CNX-Bank Index-Technical View for-10-11-14

CNX-Bank Index closed at 17347 on 7-11-2014

SUPPORT: - 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Index opened flat to positive at 17366.80 and made a high of 17383.60 but could not cross the previous day high of 17425.20 and made a low of 17202.20 during the day  before closing at 17347.Technically it is still OK and suggest buy on dip but since it had a phenomenal rise of around 2300 points in 18 trading days therefore caution is advised on long trade because it may correct from here and if correction sets in it could be severe one.

As you are already aware that index at present is moving in a channel and the range for it is between 17790---17130(it will move up every day) for 10-11-14,  since it is near the lower range and may  break it and if it does then it will trigger  correction therefore traders are advised to book at least part profit in long trade here and on the rise and near the upper band of the range for sure i.e 17790 and re- enter again near the lower band i.e.17130 with a stop loss of below 17045 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 17030 and re-enter only if it moves above 17087 and stays with a stop loss of below 17020 for the entire month of November-14.Please avoid fresh long trade below 17425.20 & 17130 on 10-11-14 for sure. Going up it will face stiff resistance at  17490 / 17640 / 17800 &17780 level and I reiterate that  this on- going rally may exhaust around these levels and correction may set ,since we are not far away from these levels therefore extreme caution is advised on long trades. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss ,but avoid long trade  below 17425.20 & 17130 on 10-11-14. Trade cautiously because correction looks imminent.

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---7-11-2014

CNX-Bank Index-Technical View For--7-11-14

CNX-Bank Index closed at 17352.95 on 5-11-2014

SUPPORT: - 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Technically index seems to be on a very strong footing and exhibiting much greater strength in comparison with nifty and indicate that the on- going up move may continue for few trading session, therefore I suggest to adopt buy on dip strategy but since it had a vertical rise of almost 2300 points in 18 trading session therefore  caution is advised on long trade because if correction sets in it could be severe.

At present index is moving in a channel and the range for it is between 17710--17020(it will move up every day) for 7-11-14, break out on either side will decide whether the rally will continue or correction will set in, therefore traders are advised to book at least part profit on the long trade near the upper band of the range i.e 17710 and re- enter again near the lower band i.e.17020 with a stop loss of below 16980 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 17030 and re-enter only if it moves above 17087 and stays with a stop loss of below 17020 for the entire month of November-14 and avoid long call below 17150 on 7-11-14. Going up it will face stiff resistance at  17490 / 17640 / 17800 &17780 level and this on- going rally may exhaust around these levels and correction may set ,since we are not far away from these levels therefore extreme caution is advised on long trades. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss. TRADE CAUTIOUSLY AND RESPONSIBLY.   

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

Nifty-Technical Overview For-7-11-2014

NIFTY CLOSED AT 8338.30 ON 5-11-14

SUPPORT: - 8330.75 / 8322 / 8297 / 8180 / 8160 / 8085.

RESISTANCE:-  8348.15 / 8365.55 / 8408 / 8430 / 8475 / 8600 / 8650.

(Figures in bold are important)

Technically nifty seems to be on a strong footing and indicate that the on going up move may continue for few trading session, therefore I suggest to adopt buy on dip strategy but since it had a straight rise from 7723.85 to 8365.55 in 12 trading session and the 4 gaps it had left in the process is still there, therefore extreme caution is also required on long trade because if correction sets in it could be severe.

At present nifty is moving in a channel and the range for it is between 8430—8260(it will move up every day) for 7-11-14, break out on either side will decide whether the rally will continue or correction will set in, therefore traders are advised to book at least part profit on the long trade near the upper band of the range i.e 8430 and re- enter again near the lower band i.e.8260 with a stop loss of below 8240 till the breakout happens. I would suggest to avoid fresh long position if it consistently starts trading below 8310 but one can add on fresh long position if it maintains above 8350 with a stop loss of below 8310 for the entire month of November-2014.Going up it will face stiff resistance at 8430 / 8525 / 8650 & 8675 level and I expect that this on- going rally may exhaust around these levels and correction may set in ,since we are not far away from these levels therefore extreme caution is advised in long trade. 

