CNX-Bank Index-Technical View-For the week Starting From-25-8-14

CNX-Bank Index closed at 15819.15on 22-8-2014

Range for the week ended 22-8-14 was :-15865.30---15068.35

SUPPORT: - 15742.05 /15725.80 / 15626.90 /  15592.80 / 15568.05 / 15499.70 / 15267.60 / 15137.60 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 / 

RESISTANCE: - 15865.30 /   15930 / 16308 /.

  (Figures in bold are important)

Index opened on a flat  note for the week under review and made a low of 15068.35 and thereafter steadily moved up and crossed the previous all time high of 15742.05 and made new all time high of 15865.30 before closing the week near the high  at 15819.15.The entire week’s movement exhibited tremendous strength in it. therefore I suggest to adopt buy on dip strategy. 

TECHNICAL VIEW

1.      ON DAILY CHART:- It looks good on the daily chart furthermore it is has decisively moved above the upper band of short term DMA range on 18-8-14 and sustaining it, the range of short term DMA is between 15437—15250(it changes every day) for 25-8-14, therefore as of now it is buy on dip market but be alert in long call  if it starts trading below 15437 and get out of the long trade if closes below 15250. Going up it will face tough resistance at 15940 / 16200 / 16413 & 16580.

2.      ON WEEKLY CHART:- It is ok on the chart . Furthermore it is way above  the upper band of the short term DMA range which is between 15206--14617(for the next week) starting from-25-8-14

The strong negative divergence are still there and if it comes into play then it could take index down to 14447.20,12842 &12551 levels but as I always say that divergence should be viewed in sync with the moving average placements and since index is decisively above the upper band of the short term DMA on the daily chart as well as on the weekly chart, therefore negative divergence will take a back seat as of now till it breaks the short term DMA range lower band  at least on the daily chart again. 

 REMARK:- Long term trend is still up, therefore I would suggest  to adopt buy on dip strategy at appropriate level with proper stop loss.

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 the trade

Nifty-Technical View For The Week Starting From-25-8-14

NIFTY CLOSED AT 7913.20 ON 22-8-14

Range for the week ended on 22-8-14:- 7929.05--- 7779.20

 SUPPORT: -7870 / 7855.95 / 7840.95 / 7808.85 / 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7598.60 / 7593.90 / 7563.50 / 7540.10 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7206.70 / 7118.45.

 RESISTANCE:-7929.05 / 7940 / 8027 / 8050 / 8130 / 8330.

  (Figures in bold are important)

Nifty opened on  a flat note for the week under review and made a low of 7779.20 and thereafter stood firm and moved up throughout the week and made new all time high of 7929.05 before concluding the week at 7913.20 .The entire week’s movement shows tremendous strength in it, therefore I suggest to adopt buy  on dip strategy .

TECHNICAL VIEW

1.      ON DAILY CHART:-It looks good on the daily chart, furthermore it is has decisively moved above the upper band of short term DMA range on 12-8-14 and sustaining it, the range of short term DMA is between 7855—7757(it changes every day) for 25-8-14, therefore as of now it is buy on dip market but be alert in long call if it starts trading below 7855 and get out of the long trade if closes below 7757. Going up it will face tough resistance at 7940,7950 / 8027 & 8050.

2.      ON WEEKLY CHART:-  It is ok on the chart . Furthermore it is way above  the upper band of the short term DMA range which is between 7703—7368(for the next week) starting from-25-8-14

The strong negative divergence are still there and if it comes into play then it could take nifty down to 7459.60,7229 & 6694.80 levels but as I always say that divergence should be viewed in sync with the moving average placements and since nifty is decisively above the upper band of the short term DMA on the daily chart as well as on the weekly chart, therefore negative divergence will take a back seat as of now till it breaks the short term DMA range lower band at least on the daily chart again. 

REMARK:- Long term trend is still up, therefore I would suggest  to adopt buy on dip strategy at appropriate level with proper stop loss.

