CNX-BANK NIFTY--UPDATE FOR THE WEEK STARTING FROM--21-12-2015

CNX--BANK NIFTY

Closed at 16594.30 on 18-12-15.(Open-16719.45/High-16737.70/Low-16572.75)

Support:- 16587.25/16497/16192.25/16188.05/15762.20/15301.65/15130.35.

Resistance:-16648.30/ 16670.55/16771.80/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

As expected it had a down day today but the concerning part is that it almost erased yesterday’s gain which creates doubt that is this up move over? but certain technical indicator  suggest that it could still bounce back from here and may go beyond 16950 before it get exhausted provided it holds 16480 mark, so hope of moving up is still there. However the up journey may not be smooth as it will encounter resistance from its Fibonacci points at 16689/16844/16998/17189,from its short term moving averages which is in the range of 16567---16746---16884 now(it changes every day)and from its medium term moving averages which is in the range of 16884---17000---17150(it changes).Similarly going down it will find support at 16587.25/16497/16188/15762.In view of the above it is suggested that those who are holding long position now should exit trade if it moves below 16480 and sustain and fresh long call should only be tried if it  moves and sustain above 16660 with a stop loss of below 16560. It is suggested to monitor your trade keeping the above figures in mind for better result. It is advised to avoid short call till it holds 16410.

It is important to mention here that its technical setup on the weekly and monthly chart is still very weak and as of now indicates that it may seek much lower levels in coming weeks/months after this on-going up move get exhausted, but it has to be reviewed from time to time because interpretation will change with change in prices.  

 

Remark:-The long term trend is down. Today’s down correction was huge but it could still bounce back from here and give a reasonable rise till it holds 16480. Therefore try long call as suggested above.

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.

                                                                                      

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.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--21-12-2015

CNX-NIFTY-A TECHNICAL UPDATE--18-12-2015

CNX-NIFTY

Closed at 7844.35 on 17-12-15.(Open-7783.05/High-7852.90/Low-7737.55)

Support:-7840/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50

Resistance:-7940/7960/7979.30/7997/8055/8065.

As expected it crossed its all short term moving averages and 61.8%

Fibonacci retracement point of 7817 decisively today and closed with a gain of more than 90 points. The up move was robust and showed good strength and it is expected to continue for few more days but in between it could witness down day also. Please note that in down correction it will find support from the Fibonacci points of 7817/7766/7715 which it had crossed. Furthermore it would also find support from its short term moving average range which is between 7799—7762—7710 for 18-12-15(it changes every day). It is exhibiting reasonable strength now and certain technical parameter also indicates that it may cross 7950 mark soon and may go beyond 8000 mark too; therefore it is suggested to buy now or on dip but not below 7760 with a stop loss of below 7714. Since short term trend is looking up now therefore, it is advised to avoid short call for now.  

   Remark:-The long term trend is down. The pull back rally is exhibiting strength therefore buy on dip strategy is suggested till it holds 7760 mark.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-BANK NIFTY--A TECHNICAL UPDATE--18-12-2015

CNX--BANK NIFTY

Closed at 16741.50 on 17-12-15.(Open-16704.05/High-16771.80/Low-16544.65)

Support:-16670.55/16648.30/16587.25/ 16497/16260/16192.25/15762.20

Resistance:- 17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It gave more than 160 points rise today but comparatively not showing the strength which Nifty is showing but it seems that it may catch up with it in coming days because certain technical parameter indicates that it may go beyond 16950 mark in coming days, so this up move is expected to continue for few more days with an in between down day also. Moving up it will face resistance from its Fibonacci retracement point of 16844/16998/17189 and from its short term moving average range which is between 16576—16777--16909(it changes every day). Going down it will find support at 16688/16670/16648/16587&16497. For now it is looking ok therefore buy now or on dip strategy is suggested but not below 16550 with a stop loss of below 16480. Since short term trend is looking up now therefore, it is advised to avoid short call for now.  

Remark:-The long term trend is down.  Since the pull back rally is gaining momentum therefore it is suggested to try long trade till it holds 16550.

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.

                                                                                     

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.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--18-12-2015

TRADING CALLS FOR-17-12-2015

CNX-NIFTY--A TECHNICAL UPDATE--17-12-2015

CNX-NIFTY

Closed at 7750.90 on 16-12-15.(Open-7725.25/High-7776.60/Low-7715.75)

Support:-7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50

Resistance:-7840/7940/7960/7997/8055/8065.