REMARK:- Long term trend is  up ,therefore buy on dip is suggested at appropriate levels  and with an adequate stop loss. Trade with extreme caution. 

   

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(Nymex) In Bearish Mode-5-11-14

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $77.19  ON  4-11-2014

SUPPORT:-74.95 / 70.76 / 68.59 / 64.24 / 62.70 / 58.32 & 55.

RESISTANCE:-79.44 / 81.20 / 82.88 / 85.61 / 90.

TECHNICAL----OVERVIEW

Technically Crude looks highly bearish. It is well below its short and long term moving averages on the daily and weekly chart and has been continuously falling from the level of $107.68. It has a very good support area in the region of $74.95—70 and since it had witnessed straight fall from $107.68 to 75.84 so it may stage a pull back from here ,if it happens it may be muted one and going up it can face stiff resistance at $79.44 / 82.88 & 85.61 level. Therefore as of now the broad range for it is between 85.61---70. Please note that break below $70 mark can drag it down to$ 63 / 58 & 55 levels. Chances of which are looking reasonably good in coming days but only if it breaks $70 mark and stays below it. Since it is in bear trend I would not like to advantage of the expected pull back instead I will try short call on the rise at appropriate level with an adequate stop loss. Aggressive and contrarian trader can try long call for the expected pull back now or on dip with a stop loss of below $70 but I would advice to avoid long call below $79.44 for the entire month of November-2014.

REMARKS:-  Long term trend is down,therefore I suggest to try sell call on the rise with proper stop loss instead  long call for the expected  pull back.

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

My View On Reader's Query-4-11-14

MY  OBSERVATION  ON READER’S QUERY

FOR  INVESTOR

ITC LTD ,PAGE INDURTRIES  & EICHER MOTOR LTD :-These are  portfolio stocks and should be viewed in  at least 5 to 10 years time frame and not on daily basis if you are hard core investor .For investor these stocks should be accumulated on every reasonable decline. I would  like to add here that, It is also important to see how the stocks are technically placed too so that one can suitably time the entry & exit points for maximum gain and protection of capital. Technical view on these stocks are given hereunder for traders. Investor  are advised to buy on decline.

TECHNICAL OBSERVATION

1.ITC LTD:-  Technically it is in the range of   339---388 now and expected to oscillate within it for some time and breakout on either side will decide which way it want to go ,break below 350 level  will give first indication of some weakness and below 339 it will become potentially weak .Since one advance technical parameter is showing some sign of  weakness therefore I would personally prefer to avoid long call in the stock  now  ,but traders can try both long and short call at proper points with an adequate stop loss. Please use support and resistance levels (given here under) as entry , exit and stop loss  point for your trades. 

  

SUPPORT:-348 / 343.45 / 340 / 326 / 311 / 307 & 285.

RESISTANCE:-360 / 365 / 380 / 388

2.PAGE INDUSTRIES LTD:- Technically looking good and seems consolidating here and after that it is expected to continue its up move. Please note it has a strong support at 8600 & 8200 and if it break below 8600 and stays then it will be first sign of some weakness and break below 8200 can trigger reasonable to moderate correction in the stock, chances of which are looking slim as of now, therefore I  still suggest to buy on dip till it breaks 8600 and stays. The long term up trend threatening point is at far below at 7450.Please use support and resistance levels (given here under) as entry , exit and stop loss point for your trades. Do not trade without stop loss.  

  

SUPPORT:-8611 / 8205 / 7566 / 7475 / 7300 & 7101.

RESISTANCE:-9187 / 9938 / 10060 / 10300 / 10760 & 11890.

3.EICHER MOTORS LTD:- Technically  exhibiting  good strength therefore buy on dip is suggested but since the  strong bottom for it exist  far below at 10727.so avoid fresh long call if it starts trading below 11970 and below 11500 avoid long trade completely because then it may go in for deeper correction. Please use support and resistance levels (given here under) for entry , exit and stop loss point for your trades. Do not trade without stop loss.  

