LIGHT CRUDE (NYMEX)-Still Bearish But Near Critical Support-13-12-14

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 57.81  ON  12-12-2014

SUPPORT:-$55 / 53 / 49.90 / 45.44 / 40.25 / 35.25 & 32.40.

RESISTANCE:- $63.88 / 65.69 / 66.15/ 71 / 73.25 / 77.83.

( figure in bold are important)

I had bearish outlook for crude (see my last post of  5-11-14) and technically still it is tremendously weak and as expected it has also broken all important support levels going down , now the critical support  for it exist at $55 & 53 and if it breaks$ 53 mark and stays then it may retrace the entire up-move and if it does then it can come down to $32.40 level and going down it will find good support at 49.90 / 45.44 /40.25 /35.25 & 32.40.Since it is very close to the critical support area and technically oversold too, I would  suggest to stay neutral here , because it may stage a pull back from here, so the  aggressive  trader can try long call near $53 with a stop loss of  $52 for an expected pull back but since it is in long term down  trend, I would suggest not to take advantage of the expected pull back instead  try short call on the rise at appropriate level with an adequate stop loss or sell if it breaks $53 mark and stays with a stop loss of $55.Going up it will face good resistance at 65.69 & 66.15.

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. Stay neutral for some time till it breaks $53 mark.  

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

Dow Seems To Have Topped Out Now At-17991.19---13-12-14

DOW JONES INDUSTRIAL AVG INDEX CLOSED AT 17280.80 ON 12.12-14

SUPPORT:-17278/17175/16923/ 16671 / 16389 / 16333.78 / 15855.12.  

                               

 RESISTANCE:- 17351 / 17488 / 17829 / 17895 / 17991.19.

(Figures in bold are important)

The Dow first made a top at 17350.64 on 19-9-14 and then went down sharply breaking and going far below all its short and long term moving averages in the process and made a low of 15855.12 on 15-10-14 and thereafter made a V shape recovery in 36 trading session or say in 8 weeks time and it made a new all time high at 17991.19 on 5-12-14 and then again started going down and closed at the lowest for the week ended on 12.-12.14. It is important to mention here that in just concluded week it has wiped off 5 week’s gain out of 8 week’s rise which is alarming and clearly indicate that the impulse up move may be over and the top of 17991.19 may not be crossed for a  reasonable time period  and Dow may retrace the entire up- move of 15855—17991.19 in coming days, however in between short pull back up move could be there and in the pull -back it is not expected to go beyond 17650 level. The on-going correction could be significant and painful too and may last couple of week’s.

  The possible points where it can make bottom are 17175 / 16923 / 16671 / 16389, if it does not make bottom in the range of16400--16300 and stays below this range then it could possibly retrace the entire up-move it made from 15855.12---17991.19,chances of which are looking reasonably good. Kindly note that if it retraces the entire up-move and in the same time period then it could make a bottom in the range of 15855--15750 and possibly by the end of January-2015. It is important to mention here that the broad range of long term moving averages of Dow is between 17116---16765 and if it breaks 17116 level and stays then it will be the first threat to the long term trend and if it breaks 16765 mark and consistently starts trading below this then it could be the potential sign of beginning of a bear market. Therefore I strongly feel that if the up-trend has to stay then it cannot remain below this range for long time and if it does then it will be a matter of concern, so watch out 

.

REMARK:-  :- Long term trend is still intact. Since it is in correction mode I would suggest trader to avoid fresh long call completely till it gives visible indication of correction completion. Instead try short call on the rise at appropriate level with 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.

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-15-12-14

CNX-Bank Index-Technical Overview--15-12-14

CNX-Bank Index closed at 18299.75 on 12-12-2014

SUPPORT: - 18183.10 / 18137 / 17890.85 / 17546.70

RESISTANCE: - 18313.10 / 18532.90 / 18586.95 / 18615.40 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened on a flat to positive note at 18413.70 and made a high of 18501.75 for the day and thereafter moved down and made a low of 18236.55 before closing the day at 18299.75.It has started showing some weakness on technical chart, therefore, I feel that this on-going correction may deepen in coming days but it still seems to be better placed technically in comparison with Nifty.

Please note that it has broken the short term moving averages upper band and the range for it is between 18525---18060(it changes every day) for 15-12-14, furthermore other technical parameters have also started showing sign of weakness, I would therefore suggest to avoid fresh long call till it moves above the upper band of the short term average i.e.18525 and stays. For those who are still holding long trade can exit on the rise if index gives them a chance else they should exit if it starts trading below 18183.It is important to mention here that if index breaks this point and  fails to hold the level of 18137 then it could break 17900 mark, chances of which are looking reasonably good ,so avoid long trade if it trades below 18183 for the entire week starting from 15-12-14.

