CNX-NIFTY--A TECHNICAL VIEW---3-8-2015

                                                                                                            2nd, August, 2015

 CNX NIFTY           

 CLOSED AT 8532.85 ON 31-7-15.

Nifty had a tremendously volatile movement during the week ended on 31-7-2015. It made a low of 8321.25 and a high of 8548.95 for the week before closing the week near the high at 8532.85. Kindly note that huge volatility is not a good sign for a steady market, therefore trade position should be handled with extreme caution and care because technical parameter may switch side very fast.

Technically it is looking o.k now and suggest to go for long  trade , therefore those who are already having long position should hold with a stop loss of below 8450, one can still initiate long position but it would be safe to initiate long position if it maintains above 8533 and one can add on to position if it moves above 8550 and sustain with a stop loss of below 8505 for the added long position. Please avoid fresh long position below 8495. Similarly if it moves below 8450 and sustain then short call can be initiated with a stop loss of above 8505.

It would be important for nifty to cross 8561.35 mark in 2-3 days time to give some hope of regaining up momentum but it will regain the real strength and sustained up momentum only if it maintains above 8626.95 level. Going up it will face resistance at 8561.35 / 8626.95 / 8654.75 / 8670 & 8850 and moving down it will have good support at 8470 / 8321.75 / 8315.40 / 8269 & 8195.65.

REMARKS;- Technical parameters suggest to go long now but it seems that nifty is in a mid range now  and it will give clear up momentum signal only if  it crosses 8626.95 mark and sustain above it, therefore long position should be handled with extreme caution because volatility in the nifty could end this up move abruptly also.

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.

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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--NIFTY---- TECHNICAL VIEW--21-7-2015

                                                                                                                

 CNX NIFTY           

 CLOSED AT 8529.45 ON 20-7-15.

Nifty went past its critical and most important point of 8626.95 today also but failed to close above this mark, in fact it plunged down sharply in the last 45 minutes of trade today and made a low of 8517.90 before closing the day near the low at 8529.45. Please note that today’s movement indicate that the on- going up move may be over and down slide may begin, if it does not close above 8626.95 in next 3-4 days. Therefore it is suggested to initiate fresh long trade only if it closes above 8626.95 and sustain or after a reasonable decline. Going down it may find good support at 8480 / 8440 / 8393 / 8368 / 8269 & 8190.  It is important to mention here that if it breaks the 8190 mark and sustain then it may break the bottom of 7940.30 it made on 12-6-2015.  

Looking at today’s movement my bias is completely on the downside, therefore, I would prefer to try sell call on the rise till it closes above 8626.95 or on breaking of the important support levels. On 21-7-2015 sell call can be tried below 8517 with a stop loss of above 8540 for a target of 8480 / 8440 & 8400.   

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 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--7--2015

CNX-NIFTY--A TECHNICAL VIEW FOR THE WEEK STARTING FROM-20-7-2015

                                                                                                                 18^th, July,2015

 CNX-- NIFTY           

 CLOSED AT 8609.85 ON 17-7-15.

Nifty has shown good up move during the week ended on 17-7-2015 and it crossed its first critical point of 8505 on 15-7-2015 and sustained and also went past the most important point of 8626.95 intra –day on 17-7-2015 but could not close above it. However technically it is showing good strength and if it closes above 8626.95 and sustain then it can hopefully regain good momentum but going up 8670 mark will pose very stiff  resistance and if this point is taken out then it may hit 8850 / 8914 / 8997 & 9119.20 in coming days, so be cautious around 8670 mark in long trade . Good support for it exist at 8561 / 8504.95 / 8470 / 8368 / 8269 & 8190.

SUGGESTION:-  

1.Fresh long call should only be initiated if it closes above 8627 with a stop loss of below 8555 but those who are already carrying long  position may at least book part profit if it remains below 8627 and exit completely below 8555.

2.Technically  there is no sign of initiating  a short call now but  since it had  a strait up move from 8315 to 8642.95 and now it is near and below its critical point of 8626.95,therefore a short call can be tried if it sustain  below 8627 with a stop loss of above 8650.

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 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--13-7-2015

CNX--NIFTY- A TECHNICAL VIEW---13-7-15

                                                                                                                 12^th,July,2015

OVERVIEW  ON THE CNX NIFTY           

 CLOSED AT 8360.55 ON 10-7-15.

Nifty did give upside breakout from the critical point of 8504.95 on 6-7-15 and closed at 8522.15 but could not sustain it for minimum time of even 3 days and fell back below 8400 on the 3^rd day to close at 8363.05 on 8-7-15 this move indicates that the said breakout was not valid and this was a corrective up rally which may be over. If it so then it should not move above 8505, therefore the range for it is between 8170---8505 for now and breakout on either side will decide which way it is going to move. Please note that  it will regain momentum only if it moves above 8627 and sustain, chances of which are looking slim at this point of time similarly break below 8170 mark will accelerate the fall and it may break the bottom of 7940.30 it made few days back. Looking at the technical parameters my bias is on the downside and I would avoid long call below 8505 instead I, would look for the opportunity to sell. However the market swings provides opportunity for both long and short trades for the intra-day traders. Going up it will find resistance at8423.15 / 8467.15 / 8489.55 8505 & 8561.35 and moving down it may get support at 8315.40 / 8269 / 8170 / 8065 / 7997 / 7961 / 7940.

