CNX BANK INDEX--( A TECHNICAL VIEW )--- FOR THE WEEK STARTING FROM---20-4-2015

CNX BANK INDEX

CLOSED AT 18345.55 ON 17-4-2015.

SUPPORT: - 18226 / 18211 / 18024 / 17719 / 17502.45 / 16922.

 RESISTANCE: - 18489.60 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19377 / 19532.70 / 20541.65.

Bank Index is showing tremendous weakness on the technical chart in comparison with Nifty & Bse-Sensex . It is much below its critical points, below its short and medium term  moving averages and to top it all today  it has also  broken the upper band of its long term moving averages range which is between 18362----17185 now (it changes every day with price movement) and this is concerning. Please note that if uptrend has to remain intact it cannot stay even below the upper band of the moving average range for a longer time period. furthermore its Fibonacci Retracements support points are at 18727 / 18534 / 18378 / 18223 / 18030 three of which it has already violated however it may bounce back from any of the remaining points, therefore one should be vigilant around these point but please note that if it starts trading below 18030 then it can break the recent bottom of 17719.35 it made on 27-3-2015.

In view of the above observation it seems that it has good support in the range of 18223---18030 and then 17719---17185 but the technical parameters suggest that the on-going fall may accelerate from here, therefore long call should be avoided  till clarity on correction completion emerges but those who want to try it can try near but above 18030 with a stop loss of below 17950 or near but above 17719 & 17185 with a stop loss of below 17680 & 17100 respectively. I would advice to try long call only either above its long term moving average upper band or near its lower band only, instead I, strongly suggest to try sell call now and below 18321 for sure with a stop loss of above 18400.

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 threatened so long call should be avoided now till bottom formation sign are visible or can be tried near the lower band of the long term moving averages range, instead 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.

BSE-SENSEX--( A TECHNICAL VIEW )--- FOR THE WEEK STARTING FROM---20-4-2015

BSE-SENSEX

CLOSED AT 28442.10 ON 17-4-2015

SUPPORT: -28065 / 28044 / 27499 / 27485 / 27248.45 / 27203 / 26776.12 / 26469.47.

RESISTANCE:-28693.82 /28822.37 / 28978.74 / 29097.61 /  29183.76 / 29369.53 / 28522.86 / 29844.16 / 30024.74.

Sensex opened on a flat to positive note at 28682.97 and made a high of 28696.19 and thereafter slipped in a negative territory throughout the day and made a low of 28403.76 before closing the day near the low at 28442.10. It is already running and closing below its critical level of 28822.37 for last three days now, which is a bad sign, furthermore it has also broken almost all its short term moving averages and some medium term averages too ,therefore it indicate  that the on- going fall may accelerate from here  and going down it will have the potential strong support area is in the range of 28044----27000. However to negate this it has to move sharply beyond 28725 level immediately, possibility of which looks remotest at this point of time.

 I would once again like to mention here that it has Fibonacci Retracements support points at 28658 / 28389 / 28171 / 27953 / 27684 one of which it has already violated and pretty close to second one however it may bounce back from any of the remaining points, therefore one should be vigilant around these point but please note that if it starts trading below 27684 then it can  break the recent bottom of 27248.45 which it made on 27-3-2015. Furthermore its long term moving average range is between 28202---27000 now (it changes every day with price movement) and break below the upper band of the average ie-28202 will threaten the long term uptrend and consistently trading below 27000 will put the existence of uptrend in real danger, therefore if uptrend has 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, I would suggest to try sell call now below 28440 and below 28403 for sure with a stop loss of above 28525. Long call can be tried either near 27000 with a stop loss of below 26900 or above 27500 with a stop loss of below 27400. 

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 since down correction is on I would advice to avoid long call now instead  try sell call as suggested above and long call can only be tried at points mentioned 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.

NIFTY---( A TECHNICAL VIEW )------FOR THE WEEK STARTING FROM-20-4-2015

CNX NIFTY

CLOSED AT 8606 ON 17-4-2015.

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

 RESISTANCE: - 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a flat to negative note at 8698.05 and made a high of 8699.85 and thereafter moved in a negative territory throughout the day and made a low of 8596.70 before closing the day near the low at 8606. As expected it has broken its critical level of 8626.95 and closed below it, which is a  bad sign, furthermore it has also broken all its short term moving averages and some medium term averages too ,therefore it indicate  that the on- going fall may accelerate from here  and going down it will have the potential strong support area is in the range of 8130----8470. However to negate this nifty has to move sharply beyond 8720 immediately, possibility of which looks remotest at this point of time.

 I would once again like to mention here that it has Fibonacci Retracements support points at 8708 / 8624 / 8556 / 8489 / 8405 two of which it has already violated however it could bounce back from any of the remaining points, therefore one should be vigilant around these point but please note that if it starts trading below 8405 then it  can  break the recent bottom of 8269.15. Furthermore its long term moving average range is between 8499---8129 now (it changes every day with price movement) and break below the upper band of the average ie-8499 will threaten the long term uptrend and consistently trading below 8129 will put the existence of uptrend in real danger, therefore if uptrend has to remain intact it cannot afford to stay even below the upper range of the average for a longer time period even if it breaks it.

In view of the above, I would suggest to try sell call now below 8626.95 and below 8596 for sure with a stop loss of above 8670. Long call can be tried either near 8130 with a stop loss of below 8050 or above 8283 with a stop loss of below 8220.  

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 since down correction is on I would advice to avoid long call now instead  try sell call as suggested above and long call can only be tried at points mentioned 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.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)--17-4-2015

CLOSED AT $ 56.39  ON  15-4-2015

SUPPORT:-$53.76 / 53.27 / 52.44 / 50.08 / 47.05 / 43.58 / 42.20 / 42.03 / 41.15 / 40.25 / 37.80 / 35.25 / 32.40 / 26.80 / 24.82 / 16.70.

RESISTANCE:- $ 59.04 /61.78 /  63.72 / 66.15 / 75.50.

( figure  in bold are important)

In long term crude is still bearish on the technical chart but recently after consolidating for couple of weeks made a good up move in last 2-3 days crossing the  critical level of 52.44 / 53.27 / 53.76 and recent top of 54.24 on 15-4-2015, please note that if it could hold this upside breakout from the top of 54.24 for another 2-3 days( it is likely to hold) then it could give a decent up move and may hit 59 to 62 level on the up side  very quickly. Therefore long call can be tried here or on the dip with an alert point below 53.76 & 53.27 and stop loss of below 52.44.

 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 . Long call can be tried 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

NIFTY---( A TECHNICAL VIEW 0----17-4-2015

CNX NIFTY

CLOSED AT 8706.70 ON 16-4-2015.

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 flat to positive note at 8757.05 and made a high of 8760 and thereafter steadily moved down and made a low of 8645 before closing the day at 8706.70. Today’s move confirmed that the pull back rally which started from 8269 level on 27-3-2015 is over for sure and down move has begun. Going down apart from bottom support at various points such as 8669 / 8612 / 8470 / 8269 it will also have Fibonacci Retracements support points at 8708 / 8624 / 8556 / 8489 / 8405 from where it could  bounce back but please note that if it starts trading below 8405 then it can break the recent bottom of 8269.15 it made on 27-3-2015.I, would suggest to try sell call today below 8736 with a stop loss of above 8770.  

I would once again like to mention here that if its critical point of 8626.95 is broken then fall will accelerate and it is distinctly possible and yesterday it came very close to it. Furthermore its long term moving average upper point is placed at 8495 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.

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.