  

SUPPORT:-12299 / 10860 / 10826 / 10727 / 10634 & 9711.

RESISTANCE:-12825 / 13210 / 13344 / 13570 & 14650.

4.ABAN OFFSHORE LTD:- I consider it  absolutely a trading stock .Technically it is looking weak but now it is in a pull -back mode  and may give some rise from here. The short range for it is now between 681—590 and the long range is between 750--590.Since it is technically weak I therefore suggest to book at least part profit in your long trade on the rise, if it moves above 681 and stays then hold the balance position with a stop loss of below 670, if it does not then get out of the long position completely. I would prefer to avoid fresh long call completely but aggressive trader can still try it now with a stop loss of below 620. Please use support and resistance levels (given here under) for entry, exit and stop loss point for your trades. Do not trade without stop loss. 

   

SUPPORT:-585 / 567 / 540 / 533 / 490 / 459 & 369.

RESISTANCE:-652 / 668 / 686 & 728.

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

Dollar-Technical Overview--4-11-14

Dollar – Vs –Rupee

Dollar   closed at Rs.61.39 on 31-10-14

SUPPORT :-61 / 60.89 / 60.72 / 60.64 / 60.19.

RESISTANCE:- 61.55 / 61.81 / 61.95 / 62.55 / 63.03 / 63.32 / 63.90

TECHNICAL   OBSERVATION :-

The technical chart is showing good strength as it is above all its short term and long term moving averages on the daily and weekly chart. At present the short  range for it for the month on November-14 is between 61.95---60.89 and it is expected to oscillate within it  and break on either side will decide which way it will move ,as of now it seems that it is expected to give up -side breakout in coming days. The broad range for it is between 61.95—60.45 and breakout below 60.45 will indicate potential weakness in it, chances of which are looking slim at this point of time. Therefore as of now I suggest to adopt buy on dip strategy  with a stop loss of below 60.89.Going up it will face very tough resistance at 61.81 & 61.95 level.

REMARKS:-The long term trend is up therefore I suggest buy on dip with a stop loss of below 60.89.

Contact me for strategic guidance to enter and exit the trade

GOLD MAY BE HEADING TO BREAK $1000 MARK IN COMING MONTHS.

GOLD IN $ TERMS

Gold closed at $1171.60 on 31-10-14

SUPPORT:- 1155.60 / 1124.30 / 1084 / 1075 / 1044.50 / 1026.90 / 991.67 / 983.

RESISTANCE:- 1179.40 / 1181.40 / 1183.30 / 1202.30 / 1204.50 / 1230.80 / 1240.20 / 1255.60.

I still hold the same view (see my post of 9^th Sept-2014) Gold looks hugely bearish on the technical chart therefore it is advisable to stay away from investing in it for long term because it may not even give you normal return which equity can give in at least two to three year’s time period, so avoid this asset class for long term investment and prefer equity instead .However in between up rally could be there so trader can take advantage both ways at appropriate levels. Gold and Silver is identically placed on the chart. 

TECHNICAL  OBSERVATION  

It is way below its short term as well as long term moving averages both on daily and weekly chart and also making lower tops and  bottoms consistently which is devastating ,furthermore it has also broken major bottom of 1179.40 it made on 28.6.2013 which indicate further fall  is in the offing and other technical parameter also suggest that it may break $1000 mark in coming months , Since it is very close to its support area of 1160.50 & 1155.60  so it may give a technical bounce back from here, but as it has broken the major bottom of 1179.40 therefore I would suggest that those who want to take long call to play the expected pull back should only go long if it stays above 1179.40 with a stop loss of close below 1175 or aggressive trade can try long call here also with a stop loss of close below 1160.Technically long call should be avoided below 1160 for sure for the entire month of Nov-2014,so the range for trader now is between 1179.40—1160. Going up it will face very stiff resistance at 1179.40 / 1202.30 &1204.50. If it moves above 1204.50 then stop loss for long trade should be elevated to 1195.  

