CNX-Bank Index-Technical view---22-12-14

CNX-Bank Index closed at 18478.90on 19-12-2014

SUPPORT: - 18413.75 / 18356.30 / 18313.10 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18533 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened today with a up gap at 18545.70 and made a high of 18563.60 and low of 18413.75 before closing the day and weekend at 18478.90.Please note that it has left two gaps in a row moving up in last two days and if it makes an attempt to fill these gaps then it can come down to 18051 level, chances of which are distinct at least in next 2-3 trading session and it does not fill the gap in this period then when it fill the gap cannot be said, so be watchful.

 It is looking good on the chart and it is above its short term moving averages range and the range for it is between 18340---18170(it changes every day) for 22-12-14 therefore long position can be carried on but one should get alerted in long position if it starts trading below 18340 and exit trade if it closes below 8170. Going up it will find good resistance at 18564 / 18676 &18876 and good support exist at 17890 & 17502.

REMARK:-  :- Long term trend is  up ,now pull back rally is on, so the aggressive trader can try long call above 18347 with a stop loss of close below 18170.

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---19-12-14

CNX-Bank Index closed at 18326 on 18-12-2014

SUPPORT: - 18313.10 / 17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18532.90 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened with a up gap at 18238 and then made a low of 18109.35 but could not fill the entire gap going down, so the gap still exist, thereafter it moved up and made a high of 18356.30 before closing the day near the high at 18326.It is exhibiting better strength in comparison with nifty and today’s move was robust. Furthermore it has just moved above all its short term moving averages and the range for it is between 18325---18142(it changes every day) for 19-12-14.so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.I would personally prefer to wait and watch for 2 days for more clarity  before initiating any trade position. Kindly note that going up it will find good resistance at 18533 / 18676 &18876 and good support exist at 17890 & 17502.

REMARK:-  :- Long term trend is  up ,now pull back rally is on, so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.

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---19-12-14

NIFTY CLOSED AT 8159.30. ON 18-12-14

SUPPORT: - 8068.83 / 7974.55 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-  8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened with a huge up gap today at 8138.90 but almost filled the gap during the day and made a low of 8084.90 and then moved up and made a high of 8174.30 before closing the day near the high at 8159.30.As expected the pull back rally is on ,now it has to be seen how long this rally can last, if it is a pull back rally which I feel it is as of now then it is not expected to go beyond 8300-8325 mark and may fizzle out in another 2-3 trading session or earlier also but if it moves above this range and crosses 8375 & 8461 level and stay or if it moves above its short term moving averages and stay then  up-trend may resume, chances of which are looking slim at this point of time, therefore I feel that the bottom it made on 17-12-14 at 7961.35 is not for good  and may be taken out in coming days. I would personally prefer to wait and watch  for clarity  here for at least 2 days before initiating long trade at least, my bias is still sell on the rise at appropriate level with a proper stop loss.

TECHNICAL VIEW

It is still below its short term moving averages and the range of it is between 8395---8267---8193(it changes every day) for 19-12-14,therefore ,I would personally  try long call only if it moves above the upper band i.e 8395 or at least above the middle band i.e 8267 of the range and stay but aggressive trader can try long call above 8193  with a stop loss of below 8160 for a target of 8265—8290 on 19-12-14.

REMARK:-  :- Long term trend is intact ,As expected pull back up –move is on but I  suggest not to try long call for taking advantage of this relief rally, therefore avoid long call completely till it gives indication of bottom formation for good.

 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---18-12-14

NIFTY CLOSED AT 8029.80. ON 17-12-14

SUPPORT: - 7974.55 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:- 8068.83 / 8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a negative note at 8041.20 and made a low of  7961.35 and then moved up again and made a high for the day at 8082 before closing the day down from the previous day at 8029.80.It came near the last support range upper band of 7950 or almost retraced the 75% of the total up move from 7723 and then moved up and closed reasonably above the low of the day,this move indicate that a very short bottom may be in place and a pull back is in sight in a day or two before this short bottom is taken out again, therefore in an expected pull back these are the important points 8119 / 8216 / 8295 / 8374 from where pull back rally may end and down-slide starts again ,I expect that  the range of 8180---8295 is tough to cross in this pull back up-move. I still suggest to avoid long call till clarity on firm bottom formation emerges, instead short call can be tried on the rise at appropriate level and with a proper stop loss.

REMARK:-  :- Long term trend is intact up till now.It is expected to give pull back up –move now  but I would suggest trader to avoid long call completely till it gives indication of solid bottom formation, 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

CNX-Bank Index-Technical View---17-12-14

CNX-Bank Index closed at 17830.55 on 16-12-2014

SUPPORT: - 17557 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 17890.85 / 17898.40 / 18183 / 18313.10 / 18532.90 / 18615.40 / 18875.45.

