NIFTY--CNX BANK INDEX--BSE SENSEX--Technical View---6-2-2015

NIFTY CLOSED AT 8711.70 ON 5-2-2015

SUPPORT: -8640 / 8626-8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8753 / 8777 / 8809 /8841 / 8996.60 / 9039 / 9061 / 9704.

As expected nifty had a wild swing today, it opened on a positive note at 8733.10 and was trading in a positive range for quite some-time before shooting up all of a sudden to the level of 8838.45  but could not sustain at the upper level and slipped down and made a low of 8683.65 for the day before closing the day  at 8711.70. Today’s move exhibited gross weakness in it, therefore it is suggested to avoid long call till it gives visible sign of correction completion. However market volatility and swing provide opportunity for both long and short side trade for intra-day trader as it gave today, off course depending on the price movement but as off now the bias is on the down side. Please note that the strong support for it is at 8626-8600 and if it fails to hold this level then it may trigger a deep down correction. I would also like to mention here that BSE Sensex broke it critical support level of 28822 intra- day today but managed to close above it. So be watchful nifty may follow it too.

1. Long call can be tried only if it maintains above  8809 with a stop loss of below  8775 or  8841 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8841.The aggressive trader can try long call near 8626—8600 with a stop loss of below 8550.

2. Short call can be tried on the rise but below 8802 with a stop loss of above 8841 or below 8775 with a stop loss of above 8815. I would advice to try short call only if it maintains below 8775.

CNX-Bank Index closed at 19051.90. on 5-2-2015

SUPPORT: - 18923.60 / 18847--800 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 19166 / 19242 / 19560 / 19610 / 19877.65 / 20103—272 / 20610 / 20907.55 / 21097 / 21360.

Index opened on a flat note at 19170.15 and went higher and crossed the previous day’s high and made high of 19444.65 for the day but could not sustain there and slipped fast from there and made a low of 18977.90 before closing the day at 19051.90.Technically it is looking weak on the chart but its critical support exist at 18923 & 18728,if it breaks 18728 level and stays then it may go in for much deeper correction which may be noted, therefore it is suggested to avoid long call till it gives visible sign of correction completion. However market volatility and swing provide opportunity for both long and short side trade for intra-day trader, off course depending on the price movement but as off now the bias is on the down side.

1. It is suggested to avoid fresh long call now but aggressive trader can try long call near 18923 & 18728 with a stop loss of below 18720. Long call should be completely avoided below 18728.

2. Short call can be tried on the rise with a stop loss of above 19850. Short call can also be tried below 18923 with a stop loss of above 19020.

BSE- Sensex  closed at 28850.97 on 5-2-2015

SUPPORT: - 28822.37 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27203.25 / 27091.38 / 26776 / 26469.42.

RESISTANCE: - 29047 / 29120 /29185 / 29844 / 30150 / 30271.

Sensex opened on a flat to positive note at 28912.38 and made a high of 29277.83 for the day and then went down and made a low of 28753.29 before closing the day at 28850.97. It has critical support at 28822 and it broke this level during the day today but managed to close above this at the end. Please note that if it breaks it again and stays below it then it may go in for much deeper correction. Furthermore it is technically  weak  also, therefore long trade should be avoided till clarity  on correction completion emerges and below 28822 for sure.

1. It is suggested to try long call only if it maintains above 29280 with a stop loss of below 29130. Avoid long call below 28822 for sure.

2. Short call can be tried on the rise with a stop loss of above 29280 or below 28822 with a stop loss of above 28900.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings. Use support and resistance levels for entry, exit and trailing stop losses.

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--5-2-2015

NIFTY--CNX BANK INDEX--BSE SENSEX--Technical View For--5-2-2015

NIFTY CLOSED AT 8723.70 ON 4-2-2015

SUPPORT: - 8626-8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8753 / 8777 / 8809 /8841 / 8996.60 / 9039 / 9061 / 9704.

Nifty opened on a positive note but could not hold on at upper level and made a low of 8704.40 before closing the day at 8723.70.I once again reiterate that volatility is expected to remain till the Union Budget therefore market will provide opportunity for both long and short side trade, off course depending on the price movement but as off now the bias is on the down side therefore long call should be avoided or handled with extreme caution. Please note that the strong support for it is at 8626-8600 and if it fails to hold this level then it may trigger a deep down correction.

1. Long call can be tried if it maintains above 8777 or 8809 with a stop loss of below 8750 & 8775 or above 8825 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8825.

