A TECHNICAL SNAPSHOT OF BSE-SENSEX-----16-4-2015

BSE-SENSEX CLOSED AT 28799.69 ON 15-4-2015.

1. Support:- 28693.82 / 28065 / 28044 / 27499 / 27485.

2. Resistance:- 28822.37 / 28978.74 / 29094.61 /  29183.76 / 29369.53 / 28522.86 / 29844.16.

3. All Time High:-30024.74 made on 4-3-2015.

4. Trend:- In long term up trend.

5. Valuable Support now exist at:-28044.49 & 27248.45.

6. Tough Resistance Range:-29134—29490.

7. Critical Points For 2015:- 28822.37 / 27499.42 & 27485.77. Avoid fresh long call below 28822.37 & 27485.77.

8. Short Term Moving Average Range:-28729---28553---28371(it changes every day with price movement), get alerted in long trade below 28729 and exit trade below 28553.

9. Medium Term Moving Average Range:-28955---28377---28046(it changes every day with price movement) avoid long trade below 28700.

10. Long Term Moving Average Range:-28177---26970(it changes every day with price movement) below 28177 long term up trend will be threatened and consistently trading below 26970 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

Please note that today’s trading pattern and close indicate that the on-going pull back rally may be over and downside may begin. Furthermore as expected it could not hold above its critical level of 28822.37(see my last post). I would therefore suggest to avoid long call now and below 28822.37 for sure instead try short call on the rise but below 29184 with a stop loss of above 29220 or sell below 28822.37 or 28721 with a stop loss of above 28870 & 28750 respectively. Going down it can have good support at 28693.82 / 28044 / 27248.45 and Fibonacci Retracements support points are at 28658 / 28389 / 28171 / 27953 / 27684 , moving up it will have very tough resistance in the range of 29134---29490.  

Please 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.

Kindly also 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---( A TECHNICAL VIEW )--- FOR--16-4-2015

CNX NIFTY

CLOSED AT 8750.20 ON 15-4-2015.

SUPPORT: - 8669 / 8626.95 / 8612 / 8470/ 8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

 RESISTANCE: - 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a positive note at 8844.75 and made a high of 8844.80 and thereafter was moving in a negative range of 20-30 points for almost the whole day but slumped down in last 50 minutes of trade by more than 100 points and made a low of 8722.40 before closing the day at 8750.20. It seems that as envisaged the pull back rally possibly has ended in the desired range of 8850-70, in fact it could not even cross 8850 mark (see my post dt-11-4-2015). I would therefore suggest to adopt sell on the rise strategy now but off course below 8850 with a stop loss of above 8870 or sell below 8722 with a stop loss of above 8760. Going down it can have good support at 8669 / 8626.95 / 8470 and Fibonacci Retracements support points are at 8708 / 8624 / 8556 / 8489 / 8405 , moving up it will have very tough resistance in the range of 8833 – 8939.   

I would like to mention here that if its critical point of 8626.95 is broken then fall will accelerate and it is distinctly possible. Furthermore its long term moving average upper point is placed at 8490 now and break below this mark will threaten the long term up trend which may please be kept in mind.

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 still intact. Since it seems that pull back rally is over, I would therefore advice to avoid long call and try sell call as suggested above.

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----15-4-2015

A TECHNICAL SNAPSHOT OF DOLLAR – Vs - RUPEE(13-4-2015)

 DOLLAR CLOSED AT 62.26 ON 10-4-2015

1. Support:- 62.12 / 61.92 / 61.64 / 61.55 / 61.25.

2. Resistance:- 62.41 / 62.84 / 63.03 / 63.11 / 63.17 / 63.62 / 63.79 / 63.88 / 63.90 / 68.60 / 68.80.

3. All Time High:-68.80 made on 28-8-2013.

4. Trend:-In long term up trend. Short term it was in correction as it was making lower top and bottom but now it looks that correction is over and it may move up again.

5. Valuable Support now exist at:-61.64---61.25.

6. Tough Resistance Range:-63.03---63.90.

7. Critical Points For 2015:- 58.25 / 63.03 / 63.17 / 63.88, it will pick up momentum above 63.17.

8. Short Term Moving Average Range:-62.36---61.90(it changes every day with price movement), exit long trade below 61.90.

9. Medium Term Moving Average Range:-62.49---61.99(it changes every day with price movement) avoid long trade below 61.99.

10. Long Term Moving Average Range:-62.18—61.49(it changes every day with price movement) below 62.18 long term up trend will be threatened and consistently trading below 61.49 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

In view of the above long call can be initiated above 62.18 with a stop loss of below 61.90 but it may have steady up move only if it crosses 62.50 mark. Going up it will have tough resistance in the range of 63.03---63.17.

Please 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.

Kindly also 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.

