NFTY---A TECHNICAL VIEW FOR--23-4-2015

CNX NIFTY

CLOSED AT 8429.70 ON 22-4-2015.

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

RESISTANCE: -8445 / 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a positive note at 8400.40 and immediately made a high of around 8424 and then went down and made a low of 8284.70 and thereafter moved up sharply and made a new high of 8449.95 for the day before closing at 8429.70. It was expected that it will break  the critical point of 8282.70 & 8272.80 and recent bottom of 8269.15 ,it  came near these points today but   did not break any of these points  instead it bounced back sharply from here and closed reasonably higher this move indicate that a bottom is in place at 8284.70 for now and it may give an up rally from here before making an attempt again to break the range of critical point and bottoms placed between 8284.70---8269.15, breaking of this range looks distinctly possible in coming days. The bias is still down but if today’s momentum continues then going up it will find tough resistance from some of its long term moving averages which are placed at 8458 & 8510 for 23-4-2015 and from Fibonacci Retracements target points which are at 8417 / 8499 / 8565 / 8631 / 8713 & 8732.78. The expected pull back rally may exhaust around any of these points but if it crosses 8732 mark and sustain then it could cross the recent top of 8844.80 it made on 15-4-2015. The range of 8507---8631 seems tough to cross.  

Today’s sharp up-move may be attributed to short covering, because technical parameters are still not showing any sign of improvement and it is still below its short, medium and some of the long term moving averages, so today’s up move may get over abruptly also in a day or two if it does not move above 8510 and sustain. Therefore aggressive trader who wants to take advantage of an expected pull back rally can try long call above 8409 or near 8380 with a stop loss of below 8350. I would  try long call only if it moves above 8510 and sustain ,now  I would prefer to try sell call below 8377 with a stop loss of above 8450 or near 8510 with a stop loss of above 8570. Sell below 8377 would be a safer option.

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, today’s move indicate that a bottom is in place for now at 8284.70 and a pull -back rally may happen. Traders can try both long and short call as suggested above off course depending upon the price movement .

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---22-4-2015

CNX NIFTY

CLOSED AT 8377.75 ON 21-4-2015.

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

RESISTANCE: -8445 / 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a negative note at 8416.10 and made a high of 8469.35 for the day and a low of 8352.70 before closing the day at 8377.75, it exhibited huge volatility and gross weakness today. Please note that It is well below its short and medium term moving averages and also below the upper range of the long term moving average which is placed at 8505 for 22-4-2015, furthermore it has also broken the Fibonacci Retracements range of 8405—8384 and closed below it too which indicate that it is heading to break the recent bottom of 8269.15 it made on 27-3-2015 possibly in a day or two. Therefore long call should be avoided till the on-going fall gives any sign of completion.

Kindly note that it will find good support in the range of 8130---8050 so the long call can be tried here for a pull back rally if it holds this range with a stop loss of below 8000 because if it does not hold this range then the next potential support for it exist in the range of 7960---7723. Please note that the trading range for nifty for 22-4-2015 is between 8350---8410---8455—8505. Therefore structure your trade keeping this trading range in mind. I would still suggest to try sell call below 8370 with a stop loss of above 8460 for a target of 8260.

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 and it will be in real danger if it breaks 8130 mark and consistently starts trading below this mark, therefore it is suggested to avoid long call now.

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----21-4-2015

CNX NIFTY

CLOSED AT 8448.10 ON 20-4-2015.

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

 RESISTANCE: - 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

As expected the fall in Nifty accelerated, it opened at 8616.80 and made a high of 8619.95 and thereafter steadily moved down and made a low of 8422.75 before closing the day near the low at 8448.10, it went down by more than 150 points today which was devastating. It has broken its all short and medium term moving  averages ,furthermore it has also broken the upper range  of the long term moving averages which is placed at 8505 for 21-4-2015 this is concerning, but it is above its last Fibonacci Retracements support point at 8405,therefore  it may arrest the on-going fall if it holds 8405—8384 range otherwise it is going to break the recent major bottom of 8269.15 it made on 27-3-2015,chances of breaking this bottom looks distinctly possible. Therefore looking at the technical parameters it seems that it is going to have good support in the range of 8130—8050 ,so the pull back may be expected around this range or if it moves above the upper range of the long term moving average ie. 8505.