It opened with a up gap and it tried to fill the gap during the day but the gap still exist and if it makes an attempt to fill the gap in another 2-3 days it may come down to 7705. Please note that it is still looking good on the technical chart therefore buy on dip strategy is suggested but not below 7650 mark with a stop loss of below 7610. As of now it looks like that it is poised for a steady rise in coming days however in between up move there could be a down day also but not to fear in long trade as long as 7650 mark is intact.

Its Fibonacci support and resistance points are at 7652/7715/7766/7817/7879 and its short term moving average support and resistance are in the range of 7690—7794(it changes every day) so if it moves above 7817 and sustain then(which seems likely) the up momentum may accelerate and it may possibly hit the range of 7940-8070 by the end of this month provided it holds the lower band of the moving average range which is at 7690 for 17-12-15 and finally 7650 mark.  Avoid long trade below 7650 for sure.

It is important to mention here that since the overall technical set up is still weak and it is a pull -back rally as of now, so keep in the back of your mind that this rally may fizzle out abruptly also, therefore long trade should be handled with extreme caution and care. It is advised to avoid short call for now.   

IMPORTANT:- Although present technical set up indicate that it can move up further from here but it is  important to note  here that FOMC meeting outcome tomorrow may impact the market either way, so it is suggested to initiate trade after market stabilizes.

 Remark:-The long term trend is down. The pull back rally is on therefore buy on dip strategy is suggested till it holds 7650 mark.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-BANK NIFTY--A TECHNICAL UPDATE-17-12-2015

CNX--BANK NIFTY

Closed at 16579.40 on 16-12-15.(Open-16464.50/High-16640.40/Low-16363.90

Support:-16497/16260/16192.25/15762.20/15301.65/15130.35/14709.10.

Resistance:- 16587.25/16648.30/16670.55/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It consolidated in last two days and gave a reasonable up move today, so it seems that this up rally may continue for few days. Therefore it is suggested to adopt buy on dip strategy as of now but not below 16497 with a stop loss of below 16450 .Moving up it will face resistance from its Fibonacci retracement point of 16689/16844/16998/17189 and from its short term moving average range which is between 16565—16680—16793--16912(it changes every day). Looking at this resistance point it seems that the up journey may not be smooth but certain technical parameters indicates that it could go beyond 16700   as long as it holds 16497 mark, so watch out. But not to forget that as of now it looks like a pull back rally and it may end abruptly also therefore it has to be seen how it take shape and culminate in coming days. It is therefore suggested that the long trade should be handled with extreme caution and care. It is advised to avoid short call for now.  

 IMPORTANT:- Although present technical set up indicate that it can move up further from here but it is  important to note  here that FOMC meeting outcome tomorrow may impact the market either way, so it is suggested  to initiate trade after market stabilizes.

Remark:-The long term trend is down. It seems that it is in a pull back mode and this move may continue for few days, therefore long call can be tried as long as it holds 16497 mark.

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.

                                                                                      

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.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR-16-12-2015

CNX-NIFTY- A TECHNICAL UPDATE--16-12-15

CNX-NIFTY

Closed at 7700.90 on 15-12-15.(Open-7659.15/High-7705/Low-7625.10)

Support:-7691.20/7678/7667/7575.30/7539.50/7422.15/7295/7118/6869.

Resistance:-7714.15/7723.85/7840/7940/7960/7997/8055/8065.

It opened firmly and thereafter moved into negative territory and traded for quite sometime below previous days close but in the 2^nd half of the day it moved above the benchmark point of 7653(see my post for 15-12-15) and then steadily moved up and closed near the days high. As expected it had an up day and looking at today’s move it seems that this up move may continue for few more days, therefore it is suggested to try long call on dip but not below 7650 with a stop loss of below 7610. Moving up it would face resistance from Fibonacci retracement point at 7715/7766/7817 & 7879 and from its short term moving average range which is now between 7686--7800(it changes every day), so if it moves above 7817 and sustain then this rally could extend further, chances of which seems likely. So watch out.

It is important to mention here that since overall technical set up is weak now and it is a pull -back rally and these  rallies may fizzle out abruptly also, therefore long call should be handled with extreme caution and care. It is advised to avoid short call for now.   