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 the trade

CNX-Bank Index-Technical View-22-8-14

CNX-Bank Index closed at 15673.20on 21-8-2014

SUPPORT: -  15626.90 / 15592.80 / 1568.05 / 15499.70 / 15267.60 / 15144.75 / 15137.60 / 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 / 14338.65 / 

RESISTANCE: - 15725.80 / 15742.05/ 15930 / 16308 /.

  (Figures in bold are important)

Index opened on a flat note at 15475.50 and made a low of 15462.50 and a high of 15721.95 for the day before closing the day near the high at 15673.20, it went very close to its previous all time high of 15742.05 but could not cross it, may be it will cross it in coming 2-3 days time .It showed some strength today and I hope that this continues, therefore I would suggest to buy on dip now but avoid fresh long calls below 15448 . Please be get alerted in long trade below 15244 and get out of the long position if it closes below 15177.

REMARK:- Long term trend is still up. I suggest to buy on dip at appropriate levels and with an adequate stop loss.

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 the trade

Nifty-Technical View-22-8-14

NIFTY CLOSED AT 7891.10 ON 21-8-14

 SUPPORT: - 7870 / 7840.95 / 7808.85 / 7799.90 / 7796.70 / 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7598.60 / 7593.90 / 7563.50 / 7540.10

 RESISTANCE:-7935 / 8060 / 8130.

  (Figures in bold are important)

Nifty opened flat today and made a low of 7855.95 and high of 7919.65 before closing the day  at 7891.10.It could not cross the previous day’s high of 7922.70 today but it breached the previous day’s low of 7864.05 which show some indecisiveness in it  but  still the bias is on the up-side and it is buy on dip market at appropriate levels but be alert in long trade if it starts trading below 7839 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7745 and stays. Kindly note that going up it will face good resistance at 7940&7995.

REMARK:- Long term trend is still up, I suggest to buy on dip at appropriate level and with an adequate stop loss. Avoid impulsive trade.

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 the trade

Trading Calls For-21-8-14

CNX-Bank Index-Technical View-21-8-14

CNX-Bank Index closed at 15481.70on 20-8-2014

SUPPORT: -  15267.60 / 15144.75 / 15137.60 / 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 / 14338.65 / 

RESISTANCE: - 15499.70 / 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 /.

  (Figures in bold are important)

Index opened on a positive note but the open of 15566.75 was the high also for the day, thereafter it  made a low of 15448.90 before closing the day near the low  at 15481.70.Today’s move indicate that it may correct from here for 2-3 days ,therefore I would once again reiterate that one should  take fresh long call only if it crosses 15627 and stays or near 15222, but those who are having long position taken at lower level are advised to book  profit here. Please be get alerted in long trade below 15222 and get out of the long position if it closes below 15110.It is needless to mention here that the index has been grossly under-performing off late in comparison with nifty whereas nifty is making new high’s but it is yet to surpass the high of 15742.05 it made on 16-5-2014..One can try short call below 15627 with a stop loss of 15650.

REMARK:- Long term trend is still up but take fresh long calls only above 15627only.Book  profit on already initiated long calls.

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 the trade

Nifty-Technical View-21-8-14

NIFTY CLOSED AT 7875.30 ON 20-8-14

 SUPPORT: - 7870 / 7840.95 / 7808.85 / 7799.90 / 7796.70 / 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7598.60 / 7593.90 / 7563.50 / 7540.10

 RESISTANCE:-7922.70 / 7935 / 8060 / 8130.

  (Figures in bold are important)

Nifty opened firmly today and made a new all time high of 7922.70 and then made a low of 7864.05 before closing the day near the low point at 7875.30.Today’s move showed some choppiness and indicate that it may correct for 2-3 days but as of now the bias is still up and it is buy on dip market at appropriate levels but be alert in long trade if it starts trading below 7820 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7720 and stays. Kindly note that going up it will face good resistance at 7940&7995.

REMARK:- Long term trend is still up, I suggest to buy on dip at appropriate level and with an adequate stop loss. Avoid impulsive trade.

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 the trade