A TECHNICAL SNAPSHOT OF GOLD IN $ TERMS ( 12-4-2015)

GOLD CLOSED AT $1204.60 ON 10-4-2015

1. Support:- $1192.40 / 1184 / 1181.40 / 1179.40 / 1141.60 / 1130.40.

2. Resistance:- $1224.50 / 1238.90 / 1255.60 / 1307.80 / 1324.30 / 1346.80.

3. All Time High:- $1923.70 made on 6-9-2011.

4. Trend:-In long term down trend.

5. Valuable Support now exist at:-$1179.40---1130.40.

6. Tough Resistance Range:-$1206---1245.

7. Critical Points For 2015:- $1392.60 / 1184 / 1130.40, avoid fresh long call below 1184.

8. Short Term Moving Average Range:-$1216--1195(it changes every day with price movement), exit long trade below 1195.

9. Medium Term Moving Average Range:-$1221--1199(it changes every day with price movement) avoid long trade below 1199.

10. Long Term Moving Average Range:-$1245---1206(it changes every day with price movement) it is already running below the lower range of the averages. To regain the up momentum it has move above the upper range of the average and sustain for a reasonable period of time.

Since it is in long term downtrend therefore it is suggested to avoid long calls instead short call can be tried on the rise or at proper points with an adequate stop loss. The aggressive day trader can take both long and short call depending on the price movement  with the help of support and resistance level and moving average placement mentioned above.

Please 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.

Kindly also 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.

A TECHNICAL SNAPSHOT ON IMPORTANT AMERICAN INDICES ( 12-4-2015)

DOW JONES INDUSTRIAL AVERAGE   CLOSED AT 18057.65 ON 10-4-2015)

1. Support:-17823 / 17585 / 17243 / 17067 / 17037.

2. Resistance:-18103.45 / 18205.93 / 18288.63.

3. All Time High:-18288.63 made on 2-3-2015.

4. Trend:- In long term up trend.

5. Valuable Support now exist at:-17585.

6. Tough Resistance Range:-18075—18289.

7. Critical Points For 2015:- 18103.45 & 17823. Avoid fresh long call below 17823.

8. Short Term Moving Average Range:-17955-17860(it changes every day with price movement), get alerted in long trade below 17955 and exit trade below 17860.

9. Medium Term Moving Average Range:-18008-17618(it changes every day with price movement) avoid long trade below 17618.

10. Long Term Moving Average Range:-17685--17278(it changes every day with price movement) below 17685 long term up trend will be threatened and consistently trading below 17278 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

NASDAQ COMPOSITE              (CLOSED AT 4995.98 ON 10-4-2015)

1. Support:-4948 / 4880.23 / 4842.80 / 4825.93 / 4814.95 / 4760.24 / 4736.05.

2. Resistance:-5008.57 / 5042.14 / 5132.52.

3. All Time High:- 5132.52 made on 10-3-2000.

4. Trend:- In long term up trend.

5. Valuable Support now exist at:-4825—4814.95.

6. Tough Resistance Range:-5042.14---5132.52

 7. Critical Points For 2015:- 4814.95 / 4760.24 / 4736.05. Get alerted in long trade below 4814.95 and avoid fresh long call below 4736.05.

8. Short Term Moving Average Range:-4941--4920(it changes every day with price movement), get alerted in long trade below 4941 and exit trade below 4920.

9. Medium Term Moving Average Range:-4946--4773(it changes every day with price movement) avoid long trade below 4773.

10. Long Term Moving Average Range:-4760---4613(it changes every day with price movement) below 4760 long term up trend will be threatened and consistently trading below 4613 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

S&P 500 INDEX      (CLOSED AT 2102.06 ON 10-4-2015)

1. Support:-2073.30 / 2045.50 / 2039.69.

2. Resistance:-2093.55 / 2114.86 / 2119.59 / 2170.

3. All Time High:- 2119.59 made on 25-2-2015.

4. Trend:- In long term up trend.

5. Valuable Support now exist at:-2058.90—2039.69.

6. Tough Resistance Range:-2093.55--2119.59—2144.

7. Critical Points For 2015:- 2093.55 & 2058.90, get alerted in existing long calls below 2093.55 and avoid fresh long call below 2058.90.

8. Short Term Moving Average Range:-2082---2074(it changes every day with price movement), get alerted in long trade below 2082 and exit trade below 2074.

9. Medium Term Moving Average Range:-2090---2044(it changes every day with price movement) get alerted in long trade below 2090 and avoid long trade below 2044.

10. Long Term Moving Average Range:-2050--2000(it changes every day with price movement) below 2050 long term up trend will be threatened and consistently trading below 2000 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

Please 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.

Kindly also 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 ( A TECHNICAL VIEW )----12-4-2015

CNX BANK INDEX

CLOSED AT 18800.85 ON 10-4-2015.