 (Figures in bold are important)

Index opened on a negative note at 18249 and made a high for the day at 18308.95 and thereafter went down relentlessly and made a low of 17770.35 before closing the day near the low at 17830.55 .Today’s movement was devastating and it was a complete breakdown day which is indicative of deep and painful correction in the offing in coming days, however in between pull back up rally could be there but it is not expected to go beyond 18330 level in the up  rally as of now ,it is therefore suggested not to try long call for taking advantage of pull back rally and avoid long call completely till clarity on bottom formation emerges , instead short can be tried on the rise at appropriate level and with a proper stop loss or for 17-12-14 below 17770 with a stop loss of 17840 for a target of 17530 . Going down it will find support at 17444 / 17002 / 16560 / 16066 from where it could bounce back. Looking at the technical parameters it seems that it is  heading for reasonable to significant fall in coming days.

REMARK:-  :- Long term trend is up but since it is in correction mode therefore avoid  long call completely till it gives visible sign of correction completion, instead try short call on the rise off course 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.

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 ---- 17-12-14

NIFTY CLOSED AT 8067.60. ON 16-12-14

SUPPORT: - 7974.55 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

RESISTANCE:- 8068.83 / 8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a negative note at 8172.60 and made a high for the day at 8189.35 and thereafter went down relentlessly and made a low of 8052.60 before closing the day near the low at 8067.60. Today it went below the re-tracement level of 61.8% i.e 8068.83 drawn from the top of 8626.95 and bottom of 7723.85  and with the speed it has broken this point  clearly indicate that nifty is going to retrace the entire up –move  in coming days and in all probability may break 7723.95 level for sure,  but last  support on the way to it is in the range of 7950-7900 ,if this range is taken out then it is expected to  make a bottom in the range of 7750—7690 which is very much likely, however in between up rally could be there before a reasonable bottom could be made, I would  therefore suggest that one should not try long call to take advantage of in between short pull back rally, I repeat that long call should be completely avoided till clarity on bottom formation emerges, instead short call can be tried on the rise at appropriate level and with a proper stop loss or below 8050 with a stop loss of 8080 for a target of 7950 on 17-12-14.

 It is important to mention here again that the broad range of long term moving averages of nifty is between 7927---7479(it changes every day) and if it breaks 7927 level and stays then it will be the first threat to the long term trend , if the up trend has to continue it should not stay even below the upper band of the moving average range for a longer time, if it does then it will be a matter of concern  and finally if breaks the lower band of  the moving average and stay for a longer time then the up- trend will be in extreme danger, so keep this  range in mind.

REMARK:-  :- Long term trend is intact up till now but since nifty is in deep correction mode I would suggest trader to avoid long call completely till it gives 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

DOLLAR $ LOOKING GOOD FOR FURTHER UP-MOVE-14-12-14

Dollar – Vs –Rupee

Dollar   closed at Rs.62.51 on 12-12-14

SUPPORT :-61.81 / 61.65 / 61 / 60.89 / 60.64.

RESISTANCE:- 62.55 / 63.08 / 63.32 / 63.90 / 64.54.

TECHNICAL   OBSERVATION :-

The technical chart is nicely placed and showing good strength which is indicative of reasonable to significant rise ahead in coming days, therefore long position should be held and fresh position can be added- on dip but one should get alerted if it breaks 61.70 and exit long trade if it close below 61.50, chances of hitting these levels looks slim at this point of time. Going up it will face good resistance in the range of 64.20—65.35.It will get good support in the range of 61.77—61.65.I therefore suggest to adopt buy on dip strategy as of now.   

REMARKS:-The long term trend is up, therefore I suggest to take long call on dip.

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

GOLD IN $ TERMS (SHORT UP-MOVE MAY BE IN SIGHT)-14-12-14

   GOLD IN $ TERMS

Gold closed at $1222.50 on 12-12-14

SUPPORT:- 1204.5 / 1202.30 / 1186.40 / 1183.30 / 1181.40 / 1179.40 /1173.90 / 1160 /  1155.60 / 1130.40.

RESISTANCE:- 1238.90 / 1255.60 / 1297.60 / 1324.30.

Gold is still in long term down trend but off late movement in it has become highly volatile may be because of uncertain event concerning different aspects of  global economy  from time to time and it seems to continue, so volatility is expected to remain . Technically it is still tremendously weak but it seems to be consolidating here and may give an up-move in coming days but I suggest that the long term investment in it should be avoided.

TECHNICAL  OBSERVATION

Now it is oscillating within the range of short term moving averages and the range for it is between 1186—1238, but it is below its long term moving average range which is between 1239—1279,therefore the broad range for it is between 1186---1279,If it moves above 1239 and stays and finally crosses 1279 then reasonable to good rise is expected   similarly if it breaks 1186 level and stay then it will start moving down again .Since it is consolidating  and near the lower band of the broad range average and other technical parameter are also showing some sign of improvement and indicating that a up rally may be in sight ,so the short call should be avoided till it breaks 1186 instead long call can be  tried on the dip or near 1186-1195 with a stop loss of below 1184.

REMARKS:-Long term trend is down but since it is consolidating and some technical indicator also pointing that it may give a short to reasonable up rally in coming days therefore avoid short call for now and try long call on dip at appropriate level and with proper stop loss. Avoid long call below 1186 for sure.

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 (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