 Remark:-The long term trend is down. Looking at today’s move it seems that this rally may continue for few days, so long call can be tried as suggested above.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR---15-12-2015

CNX-NIFTY—UPDATE FOR—15-12-15

CNX-NIFTY

Closed at 7650.05 on 14-12-15.(Open-7558.20/High-7663.95/Low-7551.05)

Support:-7610.45/7775.30/7539.50/7422.15/7295/7118/6869.

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/

/7940/7960/7997/8055/8065.

It opened with down gap today but did not breach the important support range of 7539.50—7520(see my post for 14-12-15) and bounced back sharply to close near the high of the day. Since it has respected the most critical support range for the 2^nd time in last 16 months therefore it is suggested that it would be safe to try aggressive  short call after this range is taken out. Today’s move was a bounce back from its critical support range and can be termed as a pull- back move as of now, therefore it has to be seen how it culminates in coming days.

Please note that if it moves above 7653 and sustain then it could move further to 7715/7766 & 7816 levels before it could possibly weakens, if it moves above 7766 and then 7816 and sustain then the up move could extend further. It seems that tomorrow could be an up day if it sustains above 7653. So long call can be tried on the dip with a stop loss of below 7575 or above 7653 with a stop loss of below 7610.Short call should only be attempted below 7575 with a stop loss of above 7612.

 Remark:-The long term trend is down. The 7539.50—7520 range is a very strong support so till it is taken out fearless short trade should be avoided instead long call can be tried as suggested above.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--14-12-2015

DOW JONES INDUSTRIAL AVG INDEX-A TECHNICAL UPDATE-14-12-2015

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 17265.21 ON 11-12-2015

                                                                           

SUPPORT:- 17210.43/17125/ 17067.59 /17037.36/16887.67/16333.78/16312/15979.95/15942.37/15855.12/15370.33/15340.69.

 RESISTANCE:- 17350.64/17465/17720/17824 /17914.34/17977.85/18137.12.

(Figures in bold are important)

It looks critically and evenly poised with a slight tilt towards downside now so possibly it could give  either side move in coming days, so be watchful. It had made a lower rounding top in the range of 17914—17900 and then moved down and hit a low of 17230.50, moving down it has breached all its long  term moving averages the last being at 17286.63 now(it changes every day) but managed to hold its recent major bottom of 17210.43. It is showing weakness now and to show some strength it has to move above 17286.63 mark (it changes every day) and sustain and to regain up momentum  it has to move above 17662(it changes every day) and sustain. Similarly if it breaks its recent major bottom of 17210.43 and sustain then it can drag it down to lower levels (see support levels).

REMARKS:-Since it is critically poised, so watch out which way it moves and then take action accordingly. Furthermore FOMC meet for interest rate possibly is slated for middle of next week and the outcome of this meet will surely impact the market whichever  way. So it would be prudent to watch the market till the event is over or else take action keeping the above mentioned figures in mind.   

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.

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.

Contact me for strategic guidance to enter and exit the trade.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)—14-12-2015

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $35.62 ON 11-12-2015

SUPPORT:-$ 32.40 / 26.80 / 25.04/24.82 /23.70/ 16.70.

RESISTANCE:-$ 37.80/39.91/40.25/41.15/42.20/43.58/48.36.

(Figure in bold are important)

It is hugely bearish on the technical chart. It is far below its long term moving averages on the daily, weekly & monthly chart which indicate gross weakness, furthermore it is running far below its 76.40%  retracement point of  $42.20   derived from its all time top of  $147.27 and bottom of  $9.75(as per data available )which is a bad sign. Now the multi- year strong support for it exists at $32.40 and if it breaks this mark and sustain then it can drag it down further to $26.80 / 25.04/24.82 /23.70 levels, chances of which looks reasonably good at this point of time. Similarly to show some stability and strength it has to move above $42.20 and sustain, therefore the range for it is between $42.20—32.40 as of now. Since the bias is down it is better to avoid long call, however aggressive  trader can initiate both side trade keeping the said range in mind but should be extra cautious and careful in long trade.

REMARKS:-  Long term trend is down ,therefore buying is ruled out till it shows visible sign of some kind of bottom formation.

 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.

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. 

Contact me for strategic guidance to enter and exit the trade.