2. Short call can be tried on the rise but below 8802 with a stop loss of above 8841 or below 8775 with a stop loss of above 8815. I would advice to try short call only if it maintains below 8775 for a target of 8700 & 8640.

CNX-Bank Index closed at 19174 on 4-2-2015

SUPPORT: - 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 19560 / 19732.45 / 19778.95 / 19843.75 / 20610 / 20907.55 / 21097 / 21360.

Index  opened on a positive note  but closed the day with a loss of more than 200 points . It is exhibiting gross weakness if it is compared   with Nifty & BSE Sensex and seeking lower levels with each passing day and if it fails to hold the level of 18923 & finally 18728 then it may go in for much deeper correction which may be noted. Furthermore everybody is aware that Union Budget is approaching therefore market  may behave in an unpredictable   manner which will provide opportunity for both long and short side trade off course depending on the price movement but as off now the bias is on the down side therefore long call should be avoided or handled with extreme caution.

1. It is suggested to avoid fresh long call now but  aggressive trader can try long call near 18923 & 18728 with a stop loss of below  18720. Long call should be completely avoided below 18728 for sure.

2. Short call can be tried on the rise with a stop loss of above 19850. Short call can also be tried below 18923 with a stop loss of above 19020.

BSE- Sensex  closed at 28883.11 on 4-2-2015

SUPPORT: - 28822.37 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27203.25 / 27091.38 / 26776 / 26469.42.

RESISTANCE: - 29047 / 29120 /29185 / 29844 / 30150 / 30271.

Sensex opened on a firm and positive note but could not hold and slipped in a negative territory and made a low of 28824.68 and closed the day with a loss of 117 points. It almost touched the important support level of 28822 today but managed to hold it. Please note that If it breaks this level and stays then it can trigger a deep down correction. As of now the bias is on down side therefore long call should be avoided or handled with extreme caution.

1. It is suggested to try long call only  if it maintains above 29230 with a stop loss of below 29130 . Avoid long call below 28822 for sure.

2. Short call can be tried on the rise with a stop loss of above 29250 or below 28822 with a stop loss of above 28900..

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings. Use support and resistance levels for entry, exit and trailing stop losses.

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--4-2-2015

NIFTY---CNX BANK INDEX---BSE SENSEX---TECHNICAL VIEW FOR--4-2-2015

NIFTY CLOSED AT 8756.55.30 ON 3-2-2015

SUPPORT: -8750 / 8626 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8777 / 8809 /8841 / 8996.60 / 9039 / 9061 / 9704.

Nifty opened on a positive note but could not sustain at upper level and steadily moved down and made a low of 8726.65 before closing the day at 8756.55.It is expected to move in a volatile, uncertain and unpredictable manner till the Union Budget, therefore   to trade in this market one has to be very careful and vigilant in initiating trade because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement. Please note that the strong support for it is at 8626-8600 and if it fails to hold this level then it may trigger a deep down correction.

1. Long call can be tried if it maintains above 8777 or 8809 with a stop loss of below 8750 & 8775 or above 8835 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8835.

2. Short call can be tried below 8802 with a stop loss of above 8841 or below 8775 with a stop loss of above 8815. I would advice to try short call only if it maintains below 8775 for a target of 8700 & 8640.

CNX-Bank Index closed at 19382.95 on 3-2-2015

SUPPORT: - 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 19560 / 19732.45 / 19778.95 / 19843.75 / 20610 / 20907.55 / 21097 / 21360.

Index is showing tremendous weakness and closed the day with a loss of more than 480 points today. It has decisively broken all the short term moving averages but its critical support levels are at 19240 / 18923 / 18728 and it is expected to bounce back from 19240 or 18923 point ,if it fails to hold 18923 and finally breaks 18728 and stays then it may go in for much deeper correction. Please note that Since the very important event of Union Budget is approaching therefore volatility, uncertainties and unpredictable movement is expected in the market, therefore   to trade in this market one has to be very careful and vigilant in initiating trade  because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement.

1.Today’s move suggest to avoid fresh long call now but  aggressive trader can try long call near 19200  or  18923 with a stop loss of below 19120  & 18720. Long call should be completely avoided below 18923 & 18728 for sure.

2. Short call can be tried on the rise with a stop loss of above 19995. Short call can also be tried below 19730 with a stop loss of above 19850.

BSE- Sensex  closed at 29000.14 on 3-2-2015

SUPPORT: - 28822.37 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27203.25 / 27091.38 / 26776 / 26469.42.

