Nifty-Technical View For-30-7-14

NIFTY CLOSED AT 7748.70 ON 28-07-14

 SUPPORT: -  7731 / 7700.05 / 7680 / 7631 / 7629 / 7611.35 / 7593 / 7582 / 7563.50 / 7526 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15

 RESISTANCE:   7790.45 / 7792.90 / 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened flat and steadily moved down and made a low of 7722.65 for the day  before closing the day just 26 points above the low  at 7748.70.It has violated short term DMA upper band today and closed just  a fraction below it, therefore, I suggest to avoid fresh long call below 7792.90 for the week. However those who are having long position taken at the lower level and they still want to hold the position can take that chance above 7700.05 & 7674 for the week .

The short term moving average range is between 7749.03—7668.80(these figures will change every day) for 30-7-14 and since the nifty closed just below the upper range of DMA , so avoid long call below 7749 also. Please get out of the long trade if it closes below 7668 (this figure will change every day). Your alert point is below 7749 and stop loss for the long trade in nifty is close below 7668 for 30-7-14.

REMARK:- Long term trend is up but avoid long call below 7792.90 for the week and off course below short term moving average also which is at 7749 for 30-7-14 for sure .

 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. 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 the trade

Trading Calls For 28-7-14

CNX-Bank Index-Technical View For The week Starting From-28-7-14

CNX-Bank Index closed at 15322.25 on 25-7-2014

Range for the week ended 25-7-14 was :-15626.90----15272.45

SUPPORT: -  15288.30 / 15272.45 / 15241.90 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14338.65 /   

RESISTANCE: - 15341.90 / 15461.55 / 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 /.

(Figures in bold are important)

Index opened firmly for the week under review and made a high  of 15626.90 for the week but could not sustain the up move and made a low  at 15272.45 before closing the week near the low point of the range at 15322.25.As you are already aware that index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty has made new highs. It exhibits weakness therefore one should be very cautious in the long trade preferably long call is a avoid for me now.

TECHNICAL VIEW

1. ON DAILY CHART:- It made a bottom on the line chart at 14447.20 on 11-7-14 and on the bar chart at 14338.65 on 14-7-14 and moved up vertically  and made closing  top at 15534.35 on 24-7-14 and top on the bar chart at 15626.90 on 23-7-14,since it moved up vertically ,so if it corrects downward now then that correction could be vertical too, going down it can find retracement support at these levels 15322.87 / 15134.78 / 14982.77 / 14830.76 / 14660.71,and going up it will face stiff resistance in the range of 15568—15742.05.

Please note that the negative divergence is still there and index has also broken the upper band of the short term DMA range which is between 15366--15203(it changes every day, I will be updating it)for 28-7-14,so the divergence may come into play, therefore I suggest to avoid fresh long call below 15366 for 28-7-14 and below 15272.45 for sure  for the entire week starting from 28-7-14.

2. ON WEEKLY CHART:-It has made bottom on the line chart at 14447.20on 11-7-14 weekend and on the bar chart at 14338.65 on 18-7-14 weekend and top on the line chart at 15389.35 on 18-7-14 weekend and on the bar chart at 15626.90 on 25-7-14 weekend, therefore these points are broad range of  support and resistance for the index on the line and the bar chart and for in between support and resistance points please refer the figures mention above.

The strong negative divergence are visible for last couple of weeks and if it comes into play then it can drag down the index to at least 13500 level ,chances of which are brightening as it has broken the upper band of the short term DMA on the daily chart. The weekly short term DMA range is between 15146---14869 for the coming week. The negative divergence could only be negated if the index comfortably moves above its short term DMA . Kindly note that looking at the negative divergence and short term DMA violation on the daily chart, I suggest extreme caution in the long trade and personally long trade is a avoid for me as of now .

 REMARKS:-Long term trend is still intact but avoid long calls for now and below 15272 for sure ,aggressive trader can try short call below 15272 with a stop loss of 15330 .

 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. 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 the trade

                                            

Nifty-Technical View For The Week Starting From-28-7-14

NIFTY CLOSED AT 7790.45 ON 25-07-14

Range for the week ended on 25-07-14 was:- 7840.95--- 7674

 SUPPORT: - 7731.05 / 7700.05 / 7674 / 7661 / 7629 / 7611.35 / 7593 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15.

 RESISTANCE: 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened firmly for the week under review and steadily moved up during the week and made new all time high of 7840.95 and closed the week at 7790.45.The long term trend is up but one should be very cautious in long trade and enter it with strict stop loss only.

TECHNICAL VIEW

1. ON DAILY CHART :-It made a bottom on the line chat at 7454.15  and  on the bar chart at 7422.15 on 14-7-14 and moved up for eight days in a row and made a closing top of 7830.60 on 24-7-14 and top on the bar chart at 7840.95 on 25-7-14 ,it was a vertical rise from 7422.15 to 7840.95,therefore chances are that if it  corrects downward that too can be in a  vertical manner also, going down it can find retracement support at these level.7742.11 / 7680.93 / 7631.51 / 7582.08 / 7526.79 and going up it will face stiff resistance at 7840.95.

Kindly note that negative divergence is still there but as of now nifty is above all its short term moving averages but it is very close to it and the range for short term DMA is between 7736—7660 (it changes every day, I will be updating it)for 28-7-14.I suggest to avoid long call below 7790.45 for the week starting from 28-7-14,if one already having long position then please get alerted below 7736 and get out of the long trade if it closes below 7660 on 28-7-14 and re-enter in long trade only if it moves above the short term DMA range again.

 2.ON WEEKLY CHART:-  It made a bottom on the line chart at 7459.60 on 11-7-14  weekend and on the bar chart at 7422.15 on 18-7-14 weekend, it is still moving up on the line chart and yet to make a closing top but on the bar chart it made a top of 7840.95 on 25-7-14 weekend, therefore it is likely that it may make a top on the line chart in the coming weekend by closing lower then this week.

The strong negative divergences are visible and if it comes into play then it could take nifty down to 7229 levels but as I always say that divergence should be viewed in sync with the moving average placements therefore look for moving average violation on the daily chart first, because the short term DMA range for the coming week is between 7603—7491.The negative divergence suggest caution in the long trade.

     REMARK:- Long term trend is up ,but avoid long calls below 7790 and below 7736—7660 for           sure,aggressive trader can try short call below 7730 with a stop loss of  7760.   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. 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 the trade

Trading Call For-25-7-14

CNX-Technical View-25-7-14

CNX-Bank Index closed at 15534.35 on 24-7-2014

SUPPORT: - 15463.15 / 15389.35 / 15288.30 / 15241.90 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14338.65 /  14063.60 / 13885 / 13489 / 13414.30 / 12738.60

RESISTANCE: - 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened  weak  and moved in a 150 point range  and could not cross the previous day high of 15626.90 but closed near the  day’s high of  15559.10.Its move does not speak of strength furthermore index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty is making new highs. I suggest that avoid fresh long call below 15463.15 & 15510 for  the week and below 15288.80 & 15241.90 for the month of July-14 .Kindly get alerted if it goes below 15240 (this figure will change every day) and get out of the long trade if it closes below 15170(this figure will change every day). Your stop loss for the long trade in index is close below 15170 for 25-7-14.

 REMARKS:-Long term trend is intact, avoid long calls below 15288 & 15240 .

 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. 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 the trade