CNX-BANK NIFTY--A TECHNICAL VIEW--14-12-2015

CNX--BANK NIFTY

Closed at 16342.50 on 11-12-15.(Open-16751.35/High-16758.70/Low-16260.10)

Support:-16260/16192.25/15762.20/15301.65/15130.35/14709.10.

Resistance:- 16587.25/16648.30/16670.55/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It fell by more than 770 points intra-day during the week and ended the week with a loss of more than 550 points. It is showing weakness on the technical chart, furthermore it is well below its threshold level of 16726 for bear market which indicate that it is already in the bear market territory, so if it does not move above this mark in a short span of time the on- going fall may accelerate. Although it has broken many short bottoms in this fall but it is still reasonably above its recent major bottom of 15762.20 which it made on 7-9-2015 but it looks like that in all probability it is likely to break or test the said bottom in coming days/ weeks. So be alert and watchful.

Please note that its short range for now is between 16726—16587.25—16260 and break below 16260 can drag it down to 15762—15700 range. The bias is on the downside and it is sell on the rise market as of now, therefore it is suggested to avoid long call now but those who wish to can try as long as it is above 16260 with a stop loss of below 16180 but it could be a risky trade and not suggested or try near 15760—700 range with a stop loss of below 15650(looks comparatively safe).Similarly short call can be tried below 16260 with a stop loss of above 16350 or on the rise at appropriate levels(see support & resistance levels). It is suggested to keep the above range in mind while initiating any trade because that will help you to control your trade better.

It is suggested to avoid long call for the entire month of December -2015 till it moves above 16587.25 and then 16726 and sustain, avoid long call if it moves below 16260 for the  entire week starting from 14-12-15 till it bounces back above it again and sustain.

Remark:-The long term trend is down. In view of the above observation it seems that further fall is likely, therefore it is better to avoid long call till it shows some strength instead short call can be tried on the rise at appropriate levels with proper stop loss or as mentioned above.

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.

                                                                                     

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY--A TECHNICAL VIEW---14-12-2015

CNX-NIFTY

Closed at 7610.45 on 11-12-15.(Open-7699.45/High-7703.05/Low-7575.30)

Support:-7775.30/7539.50/7422.15/7295/7118/6869.

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/

/7940/7960/7997/8055/8065

 It had a devastating week; it plunged down by 250 point intra-day during the week and finally ended the week with a loss of more than 170 points. It decisively broke the neckline of the Head & Shoulder pattern on the daily bar chart which is now at 7735(it changes and will be moving up). Furthermore it is also running way below its neckline of the Head & Shoulder pattern on the weekly bar chart which is now at 8100 (it changes and will be moving up) therefore chances of achieving downside target of the H&S pattern in coming weeks/months seems very bright which is in the range of 7100---6880(maximum)(see my post for 4-12-15). Please note that the pattern can only be negated if it moves above both the necklines and sustain, chances of which are looking extremely weak at this point of time.

 Please note that it has cluster of support in the range of 7539.50--7520,it came closer to it today but managed to hold it now but not likely to hold in near future and expected to drift much lower in coming days/weeks (see support level mentioned above),however in between short up move could be there. It is important to mention here that the threshold level for it entering the bear market is at 7295, so going down it could find support at this point, if it moves below this mark and sustain down speed may accelerate . The bias is hugely down and it is clearly sell on the rise market as of now, so it is suggested to avoid long call till it gives visible sign of some kind of bottom formation but those who want to can try as long as it is above 7575.30 or near 7539—7520 range with a stop loss of below 7560 and 7500 respectively. Short call can be tried below 7575.30 with a stop loss of above 7620.

It is suggested to avoid long call for the entire month of December -2015 till it moves above 7775.70 and then 7817,avoid long call if it moves below 7575.30 for the  entire week starting from 14-12-15 till it bounces back above it. Therefore the broad range for the Nifty now is 7817—7575.30--7520, so take your trading call keeping this range in mind but not to forget that the trend is down; so long call if initiated should be handled with extreme caution and care.