RESISTANCE: - 29047 / 29120 /29185 / 29844 / 30150 / 30271.

Sensex opened on a firm note at 29217.40 and made a high of 29253.06 for the day and thereafter started moving down and made a low of 28900.41 before closing the day at 29000.14.It is also exhibiting volatility and this may continue till the Union Budget therefore   to trade in this market one has to be very careful and vigilant in initiating trade because market swings are huge and provides opportunity for both long and short side trade off course depending on the price movement. Please note that the strong support for it is at 28822 and if it fails to hold this level then it may trigger a deep down correction.

1.Long call can be tried if it maintains above 29190 with a stop loss of below 29130 or above 29270 with a stop loss of below 29130.I would advice to try long call only if it maintains above 29270.

2. Short call can be tried on the rise with a stop loss of above 29270 or below 29130 with a stop loss of above 29190. I would advice to try short call only if it maintains below 29130.Short call can also be tried below 29070 with a stop loss of above 29150.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings. Use support and resistance levels for entry, exit and trailing stop losses.

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--CNX BANK INDEX--BSE SENSEX--Technical View For-3-2-2015

NIFTY CLOSED AT 8797.40.30 ON 2-2-2015

+

SUPPORT: -8775—750 / 8626—8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8809 / 8996.60 / 9039 / 9061 / 9704.

Nifty had a wild swing today and moved both ways sharply and eventually closed the day with a minor loss of 11.50 points, looking at the huge volatility it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade. However the aggressive intra-day trader can try both long and short call depending on the price movement.

1. Long call can be tried if it maintains above 8809 with a stop loss of below 8775 or above 8841 with a stop loss of below 8800.I would advice to try long call only if it maintains above 8841.

2. Short call can be tried below 8802 with a stop loss of above 8841 or below 8775 with a stop loss of above 8815. I would advice to try short call only if it maintains below 8775.

CNX-Bank Index closed at 19865.90 on 2-2-2015

SUPPORT: - 19732 / 19606 / 19250-200 / 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20610 / 20907.55 / 21097 / 21360.

Index  had a much wilder swing  and at one point of time it was down by more than 250 point and in next 30 minutes it was up by 135 points this zig -zag movement continued throughout the day and lastly closed the day with minor gain of 22 points. Amid this type of volatility it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade otherwise trader will end up losing in both the trade. However the aggressive intra -day trader can try both long and short call depending on the price movement.

1. Long call can be tried if it maintains above 19845 with a stop loss of below 19750 or above 20130 with a stop loss of below 20020.I would advice to try long call only if it maintains above 20130.

2. Short call can be tried on the rise with a stop loss of above 20130 or below 19730 with a stop loss of above 19850. I would advice to try short call only if it maintains below 19730.

BSE- Sensex  closed at 29122.27on 2-2-2015

SUPPORT: - 29120 / 29047 /28822.37 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 / 27203.25 / 27091.38 / 26776 / 26469.42.

RESISTANCE: -29185 / 29844 / 30150 / 30271.

Sensex also had its share of up and down movement during the day and finally closed the day with a loss of 60.67 points. Looking at today’s movement it is suggested for general trader to stay aside and wait for it to give proper direction for initiating any trade. However the aggressive intra-day trader can try both long and short call depending on the price movement.

1.Long call can be tried if it maintains above 29190 with a stop loss of below 29130 or above 29290 with a stop loss of below 29130.I would advice to try long call only if it maintains above 29290.

2. Short call can be tried on the rise with a stop loss of above 29290 or below 29130 with a stop loss of above 29200. I would advice to try short call only if it maintains below 29130.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

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

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX)-(An Up Rally May Be In Sight)--1-2-2015

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 48.24  ON  30-1-2015

SUPPORT:-$43.58 / 42.20 / 41.15 / 40.25 / 37.80 / 35.25 / 32.40 / 26.80 / 24.82 / 16.70.

RESISTANCE:- $51.27 / 52.44 / 53.76 / 55.11 / 59.04 / 63.72 / 66.15.

( figure  in bold are important)

Crude made a sharp up move today and closed 8.33% higher than the previous days close but it is still looking highly bearish on the technical chart. In the month of Jan-2015 it oscillated in the range of $55.11—43.58 and managed to hold the very important support level of $42.20, please note that if it breaks this level and stay then it can go down to $32.40, similarly to gain a technical foothold it has to move above $54 and stay then we can expect a reasonable recovery. Today’s sharp up move may be an indication of a short up rally in the offing but the long trade should only be initiated above $54 with a stop loss of below $52.30 or near $42.20 with a stop loss of below 41.15.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARKS:-  Long term trend is down, but today’s sharp up move may be an indication of short up rally in sight but long trade should only be tried above$54 or near $42.20 with the suggested stop loss mentioned above.