In view of the above, I would advice to avoid long call now  and try it only in the range of 8130—8050 or above 8505 ,however aggressive trader can try it if it holds the range of 8405—8384. Please note that in totality my bias is on the downside now therefore I would still suggest to try sell call below 8445 & 8422 with a stop loss of above 8505 and 8460 respectively.

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 today, therefore it is suggested to avoid long call now.

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 ON IMPORTANT AMERICAN INDICES(19-4-2015)

For The Week Starting From-20-4-2015

DOW JONES INDUSTRIAL AVERAGE  (CLOSED AT 17826.30 ON 17-4-2015)

1. Support:-17823 / 17579.27 / 17243 / 17067 / 17037 / 16333.

2. Resistance:-17924 / 17991.19 / 18103.45 / 18169.26 / 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 Range now at:-17579.27---17307.

6. Tough Resistance Range:-18075—18289.

7. Critical Points For 2015:- 18103.45 & 17823. Avoid fresh long call below 17823 and exit existing long call if it consistently trade below this mark.

8. Short Term Moving Average Range:-17995-17915(it changes every day with price movement), avoid long trade below 17995.

9. Medium Term Moving Average Range:-18035-17649(it changes every day with price movement) avoid long trade below 17649.

10. Long Term Moving Average Range:-17718--17307(it changes every day with price movement) below 17718 long term up trend will be threatened and consistently trading below 17307 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.

REMARKS:- The highlight of the week which concluded on 17-4-2015 was that ,it snapped off 8 days movement   in  just one trading session that is on the last day of the week and it closed just above its last critical point of 17823,and in the process it has broken its short term moving averages and also broken the trend line drawn from the bottom of 15855.12 it made on 15-10-2014 which is a bad sign. In view of the above, It is strongly suggested to avoid long call now and see how it pans out in next 2-3 days, because I feel that the last days  fall is an ample indication that it may be heading for further fall in coming days if it fails to hold 17823 levels. Long trade should only be tried either if it maintains above 17823 or near but above 17579 &17307 with a stop loss of below 17540 & 17240 respectively.

NASDAQ COMPOSITE              (CLOSED AT 4931.81 ON 17-4-2015)

1. Support:- 4842.80 / 4825.93 / 4814.95 / 4774.18 /  4760.24 / 4736.05 / 4719.61 / 4580.46.

2. Resistance:- 4948.46 / 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 Range now at:-4825—4814.95—4736.

6. Tough Resistance Range:-5025---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 for sure.

8. Short Term Moving Average Range:-4977--4947(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-4963--4791(it changes every day with price movement) avoid long trade below 4963, can try near 4791.

10. Long Term Moving Average Range:-4777---4627(it changes every day with price movement) below 4777 long term up trend will be threatened and consistently trading below 4627 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.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still it is way above its critical points and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as mentioned above.

S&P 500 INDEX      (CLOSED AT 2081.18 ON 17-4-2015)

1. Support:-2072.37 / 2064 / 2058.90 / 2048.38 / 2045.50 / 2039.69 / 1988.12 / 1980.90 / 1972.56 / 1904.78.

2. Resistance:- 2079.47 / 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 Range now at:-2058.90—2038.

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:-2095---2084(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-2094---2038(it changes every day with price movement) get alerted in long trade below 2094 and avoid fresh long trade below 2038.

10. Long Term Moving Average Range:-2054--2004(it changes every day with price movement) below 2054 long term up trend will be threatened and consistently trading below 2004 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.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still above its one critical points of 2058.90 and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as 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.

TRADING CALLS FOR----20-4-2015

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