Remark:-The long term trend is down. In view of the above observation it seems that further fall is very likely, therefore it is better to avoid long call till it shows some strength instead short call can be tried on the rise at appropriate levels with proper stop loss or as mentioned above.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY--A TECHNICAL VIEW--4-12-2015

CNX-NIFTY

Closed at 7864.15 on 3-12-15.(Open-7902.30/High-7912.3/Low-7853.35)

Support:- 7840/7723/7714/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7936

/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It seems that the rally which started from the bottom of 7714.15 it made on 16-11-2015 is possibly over, however if it has the strength then it can make an attempt to bounce from 7846/7812/7776 levels, chances of which are looking slim at this point of time, furthermore even if it bounces back from the aforesaid levels moving up it will face huge resistance in the range of 7874—7915(it changes every day) and then 7936---7980 and crossing this range and sustain does not seem easy. Therefore in view of above and certain technical parameters, it is suggested to avoid long call below 7980 for the entire month of December-2015 instead try short call on the rise but not above 7960 with a stop loss of above 8000.

It is important to mention here that it is already below its neckline of the Head and Shoulder pattern on the weekly chart which is in the range of 8040—8066 and its possible downside target could be in the range of 6880--7090(see my earlier post) therefore the threat of moving down is already there till it moves above this range and sustain, chances of which are looking extremely weak. Furthermore a possible Head & Shoulder pattern is in the making on the daily chart also and its neckline would be in the range of 7700—7710 and possible downside target could be around 7000—7100,so break below 7700 will doubly make sure that in all likelihood it could hit 6880-7100 mark in near future. So be alert and watchful.

Remark:-The long term trend is down. It seems that the on-going pull back rally is over therefore it is suggested to avoid long now instead try short call on the rise as suggested above.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY--A TECHNICAL VIEW--23-11-2015

CNX-NIFTY

Closed at 7856.55 on 20-11-15.(Open-7841.90/High-7906.95/Low-7817.80)

Support:- 7840/7723/7714/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7906.95/7930.65/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It had a volatile day today but finally it ended the week on a positive note.  It has made rounding bottom earlier, so it looks like that the up move is still on but in between it can have down day also. It seems that this on- going pull back rally may get exhausted in the range of 8026—8099(maximum), but moving up it would face resistance from its various bottoms and its short to medium term moving averages which are in the range of 7978—7891(it changes every day), now it is within its short term moving average range of 7859—7817(it changes every Day). Once these ranges are taken out and sustained then it can have smooth up rise. It is looking steady now.

As you are already aware that it has cluster of support in the range of 7723—7667(see my earlier post) and break below 7667 will only trigger fresh down move. Its recent bottom is at 7714 therefore the authentic stop loss for long trade would be below 7714 which is much lower than its present close.

In view of the above buy on dip strategies is suggested and add on position keeping the above mentioned range in mind but  fresh long call should be avoided below 7817 and the stop loss for long trade would be below 7800 as of now. Please note that if this stop loss is triggered then you may get a chance to try long call again near the range of 7723—7714 with a stop loss of below 7700.Looking at overall chart pattern it is likely to hold 7800 mark as of now.       

Remark:-The long term trend is down but it seems that the pull back rally is still on therefore buy on dip strategy is suggested.

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.

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.

Contact me for strategic guidance to enter and exit the trade.

CNX-BANK NIFTY--A TECHNICAL VIEW--23--11--2015

CNX--BANK NIFTY

Closed at 17055.60 on 20-11-15.(Open-17022.70/High-17262.85/Low-16931.30)

Support:-16787.55/16741.80/16670/16648/16587.25/16192/15762.20.

Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

After the volatile movement during the week finally it ended the week on a positive note. It is not showing the required strength but also not showing the weakness either therefore looking at certain technical parameters, it seems that it is likely to gather required strength  in coming days provided it holds 16990(it changes every day) mark on closing basis. Similarly if it moves above 17271(it changes every day) and sustain then it can have smooth up rise which can take it to 17309/17355/17478/17689 levels before this pull back rally get exhausted.

In view of the above observation long call is suggested and can be tried above 17072 but it would be safe to try it above 17111.65 with a stop loss of below 16990 for a target of 17355+ in a day or two.

It is important to mention here that its most critical resistance point is at 17461(it changes every day), if it moves above this and sustain then it will gain further strength which may please be noted.

Remark:-The long term trend is down. It seems that the pull back move is still on therefore long call can be tried as suggested above.

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.

                                                                                     

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.

Contact me for strategic guidance to enter and exit the trade.