REMARK:-  :- Long term trend is  up but since it is in correction mode therefore avoid fresh long call till it gives visible sign of correction completion. Please exit long call if it starts trading below 18183,if not then below 18137 for sure.

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 Observation-15-12-14

NIFTY CLOSED AT 8224.10 ON 12-12-14

SUPPORT: - 8216 / 8180 / 8160.90 / 7985.65 / 7815.75 / 7723.85.

 RESISTANCE:- 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on positive note at 8302 and made high for the day at 8321.90 and then steadily move down during the day and made a low of 8216.30 before closing the day near the low at 8224.10, today’s move exhibited tremendous weakness and indicate that this on–going correction could be deep and painful, however in between short pull back could be there but it is not expected to go beyond 8390 level on closing basis. The possible points where it can make bottom for good are 8160 / 8050 / 7950-7900, if it does not make bottom in the range of 7900-7950 and stays below this range then it could possibly retrace the entire up-move it made from 7723.85—8626.95,chances of which are looking reasonably good. Kindly note that if it retraces the entire move and in the same time period then it could bottom out in the range of 7750---7690 and latest by 16^th January-2015 or before also. It is important to mention here that the broad range of long term moving averages of nifty  is between 7920---7500 and if it breaks 7920 level and stays then it will be the first threat to the long term trend, therefore I strongly feel that even if it breaks this point, it is not expected to stay longer below 7920 level and will bounce back.

TECHNICAL OVERVIEW

1.It is running below all its short term moving averages now on daily chart and the range for it is between 8381---8452(it changes every day) for 15-12-14,so avoid long call till it moves above the upper band of the range and stays.

2.The short term moving averages range on the weekly chart is between 8361---8065 for the week starting from 15-12-14..

3. MACD is in sell mode both on daily and weekly chart which is a weak sign.

4.RSI showing negative divergence on daily chart.

Technical parameter are showing weakness, therefore I would suggest to avoid long call completely till technical parameters improves and  bottoming out sign emerges. I would therefore suggest to try short call on the rise at appropriate level and with a proper stop loss or sell if it starts trading below 8216 on 15-12-14 with a stop loss of 8230 for a target of 8150. Avoid long call completely below 8216 for the entire week starting from 15-12-14 but aggressive trader can try long call near 8065 with a stop loss below 8045 for an expected pull back.

  

REMARK:-  :- Long term trend is still intact. Since it is in correction mode I would suggest trader to avoid fresh long call completely instead  try short call on the rise at appropriate level with adequate stop loss, till it gives indication of correction completion.  

 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-12-12-14

Nifty-Technical View For-12-12-14

NIFTY CLOSED AT 8292.90ON 11-12-14

SUPPORT: - 8290 / 8280 / 8272.40 / 8180 / 8160.90 / 7985.65 / 7815.75 / 7723.85.

 RESISTANCE:-8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened today on a negative note at 8338.85 and made a high of 8348.30 and then went down and made a low of 8272.40 and then moved up again to the level of 8345 before closing the day near the low at 8292.90.It is showing gross weakness. As expected it broke the important level of 8290 & 8280 during the day today but it just managed to close shade above these level, now if it breaks these level again and stay then the on-going correction could be severe and painful and it may last couple of days  since It is also running below  its all short term moving averages therefore the undertone is weak for sure and the range for short term DMA is between 8414---8475(it changes every day)for 12-12-14,I would therefore suggest that one can try short call either near 8350 with a stop loss of 8370 or if it starts trading below 8280 with a stop loss of 8300.One should try long call only either if  it  moves above the upper  band of the average and stay or if it closes above 8355.65 with a stop loss of 8330, going up it will find good resistance at 8414 / 8455 level. The good medium term averages support exist between 8229--8160 range.

  

REMARK:-  :- Long term trend is still intact. Since it is in correction mode I would suggest trader to avoid fresh long call till it gives indication of correction completion.

 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-11-12-14

NIFTY CLOSED AT 8355.65ON 10-12-14

SUPPORT: - 8290 / 8280 / 8180 / 8160.90 / 7985.65 / 7815.75 / 7723.85.

 RESISTANCE:-8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

I have been suggesting since 3^rd week of Nov-14 that we are not far away from the time being top followed by reasonable to significant correction in coming days, (see my earlier post) eventually nifty made top at 8626.95 on 4-12-2014 and correction set in and nifty touched a low of 8317 on 10-12-14 in just 4 trading days, I would like to mention here that nifty took 19 trading days from the bottom of 8290.25 it made on 7-11-2014 to make a top of 8626.95 on 4-12-2014 and came back near the bottom of 8290.25 in 4 trading days or say in less then 25% time period which indicate that the on going impulse move may be over and the top of 8626.95 may not be crossed for a reasonable time period and nifty may move sideways with mixed bias for sometime till it gives further direction, however the long term trend is still intact, now the broad range for it is between 8290----8627 and if it breaks 8290/80 then it may drag down the nifty to 8160 & 8068 level chances of which are looking reasonably good.Long term trend will only be threatened if it consistently starts trading below 7850.