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-Technical View-(Up-Move May Continue In Coming Months)--1-2-2015

     

GOLD IN $ TERMS

Gold closed at $1279.20 on 30-1-2015

SUPPORT:- 1252 / 1238.90 / 1224 / 1186.40 / 1184 /  1183.30 / 1181.40 / 1179.40 /1167 /  1160 /  1141.70 / 1130.40.

RESISTANCE:- 1297.60 / 1307.80 / 1324.30 / 1325.90 / 1331.40 / 1346.80 / 1356.40 / 1361.80 /  1392.60.

The short and medium term trend is up and Gold is looking reasonably good on the chart although it is giving whip saw movement around the short term moving averages but the shape of averages is improving day by day in positive direction, furthermore it is above its long term moving averages and the range for it is between $1263---1226(it changes every day) and other technical parameters are also improving. I would therefore suggest to adopt buy on dip strategy but get alerted in long trade and avoid fresh long call below $1263 till it bounces back above it again. The authentic stop loss for long trade would be below $1226 for now (it will change every day with price movement). Going up it will face tough resistance at $1307.80 / 1346.40 & 1361.80, however chance of gold hitting $1340—60 level in coming months looks distinctly possible as of now.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARKS:-Long term trend is still down but short and medium term trend is up and technical chart is looking steady  therefore , I would advice to go long on dips with suggested stop loss mentioned above.

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 JONES INDUSTRIAL AVG INDEX -(Precariously Poised)--1-2-2015

DOW JONES INDUSTRIAL AVG INDEX CLOSED AT 17164.95 ON 30-1-2015

SUPPORT:- 17136 / 17067.59 / 16430 / 16333.78 / 16312 / 16015 / 15855 / 15703.

 RESISTANCE: - 17350.64 / 17434 / 17823.50 / 17840 / 17923.01/ 17991.19 / 18103.45.

(Figures in bold are important)

Dow is looking extremely weak on the chart now, off late it is making lower top and lower bottom and running way below its short term moving averages and also below some of its long term moving averages, the range for long term moving averages is between 17348—16950(it changes every day) for 2-2-2015,since it is below the upper band of the range so there is a threat to the long term up trend if it does not bounce back above it, and if it moves below 16950 and stays then the long term uptrend will be in real danger, chances of breaking 16950 looks reasonably high in coming days ,however in between up rally cannot be ruled out. Please note that it will gain real strength only if it stays above 17824.The intermediate trend is down and it is correcting now and the possible levels from where it can bounce are 16970 / 16700 / 16380.

Technically making lower top and lower bottom, it is below all its short term moving averages and it is inching towards giving negative crossover, it is also below the upper band of the long term moving averages, furthermore there is a negative divergence in RSI indicator on the monthly chart and MACD is in sell mode on Daily, Weekly & Monthly chat, therefore the overall technical parameters are not encouraging at all. I would therefore advice to avoid long call completely till it gives visible sign of correction completion instead short call can be tried either on the rise or below 17130 with a stop loss of above 17170 for a target of 16970& 16700.Please avoid long call below 17136 for the entire month of February-2015 because below this mark it can seek much lower levels.

REMARKS:- It is in intermediate down trend and correcting now, so long trade is completely ruled out till visible sign of correction completion emerges. It is advised to try short call below 17130 with suggested stop loss and avoid long call below 17136 for sure for the entire month of February-2015.

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--2-2-2015

Nifty-Technical View--2-2-2015

NIFTY CLOSED AT 8808.90 ON 30-1-2015

SUPPORT: -8776—750 / 8626—8600 / 8535.35 / 8445.60 / 8350 / 8280--200 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8996.60 / 9039 / 9061 / 9704.

(Figures in bold are important)

Nifty opened with gap up in the uncharted zone at 8996.60 and the same was the new all time high also but it could not sustain at upper level even for 10 minutes and slipped in the negative territory and thereafter consistently moved down and made a low of 8775.10 and finally closed the week at 8808.90. It was a terrible down day today and as expected the desired correction has set in and that too within the anticipated range (see my post dt-27-1-2015) and nifty tanked by more than 220 points from  intra-day high and finally closed 143.44 points lower then the previous day. This correction may last for few days and these are the possible points from where it can bounce back 8626=8600 / 8530—8350 / 8280—8200 and resumes the up move again.