REMARKS:-Long term trend is down therefore I would suggest to avoid investment in gold for sure. Traders can take long and short call both at appropriate levels (see support and resistance level) with an adequate stop loss. Since the trend is down I would prefer to sell on the rise rather than to take a buy call.

Contact me for strategic guidance to enter and exit the trade

Trading Calls For---3-11-14

CNX-Bank Index-Technical Overview--3-11-14

CNX-Bank Index closed at 17045.05 on 31-10-2014

SUPPORT: - 17045/ 16561.35 / 16470.85 / 16309.70 / 16157.05 / 15973 / 15742.05.

RESISTANCE: - 17060 / 17200 / 17450 / 17680.

(Figures in bold are important)

Index opened firmly at 16812.45 and immediately made low of 16783.65 for the day and thereafter consistently moved up during the entire day and made new all time of 17060.15 before closing the day near the high at 17045.05.Technically it is showing tremendous strength but today’s up move some what seemed to be euphoric and this may continue for few days but it is concerning and indicate that we may be topping out for the time being in the next few trading session and correction may set in, therefore trade cautiously. Since it looks robust on technical chart as of now, therefore I suggest to adopt buy on dip strategy but get alerted in long trade below 16700 and exit long position if it closes below 16550. Going up it can face very stiff resistance at 17200 / 17450 & 17680 levels and I feel that  this up rally may exhaust around these levels. So I expect that the index may go in for correction by the middle or end of the next week starting from 3-11-14,therefore,I would suggest that one should at least  book part profit on the rise on existing long trades.

REMARK:- Long term trend is still up, I suggest to buy on dip with a stop loss of close below 16550.Avoid fresh long trades below 16700 .

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 Observation-3-11-14

NIFTY CLOSED AT 8322.20 ON 31-10-14

SUPPORT: - 8322 / 8290 / 8180 / 8160 / 8085.

RESISTANCE:-  8331 / 8355 / 8400 / 8435 / 8475 / 8872 & 8935 .

(Figures in bold are important)

Nifty opened with a gap up at 8200.80 and made a low of 8198.05 and thereafter steadily moved up during the entire day and made new all time high of 8330.75 before closing the day near the high at 8322.20.Technically it is exhibiting tremendous strength and indicate that this on-going up move may continue for few more days before the correction sets in. Here once again I would like to make a cautionary note that with today’s gap it had left 4 gaps in 9 trading session and did not make any effort to fill these gaps ,is slightly disturbing, and if it makes an effort to fill the gap in coming days nifty can slide to 8181 / 8037 / 7936 & 7819 levels, furthermore today’s move seemed to be euphoric  and this may continue for few days but it is  concerning and indicate that we may be topping out for the time being in the next few trading session therefore trade cautiously. But since it is showing good strength as of now therefore adopt buy on dip strategy but get alerted in long trade below 8180 and exit trade if it closes below 8150. Going up it can face very stiff resistance at 8360 / 8435 & 8475 and I  feel that this up rally may exhaust around these levels,so I expect that the nifty may go in for correction by  the middle of the next  week starting from 3-11-14,therefore,I would suggest that one should at least  book part profit on the rise on existing long trade.

REMARK:- Long term trend is still up ,so one can try long trade on dip and get alerted if starts trading below 8180 and exit the trade if it closes below 8150 or above 8332 with a stop loss close below 8250.I would prefer to hold on to the existing long trade and initiate fresh long trade only above 8332.    

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-31-10-14

CNX-Bank Index closed at 16760.05 on 30-10-2014

SUPPORT: -  16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 16776.35 / 16825 / 17060 / 17150 / 17280 .