Nifty opened today on a negative note at 8318.05 and made a low of 8317 and made a high of 8376.80 for the day before closing the day at 8355.65.After two days of severe fall it took a breather today and closed little higher but no doubt it is in correction mode ,furthermore It has broken its all short term moving averages also and the range for it is between 8426---8494(it changes every day)for 11-12-14,since it is below the averages therefore the very short range for it is between 8280---8426 for 11-12-14.I would therefore suggest to try short call on the rise with  proper stop loss or if it starts trading below 8330 with a stop loss of 8350 and try long call only if  it  moves above the upper  band of the average and stay or if it moves at least above lower band of the averages and stays, aggressive trader can try both short and long call using the short range of 8280—8426.  

  

REMARK:-  :- Long term trend is still intact. Since it is in correction mode I would suggest to avoid fresh long call now or at least keep long commitments light at this point of time and exit long trade if it closes below 8280.

 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-26-11-14

CNX-Bank Index-Technical View for-26-11-14

CNX-Bank Index closed at 18037.05 on 25-11-2014

SUPPORT: - 17546.70 / 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560,

RESISTANCE: - 18140 / 18313.10 / 18340 / 18500 / 18600 / 18655 / 19150.

  (Figures in bold are important)

Index opened on a negative note at 18261.95 and the open was the high for the day ,thereafter  it gradually moved down and made a low of 17992.50 before closing the day near the low at 18037.05.Today’s move showed some weakness in it and indicate that it may correct from here in coming days but uptrend is still intact ,add fresh long position only if it moves above 18313.10 and stays or if  it reasonably corrects. Please get alerted in long trade if it moves below 17850 and exit trade if it closes below 17740 on 26-11-14.The support for it exist at 17546 & 17389 and going up it will face resistance at 18313.10 / 18340 & 18500.Seeing today’s move I would suggest to book at least part profit on long trades.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 18313.10 and stays, therefore traders are advised  to book part here and after every reasonable rise.

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 View For-26-11-14

NIFTY CLOSED AT 8463.10ON 25-11-14

SUPPORT: - 8353.15 / 8330.75 / 8320 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:-8535.35 / 8550 / 8600 / 8850.

(Figures in bold are important)

Nifty opened on a flat note at 8530.80 and made a new all time high of 8535.35 and thereafter gradually moved down during the day and made a low of 8429.45 before closing the day at 8463.10.It could not sustain the upside breakout it gave from the channel on 21-11-14 and fallen back within the channel today therefore now it is expected to oscillate again within the channel till it gives breakout on either side again and sustain, fresh breakout will give further direction which way it will move, but today’s move shows some weakness in it and indicate that it may move sideways with downward bias in coming days. The range of the channel is between 8500---8389 (it will increase with each passing day) for 26-11-14.I would therefore suggest to book part profit in long trades and for balance long trade get alerted if it stays below 8440 and exit trade if it closes below 8410 on 26-11-14. The support for it exist at 8353 / 8320 & 8290 and going up it will face resistance at 8535.35/ 8550 & 8600.Think of taking fresh long call only if it moves above 8536 and stays or if it reasonably corrects.

      .  

 REMARK:-  :- Long term trend is up. I would suggest to keep long commitments light at this point of time since nifty has fallen back within the channel again, therefore traders are advised to book at least part profit in long trades and exit long trade if it closes below 8410 on 26-11-14.

 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 Index-Technical View For-24-11-14

CNX-Bank Index closed at 18056.30 on 21-11-2014

SUPPORT: - 17546.70 / 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560,

RESISTANCE: - 18140 / 18240 / 18340 / 18500 / 18600 / 18655 / 19150.

  (Figures in bold are important)

Index opened with a gap up at 17767.75 and made a low of 17716.65 and thereafter went on to make a new all time high of 18139.95 before closing the day at 18056.30.It gave a robust move today but the gap still exist and if it try to fill the gap in coming 2-3 days it can come down to 17681. The up trend is still intact but add fresh long position only if it moves and stays above 18140 and get alerted in existing long trade below 17790 and exit long trade completely if it closes below 17570 on 24-11-14.The support for it exist at 17546 & 17389 and going up it will face resistance at 18140 / 18240 / 18340 & 18500.I would suggest to book some profit after every reasonable rise, aggressive intra-day trader can take long call above 18060 with a stop loss of below 17940 for a target of 18140 / 18240 & 18340.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 18140 and stays, therefore traders are advised  to book part here and after every reasonable rise.