Please note that 8626.95 & 8270 are the benchmark points for the entire year of 2015, so get alerted in long trade below 8626.95 and avoid long trade for sure below 8270 till it bounce back above 8290 and sustain.

Technically it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameter the range for which is between 8752---8669(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 8752 and below 8669 for sure instead try short call below 8775 with a stop loss of above 8820 for a target of 8650 & 8600 Overall it is advised to avoid long call for at least 2-3 days or till visible indication of correction completion emerges. However those who want to take long call should only try it above 8840 with a stop loss of below 8800.

Going up it will face resistance at 8960 / 9039 & 9061 and moving down it will have support at 8625 / 8535 / 8445.60 & 8380.55. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample 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.

CNX-Bank Index-Technical View--2-2-2015

CNX-Bank Index closed at 19843.75 on 30-1-2015

SUPPORT: - 19732 / 19606 / 19250-200 / 19166 / 19061.35 / 18847--800 / 18769 / 18736.66 / 18728.20 / 18517.90 / 18428.

RESISTANCE: - 20610 / 20907.55 / 21097 / 21360.

(Figures in bold are important)

Index opened with a small gap up at 20600.65 and the open was the high also for the day, it could not sustain at the upper level and immediately sipped into negative zone and steadily moved down and made a low of 19732.45 before closing the week at 19843.75. It was a devastating down day today and as expected the desired correction has set in and that too around the anticipated range (see my post dt-27-1-2015) and index tanked by more than 860 points from intra -day high and finally closed 685.84 points lower than the previous day. This correction may last for few days and these are the possible points from where it can bounce back 19600-19550 / 19240-200 /18840-800 / 18300 and resumes the up move again.

Please note that 18923 & 18728 are the benchmark points for the entire year of 2015, so get alerted in long trade below 18923 and avoid long trade for sure below 18728 till it bounce back above 18740 and sustain.

Technically it is looking much weak in comparison with Nifty and BSE Sensex, furthermore it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameters and the range for which is between 19680---19325(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 19680 and below 19325 for sure instead try short call below 19730 with a stop loss of above 19850 for a target of 19550 & 19300 Overall it is advised to avoid long call for at least 2-3 days. However those who want to take long call should only try it above 20150 with a stop loss of below 19950.

Going up it will resistance at 20170 / 20610 & 20907.55 and moving down it will have support at 19600 / 19325 /19166 / 19061 / 18923 & 18728.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample 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.

BSE-Sensex-Technical View--2-2-2015

BSE- Sensex  closed at 29182.95 on 30-1-2015

SUPPORT: - 28822.37 / 29120 / 29047 / 28672 / 28555 / 28310 / 28156 / 28064.49 / 27851 / 27703.70 / 27512.80 / 27500 / 27485 /  27203.25 / 27091.38 /  26776 / 26469.42.

RESISTANCE: - 29844 / 30150 / 30271.

 (Figures in bold are important)

Sensex opened with a up gap at 29801.60 and made a new all time high of 29844.16 but could not sustain at higher level and moved in a negative territory in no time and then steadily moved down during the day and made a low of 29070.48 before closing the week at 29182.95. It was a devastating day today and as expected the desired correction has set in and that too around the anticipated range (see my post dt-27-1-2015) and sensex tanked  by more than 770 from days high during the day  and finally closed  498.82 points lower on 30-1-2015.This correction may last for few days and these are the possible points from where it can bounce back 28822 / 28670-555 / 28310-28150 / 27940-750 / 27500-250 and resumes the up move again.

It is important to mention here that 28822 & 27480--500 these are the two benchmark points for the sensex for the entire year of 2015,therefore be alert in long trade below 28822 and avoid long trade below 27480 for sure till it bounce back above 27500 and sustain.

Technically it has tested the short term moving averages today and broken few of them too and it is also near certain long term parameters the range for which is between 29130-28840(it changes every day) for 2-2-2015, therefore it is suggested to avoid long call below 29130 and below 28844 for sure instead try short call below 29070 with a stop loss of above 29150 for a target of 28850 & 28700. Overall it is advised to avoid long call for at least 2-3 days. However those who want to take long call should only try it above 29280 with a stop loss of below 29220.

Going up it will face resistance at 29845 level and moving down it will have support at 28822 / 28700 & 28550.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. Since today’s move clearly indicated that correction has set in therefore long trade is ruled out for now till it gives ample 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.