  (Figures in bold are important)

Index opened on flat to negative note at 16606.50 and made a low of 16561.35 for the day and then went on to make new all time high at 16776.35 before closing the day near the high at 16760.05.Technically it is exhibiting all the strength and suggest that it can move up further therefore buy on dip strategy is advised but get alerted in long trade below 16300 and exit the trade if closes below 16150. Going up it can face very stiff resistance at 16825 / 17060 / 17150 & 17300 and this up rally may exhaust around these levels. Avoid fresh long trade today if it trades below 16540.TRADE CAREFULLY AND RESPONSIBLY.

REMARK:- Long term trend is still up, I suggest to buy on dip with a stop loss of close below 16150.

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 Hits New All Time High-Technical View-31-1014

NIFTY CLOSED AT 8169.20 ON 30-10-14

SUPPORT: - 8031.75 / 8067 / 8141.90 / 8160.90 / 7972.35 / 7964.80 / 7960.50 / 7925.15 / 7862.45 / 7855.95 /7841.80 /7808.85 / 7784 / 7700.05 / 7593 / 7540.10 / 7422.15.

 RESISTANCE:- 8180.20 / 8181.55 / 8300 / 8330 / 8355 / 8390.

   (Figures in bold are important)

Nifty opened flat at 8085.20 and the open was the low also for the day and then it went on moving up steadily and made a new all time high of 8181.55 surpassing previous high of 8180.20 just by a whisker and then closed the day almost near the high at 8169.20. Technically it is showing all the strength and suggest that it can take forward this rally further but I would like to mention here that moving up it had left three gaps on 20^th,22^nd & 29^th Oct-14 and if it makes an effort to fill these gaps it can slide down to 8037 / 7936 &7819 level so the adequate alertness is required in long positions here. Please note that the long term trend line support for it is at 8090 for 30-10-14, therefore one can continue with the long trade now or can initiate fresh long trade  on dip also but get alerted if it starts trading below 8090 and exit the trade if it closes below 8037. Going up it can face very stiff resistance at 8280 / 8300 / 8330 & 8390 and this up rally may exhaust around these levels.

REMARK:- Long term trend is still up ,so one can try long trade on dip and get alerted if starts trading below 8090 and exit the trade if it closes below 8037 or above 8182 with a stop loss close below 8120.I would prefer to hold on to the existing long trade and initiate fresh long trade only above 8182.  

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-28-10-14

Nifty-Technical View--28-10-14

NIFTY CLOSED AT 7991.70 ON 27-10-14

SUPPORT: - 7972.35 / 7964.80 / 7960.50 / 7925.15 / 7862.45 / 7855.95 /7841.80 /7808.85 / 7784 / 7700.05 / 7593 / 7540.10 / 7422.15.

 RESISTANCE:-  8031.75 /  8067 / 8141.90 / 8160.90 / 8180.20.

   (Figures in bold are important)

Nifty opened with  gap up at 8064.35 and made a high of 8064.40 but filled up today’s gap immediately and made a low of 7985.65 for the day before closing the day near the low at 7991.70.The pull back rally expected target was 8066.11 and it almost hit it today therefore it seems that on going up rally may be over, if not then for continuation of this up rally it has to cross 8070 mark and stay above it for 3-4 days. Furthermore the  gap it left on 20^th & 22^nd Oct-2014 is yet to be filled and if it makes an effort to fill the gap it can slide down to 7936.60 & 7819 level, although it closed near the low today but it is way above all its short term moving averages and not showing any potential sign of weakness as yet and it  has a strong support at 7960 therefore aggressive trader can still try long call now or on dip with a stop loss of close below 7940 or if it moves above 8032 and stay then with a stop loss of close below 8010 ,avoid fresh long call if it start trading below 8014 for the entire week. Since it has almost hit the expected pull back target, therefore I would prefer to take long call only if it moves above 8070 mark and stays for 3-4 days on the contrary I would try short call here on the rise with a stop loss of close above 8070 or below 8014 with a stop loss of above 8040.

REMARK:- Long term trend is still up but since it has almost hit the expected pull back target therefore I would suggest to take fresh long call only if it crosses 8070 mark and stays above it, on the contrary I would like try short call on the rise or below 8014 with a stop loss of above 8070 & 8040 respectively.   