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 view For-24-11-14

NIFTY CLOSED AT 8477.35ON 21-11-14

SUPPORT: - 8353.15 / 8330.75 / 8322 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8490 / 8550 / 8600 / 8850.

(Figures in bold are important)

Nifty opened on a positive note at 8408.20 and made a low of 8398 and thereafter steadily moved up and made a new all time high of 8489.80 before closing the day near the high at 8477.35.Today it gave upside breakout from the channel which is a good sign but it has to be seen for at least 2-3 days whether it will sustain this breakout or fall within the channel again ,if it  sustain the breakout then good upside move can be expected otherwise it may start moving sideways with a downward bias, so the range of the channel is between 8480---8374(it will increase with each passing day) for 24-11-14.I would suggest to  hold on to existing long trade but book at least part profit if it falls within the channel 8480 and stays, aggressive intra–day trader can go long above 8490 with a stop loss of below 8470 for a target of 8550 for 24-11-14.positional  trader are advised to book part profit if it stays below 8460 and should get alerted in balance long trade below 8405 and exit trade completely if it closes below 8375.The support for it exist at 8353 & 8290 and going up it will face resistance at 8490/ 8550 & 8600.

      .  

REMARK:-  :- Long term trend is up. I would suggest to keep long commitments light at this point of time therefore traders are advised to book at least part profit in long trades and exit long trade if it closes below 8375 on 24-11-14.

 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--24-11-14

CNX-Bank Index-Technical View For-21-11-14

CNX-Bank Index closed at 17645.05 on 20-11-2014

SUPPORT: - 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17651 / 17750.25 / 18040 / 18120 / 18262 &18615.

  (Figures in bold are important)

Index opened on a positive note at 17649.35 and made a high of 17681.80 and made a low of 17546.70 for the day before closing the day  at 17645.05.The up trend is still intact but add fresh long trade only if it  moves and stays above 17751 and get alerted in existing long trade below 17570 and exit long trade completely if it closes below 17450 on 21-11-14.The support for it  exist at 17389 / 17202 / 17157 & 17062 and going up it will face resistance at 17651 / 17750.25 7 18040.I suggest  to take fresh long call only if it moves above 17751 and stays or after it reasonably corrects.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 17751 and stays, therefore traders are advised at least to book part here and on the rise.

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 view For-21-11-14

NIFTY CLOSED AT 8401.90ON 20-11-14

SUPPORT: - 8330.75 / 8322 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8415.05 / 8455.65 / 8475 / 8550 / 8600 / 8650.

(Figures in bold are important)

Nifty opened on a positive note at 8406.50 and made a high of 8410.85 and  made a low of 8353.15 for the day before closing the day near the high at 8401.90.It violated trend-line of the channel intra-day but managed to close within the channel and the range for it is between 8472---8366(it will increase with each passing day) for 21-11-14, and breakout on the either side will decide further direction for it, since it is moving in a channel now trader can take both long and short call using the channel range as entry and exit points till the breakout occur. Please get alerted in long trade if it gives downside break or consistently starts trading below 8380 and exit long trade completely if it closes below 8350 on 21-11-14 and re-enter long trade only if it moves again above 8455.65 and stays. The good support for it exist at 8290 & 8160 and going up it will face resistance at 8456/ 8509 & 8549.Aggressive intra day trader can take long call above 8416 with a stop loss of below 8395 for a target of 8450 on21-11-14.

I once again emphasize that the up trend is still intact as of now but we are not far away from the top for the time being and reasonable to significant correction in coming days, I would therefore suggest to book profit in long trade now and on the rise too and be careful in long trades at higher levels .   

    

REMARK:-  :- Long term trend is up. I would suggest to keep long commitments light at this point of time because correction may set in coming days therefore traders are advised to book profit in long trades and exit long trade if it closes below 8350 on 2-11-14 for sure .

 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--21-11-14

Trading Calls For-20-11-14

CNX-Bank Index-Technical View For-20-11-14

CNX-Bank Index closed at 17585.65 on 20-11-2014

SUPPORT: - 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17651 / 17750.25 / 18040 / 18120 / 18262 &18615.

  (Figures in bold are important)

Index opened on a positive note at 17739.20 and made a high of 17745.70 and made a low of 17557.10 before closing the day near the low at 17585.65.The up trend is still intact but since it has broken a very short term trend-line today so correction may set in, therefore avoid fresh long trade below 17557 and exit long trade if it closes below 17438 on 20-11-14.The support for it  exist at 17389 / 17202 / 17157 & 17062 and going up it will face resistance at 17651 / 17750.25 & 18040.I suggest  to take fresh long call only if it moves above 17751 and stays or after it reasonably corrects.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 17751 and stays, therefore traders are advised at least to book part here and on the rise. Avoid fresh long call below 17557 for sure on 20-11-14.

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