is a good sign. Nifty closed lower today from
the previous days close, so if it closes reasonably above 7580.20 on 26-6-14 then
it will create a higher top and higher closing bottom of 7569.25 on line chart and
that will give some positive indication but to give decisive signal of correction
completion it has to cross the closing and intra-day top of 7631.70 & 7663
respectively and has to remain above its short term DMA which is placed at 7561
& 7547 for 26-6-14.
REMARK:-
Avoid trade in nifty till clarity on
correction completion is visible
Contact me for strategic guidance to enter and
exit the trade
CNX-Bank Index-Technical View-25-6-14
CNX-Bank Index closed at 15309.50 on 24-6-2014
SUPPORT:- 15083.90 / 14940.35 / 14858.90 / 14793/ 14709.30
RESISTANCE: 15373.20 / 15461.55 / 15464.85 / 15568.05 / 15725.80 / 15742.05
Index opened at 15142.35 and steadily moved up and
made a high of 15341.95 for the day before closing the day near the high at 15309.50.
Today’s move partially indicate that the on-going correction may be over as it
has crossed its short term moving averages and also made higher bottom on the bar
chart at 14940.5 but this is not enough as index has still not made a higher
top & bottom closing basis ,to
make higher top and bottom on line chart it has to close above 15373.20 and
hold the bottom of 14997.65 made on 20.6.14 on the closing basis , to
make higher top on bar chart it has to cross 15461.55 and hold the bottom of 14940.35
made on 23-6-14.Therefore as of now one should see that index should trade
above its short term DMA till it makes higher top and bottom on line
chart & higher top on the bar chat. The short term DMA are placed at 15209
&15168 for 25-6-14.Avoid long calls if index starts trading below 15168.
REMARK:-
Since there is partial indication of
completion of the on- going correction, I would suggest to avoid taking
any position today, but the aggressive trader can try long call with a stop
loss of below 15168.
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 AND CAPITAL PROTECTION.
Contact me for
strategic guidance to enter and exit the trade
Tuesday, 24 June 2014
Nifty-Technical View (25-6-14)
Nifty closed at 7580.20 on 24-6-2014
SUPPORT:- 7563.50 / 7540 / 7502 / 7487.55 / 7477/ 7441.60 / 7409 / 7340 / 7263 / 7229/7200
RESISTANCE: 7601 / 7635/ 7656.40/ 7678.50 / 7700.
Nifty opened at 7515.20 and steadily moved up, it
exhibited huge volatility during the day and made a high of 7593.35 for the day
before closing the day near the high at 7580.20. Today’s move partially
indicate that the on-going correction may be over as it has crossed its
short term moving averages but this is not enough as nifty has still not made a
higher top & bottom on the line & bar chart ,to make higher top and
bottom on line chart it has to close above 7631.70 and hold the bottom of 7493.35 made on 23.6.14 on
the closing basis , to make higher top on bar chart it has to cross 7663 and
hold the bottom of 7441.60 made on 23-6-14.Therefore as of now one should see
that it should trade above the short term DMA
till it makes higher top and bottom on line and bar chat. The short term
DMA are placed at 7566 &7540 for 25-6-14.Avoid long calls if nifty starts
trading below 7540.
REMARK:-
Since there is partial indication of
completion of the on- going correction, I would suggest to avoid taking
any position in nifty , simply watch the market on 25-6-14.The aggressive trader can
try long call with a stop loss of below
7540.
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 AND CAPITAL PROTECTION.
Contact me for
strategic guidance to enter and exit the trade
Monday, 23 June 2014
Dollar-Technical View(23-6-14)
Dollar – Vs –Rupee
Dollar closed
at Rs. 60.16 on 20-6-14
Range for the week
ended on 20-6-14 was:-Rs.60.16---59.70
SUPPORT :- 59.85
/ 59.70 / 59.08 / 58.97 / 58.25
RESISTANCE:- 60.27 / 60.53 / 60.83 / 61.19 / 61.55 /
61.81 / 62.44.
TECHNICAL OBSERVATION :-
The dollar is still below
its major moving averages which are in the range
of 60.20—61.49 but some advance parameters suggest that until and unless dollar
breaks 59.53 on the down side it will strengthen
,furthermore it is showing positive divergence on the chart after a long time
and if this comes into play then it can take it to 61.19 level. Since it is below its major
moving averages therefore it may consolidate here and then make an
effort to cross the averages and once it crosses few averages then divergence may come into play, the chart
pattern suggest that it can but may take some time. The strong support level for it is at 59.85 (recent bottom)
and then 59.53.Avoid long call below 59.53.
MY VIEW:-
I expect the dollar to hold the
level of 59.85 & 59.53on the closing basis ,I feel that dollar will have a steady
price movement with an upward bias in time to come.
REMARKS:-Certain
technical parameters suggest that a good up move could be there ,so buy on dip strategy
is advised for now at appropriate level with an adequate stop loss. DO NOT
TRADE WITHOUT STOP LOSS. Kindly note that make your cost your stop loss in
favorable trade and then trail it as the price moves up/down to gain maximum
profit and avoid losses.
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