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-22-10-14

CNX-Bank Index closed at 16427.25 on 21-10-2014

SUPPORT: -  16309.70 / 16297.25 / 16272.35 / 16222.55 / 16208.55 / 15973.50 / 15843.70 / 15742.05 / 15725 / 15626.90 / 15592.80 / 15503.40 / 15477.05 / 15392.25 /

RESISTANCE: - 16222.55 / 16272.35 / 16297.25 / 16309.70 / 16625 / 16815 / 17060.

  (Figures in bold are important)

Index  opened on a firm note at 16281.95 and made  a low of 16269 and then moved up  and made  a new all time high of 16452.85 before closing the day near the high at 16427.25.It is exhibiting tremendous strength technically, therefore I would suggest to buy on dip  but get alerted in long trade if it starts trading below 16309.70 and get out of the trade if closes below 16150. Please note that the gap it left on 20-10-14 still exist and  today was the 1^st day after that ,so one has to be careful in next 2-3 days of trading, if it breaks the level of 16157 then it can go down to 15973 to fill the gap. Going up it will face good resistance at 16625 / 16815 & 17060.

REMARK:- Long term trend is still up, I suggest to buy on dip with a stop loss of close below 16150.

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--22-10-14

NIFTY CLOSED AT 7927.25ON 21-10-14

SUPPORT: - 7925.15 / 7896.95 / 7862.45 / 7855.95 /7841.80 /7808.85 / 7779.70 / 7700.05 / 7593 / 7540.10 / 7422.15.

 RESISTANCE:- 7960.50 / 7964.80 /7968.25 / 7972.35 / 8030.90 / 8141.90 / 8160.90 / 8180.20.

   (Figures in bold are important)

Nifty opened on  a firm note at 7906.15 and made a high of 7936.60 and low of 7874.35 for the day before closing the day at 7927.75.It is moving up in a steady way  and showing some strength but still below its upper band of the short term DMA ,it seems that it will cross it in a day or two ,the range for the short term DMA is between 7954-7856 for 22-10-14.Please note that the gap still exist and  today was the 1^st day after it left the gap on 20-10-14,so one has to be careful in next 2-3 days of trading, if it breaks the level of 7856 then it can go down to 7819.20 to fill the gap. Since it is exhibiting firmness  therefore one can take long call now or on the dip with a stop loss of close below 7840,please avoid fresh long call below 7840 .I would personally take long call only if it moves above 7954 and stay.

REMARK:- Long term trend is still up , since it is showing some strength so one can try long call  now or on the dip with a stop loss of close below 7840.The short call can be tried if it starts trading below 7840 with a stop loss of 7870.

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--21-1014

CNX-Bank Index closed at 16216.60 on 20-10-2014

SUPPORT: -  16208.55 / 15973.50 / 15843.70 / 15742.05 / 15725 / 15626.90 / 15592.80 / 15503.40 / 15477.05 / 15392.25 / 15370.70 / 15301.65 / 15168.40 / 15130.35 .

RESISTANCE: - 16222.55 / 16272.35 / 16297.25 / 16309.70 / 16625 / 17035.

  (Figures in bold are important)

Index  opened  gap up at 16259.70 and made high of 16297.25 and  then low of 16157.05 before closing the day at 16216.60.It came very close to its all time high of 16309.70  but could not cross it was little disturbing, however it is exhibiting good strength technically. Kindly note that the gap it created today still remains and to fill it up index has to come down to 15973.50 level, generally the gap is filled in next 3-4 days ,if not then it is difficult to say when this gap will be filled ,so the next 3-4 days trading is very critical but since it is comfortably above its short term moving averages therefore one can adopt buy on dip strategy with a stop loss of close below 15900.Since it did not cross its previous high after coming so close to it, therefore I would personally prefer to take long call only if crosses 16309.70 and stays.

REMARK:- Long term trend is still up, I would personally  take long call only if it crosses and stays above 16309.70 but one can  buy on dip with a stop loss of below 15900.

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

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