SUPPORT: -18736.65 / 18728.20 / 18688 / 18489.60 / 18226 / 18211 / 17719 / 17502.

 RESISTANCE: - 18923.60 / 19131 / 19377 / 19464 / 19532.70 / 19876.

Bank Index made recent major top at 20541.65 on 4-3-2015 and thereafter corrected and made bottom at 17719.35 on 27-3-2015 and then in eight trading session it went up by more than 1170 points and  made a high of 18896.50 before closing  the week at 18800.85. It is above its short and long term moving averages but below some of its medium term moving averages but Nifty & Bse-Sensex are above all its averages, it had retraced around 42% of the total fall from 20541.65 to 17719.35 whereas Nifty & BSE-Sensex have retraced almost up to  61.8%, furthermore it is still below its critical point of 18923.60 whereas Nifty & BSE-Sensex are above their critical points , therefore in comparative study It is not showing   that strength which Nifty & BSE-Sensex is exhibiting . However since it is above its short term moving averages it may move up and catch up with other indices in coming days but going up from here it will have very tough resistance in the range of 18923.60---19377---20125 and piercing through this wall of resistance looks hugely tough at this juncture.

It is important to mention here that if it is a pull -back rally which it seems to be then it may end here or may be around 18975---19377 level and to prove it otherwise it has to cross the above mentioned wall of resistance and then go beyond 20541.65 level for resumption of the smooth up journey again, which seems very difficult as of now. 

In view of the above observation one should be circumspect in their trade position and specially long call should be handled with caution, considering that it is not showing that strength which other indices are showing and tough resistance range ahead I would prefer not to initiate long call at least below 18923.60 instead after watching the market for some time I would try to take sell call at appropriate point but below 18923.60 and then below 19377 with a stop loss of above 18950 and 19400 respectively. I would suggest to avoid fresh long call if it consistently starts trading below 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 still intact. But  wait for fresh long trade till it closes above it critical point of 18923.60 and sustain it for 3-4 days. Please avoid fresh long call if it consistently starts trading below 18728 mark.

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 ( A TECHNICAL VIEW )----11-4-2015

BSE-SENSEX

CLOSED AT 28879.38 ON 10-4-2015

SUPPORT: -28822.37 / 28693.82 / 28065 / 28044 / 27499 / 27485.

 RESISTANCE: - 28978.74 / 291183.76 / 29369.53 / 28522.86 / 29844.16.

Sensex after making bottom at 27248.45 on 27-3-2015 made a good up move  and in eight days session it went up strait by more than 1650 points and closed the weekend at 28879.38 near the high of the week i.e 28907.81 .It has almost retraced 61.8%(28964.19) of the total fall from 30024.74 to 27248.45. It is above its all short and long term moving averages and also closed above its critical point of 28822.37 for 2 days in a row  whereas nifty is above its critical level for consecutively 5 days, therefore chances of giving whip saw around it  or breaking the critical level by sensex is distinctly possible until it sustain above it for another 2-3 days ,therefore fresh long trade should be avoided below 28822.37 for sure  , however it is  not showing any sign of weakness as of now but please also note that going up from here it will have very tough resistance in the range of 29120 – 29480 according to one technical parameter and piercing through this wall of resistance looks tough although sensex is in good momentum right now.

It is important to mention here that if it is a pull -back rally which it seems to be then it may end here or may be around 29130--29275 level and to prove it otherwise it has to cross the above mentioned wall of resistance and go beyond 29844.14 level for resumption of the smooth up journey again, which seems slightly difficult as of now. 

In view of the above observation one should be circumspect in their trade position and specially long call should be handled with caution, although it is not showing any sign of weakness but considering that it has retraced almost around 61.8% and tough resistance range ahead I would prefer not to initiate long call now instead after watching the market for some time I would try to take sell call at appropriate point but below 29275 with a stop loss of above 29370.

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 still intact. But wait for fresh long trade till it closes above 28822.37 mark for another 2 days. Please avoid fresh long call if it consistently starts trading below this mark.

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---(A TECHNICAL VIEW )---11-4-2015

CNX NIFTY

CLOSED AT 8780.35 ON 10-4-2015

SUPPORT: - 8669 / 8626.95 / 8470/ 8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

 RESISTANCE: - 8788.70 / 8794.48 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty after making bottom at 8269.15 on 27-3-2015 made a good up move  and in eight days session it went up strait by more than 500 points and closed the weekend at 8780.35 near the high of the week i.e  8787.40 .It has almost retraced 61.8%(8794.48) of the total fall from 9119.20 to 8269.15. It is above its all short and long term moving averages and also closed above its critical point of 8626.95 for consecutively 5 days, it is showing no sign of weakness as of now but please note that going up from here it will have very tough resistance in the range of 8825 – 8930 according to one technical parameter and piercing through this wall of resistance looks tough although nifty is in good momentum.

Kindly note that if it is a pull -back rally which it seems to be then it may end here or may be around 8850—70 level and to prove it otherwise it has to cross the above mentioned wall of resistance and go beyond 8996.60 level for resumption of the smooth up journey again, which seems slightly difficult as of now.  

In view of the above observation one should be circumspect in their trade position and specially long call should be handled with caution, although it is not showing any sign of weakness but considering that it has retraced around 61.8% and tough resistance range ahead I would prefer not to initiate long call now but wait for a dip to enter instead after watching the market for some time I would try sell call at appropriate point but below 8850 with a stop loss of above 8875.

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 still intact.

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--( A TECHNICAL VIEW ) 8-4-2015

CNX NIFTY

CLOSED AT 8660.30 ON 7-4-2015

SUPPORT: -8626.95 / 8470/ 8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45.

RESISTANCE: - 8669.45 / 8788.70/ 8849.75.

Nifty opened with a small up gap today at 8684.45 and made a high of 8693.60 for the day and then made a low of 8586.85,it did break the critical point of 8626.95 intra-day but managed to close reasonably above this mark but closed flat at 8660.30 just .40 above the previous day’s close. It exhibited huge volatility today but as it is above its critical mark of 8626.95 and also above its short term moving averages, therefore aggressive  trader can try long call above 8626.95 with a stop loss of below 8580 and stop loss for the positional trader would be below 8519.Since it giving whip saw over its critical point therefore it is suggested to avoid adding fresh long calls if it moves below 8626.92. Furthermore in view of the today’s volatility it is advised to handle trade with extreme caution. It still seems to be a pull- back rally and may get exhausted around 8695 or 8795 ,however to prove it otherwise it has to go beyond 8913.45 & 8996.60 mark.

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 still intact. Aggressive trader can try long call as suggested above but avoid fresh long call if it starts trading below 8626.95. Since it breached its critical mark intra- day today,I would prefer to wait  for 2 more days to see whether it still closes above its critical mark or not before initiating at least long trade.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

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--( A TECHNICAL VIEW) 7-4-2015

CNX NIFTY

CLOSED AT 8659.90 ON 6-4-2015

SUPPORT: -8626.95 / 8470/ 8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45.

 RESISTANCE: - 8669.45 / 8788.70/ 8849.75.

Nifty opened with a small up gap today at 8615.80 and made a low of 8573.75 for the day and then in late afternoon started moving up and made a high of 8667.55 before closing the day near the high at 8659.90. Please note that today it has closed above its critical point of 8626.95  and it is also above its short term moving averages, therefore aggressive day trader  can try long call above 8626.95 with a stop loss of below 8580 and stop loss for positional trader would be below 8510. I would like to mention here that although it is above its critical point but it could be a whip saw also, therefore it is suggested to avoid adding fresh long calls if it moves below 8626.92. It still seems to be a pull- back rally and may get exhausted around 8695 or 8795 in next 1-2 days.

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 still intact. Aggressive trader can try long call as suggested above but should be extremely and avoid fresh long call if it starts trading below 8626.95.

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.

S&P 500 INDEX--(A TECHNICAL VIEW) 6-4-2015

S&P 500 INDEX

CLOSED AT 2066.96 ON 2.4-2015

The long term up-trend is still intact but it is not looking that good on the technical chart if you compare it with Nasdaq Composite and at present it is running below its short term moving average range which is between 2078---2070 for 6-4-2015(it changes every day with price movement) and it is also within its critical and very important points of 2093.55 & 2058.90, these points are valid for the year 2015.Please note that it has to sustain above these points to remain buoyant but at present it is just shade above 2058.90 which is concerning. The good point is that it is above its long term moving average range of 2047--1995(it changes every day with price movement and now it is moving up) although not reasonably above but still, therefore as long as it holds 2058.90 marks it is ok. Please note that break below 2058.90 mark and then upper band of the long term moving average ie 2047 will threaten the long term up-trend and break below the lower band of the averages ie1995 and then consistently trading below that mark will end the up –trend, therefore it cannot remain below even the upper band of the long term moving average for longer period if up trend has to continue. Kindly keep this thing in back of your mind.

I would like to mention here that it has made all time high of 2119.59 very recently on 25-2-2015 and then it moved down to make bottom at 2039.69 on 11-3-2015 and then moved up again and made a top of 2114.86 but it could not cross the previous top and made almost a double top and started moving down therefore it seems that the top is in the place at least for some time. However if it has to start fresh robust up move again then it has to cross 2119.59 mark and sustain.

In overall technical view it seems that it is range bound now but the bias is slightly on the downside and in coming days it will decide which way to move, therefore it is suggested to respect the above mentioned levels and act accordingly. I would prefer to avoid long calls now and will only try if it moves above 2119.59 and sustain instead,I would  look for a signal to sell.

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.