SUGGESTION:-  

1.Those who want to try long call can try it above 8377 with a stop loss of below 8350. Avoid long call below 8360 and then below 8315 for sure. I would not prefer to try long call below 8505.

2.Short call can be tried either below 8360 with a stop loss of above 8425 or on the rise at appropriate points.

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 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-NIFTY---A TECHNICAL OVERVIEW

OVERVIEW  ON THE CNX NIFTY  

Nifty is critically poised now and technically it is at make or break juncture at present. It is showing strength now and if it closes above 8505 and then above 8627 and sustain then it can regain its lost momentum. Going up it will find resistance at 8627 / 8850 / 8914 / 8996.60 & 9120 levels, similarly if it consistently starts trading below 8440 then it will be the first sign of weakness and going down it will have critical support at 8269 / 8150 and then at 7997 / 7961 / 7940/ 7841 / 7723 & 7540.10. Please note that if it falls and breaks 8150 mark and sustain below it then fall may accelerate sharply.

SUGGESTION:-  

1.     If one tries long call now then the stop loss would be below 8440 and above 8505 the stop loss would be below 8470.I would personally try long call only if it closes above 8505.

2.     Although there is no technical weakness here but since it is at make or break point, Short call can be tried below 8505 with a stop loss of above 8525 but avoid fresh short call above 8505 and above 8627 for sure or else try it below 8440 with a stop loss of 8485.I would prefer to try short call near 8505,if it remains below 8505 in the first 1,1/2 hour trade on 6-7-2015.

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 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----14-5-2015

CNX NIFTY

CLOSED AT 8235.45 ON 13-5-2015.

SUPPORT: - 8230 / 8191.50 / 8181.50 / 8180 / 8160 / 8147.95 / 8144.75 / 8140 /8089 / 8065.45/ 7997.15 / 7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95.

Nifty opened today with a sharp jump at 8181.55 and within 45 minutes of trade made a high of 8254.95 and thereafter in an hour’s time by 11-11.15 AM it went down sharply and hit a low of 8089.80 and then again made a U turn and finally closed near the high of the day at 8235.45. It exhibited huge volatility and wild swing today which is indicative of weakness in it, however its close near the high today may be because of possible short covering but this may end abruptly also or may last for another day or two if it does last then  this process may get exhausted at any of these points 8269----8282----8320----8356. Please note that if it moves above 8356 and sustain then this rally may extend up to 8410---8450----8510. I feel that on highly optimistic note this move may end between 8320---8352 or earlier. I would therefore suggest to try sell call 8300 plus for sure with a stop loss of above 8360 and if this move ends all of a sudden then other sell points are near 8283 and below 8180 & 8140 and below 8125 for sure, similarly those who want to try long call can try above 8237 with a stop loss of below 8180. Since it is clearly sell on the rise market therefore it is suggested to avoid long call and if initiated should be handled with extreme caution. I would prefer to  try sell call. 

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 up –trend is severely threatened. Therefore it is advised to avoid long call.

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---13-5-2015

NIFTY----A TECHNICAL VIEW----13-5-2015

CNX NIFTY

CLOSED AT 8126.95 ON 12-5-2015.

SUPPORT: - 8125 / 8065.45/ 7997.15 / 7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8144.75 / 8147.95 / 8160 / 8180 / 8181.50 / 8191.50 / 8231 / 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95 /

Nifty opened flat at 8326.15 and the open was the high also ,then in just 15-20 minutes of opening  trade is slipped down by 100 points and thereafter it steadily moved down throughout the day and made a low of 8115.30 before closing near the low of the day at 8126.95. It lost 198.30 points today which shows gross weakness in it. The on –going up rally seems to have fizzled out as expected and in the desired range and time frame (see my last post dt-11-5-2015). Since today’s fall was huge so it may take a pause here for a day or two before the fresh slide begins, therefore the important range for now is 8115—8145---8192--8269 on the up side and 8065---7960 on the downside. Since the trend is down therefore it is suggested to try short call on the rise at appropriate levels  or below 8115 with a stop loss of above 8145.Please avoid fresh short call if it moves  above 8145 and sustain.It would be safe to try sell call below 8115 today.

Kindly note that it is tremendously weak on the technical chart and it is very likely to break the recent bottom of 7997.15 it made on 7-5-15 in coming days and may seek much un-believable lower levels in coming months. I, would therefore advice to avoid long call till clarity on solid bottom formation emerges, however day trader can try long call for in between pull back rally from time to time at proper levels but it should be handled  with extreme caution because it absolutely sell on the rise market 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 up –trend is severely threatened . The on-going up-rally seems to have exhausted today, therefore it is suggested to avoid long call, short call can be tried as 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.

DOLLAR $ UP-MOVE MAY CONTINUE---A TECHNICAL VIEW----11-5-2015

Dollar – Vs –Rupee

Dollar Closed at Rs.63.70 on 8-5-2015.

SUPPORT:-63.30 / 63.17 / 63 / 62.49 / 62.12 / 61.92 / 61.70 / 61.64 / 61.25 / 60.89 / 60.64.

RESISTANCE:-63.90 /64.28 / 65.50 / 68.60 / 68.80.

TECHNICAL   OBSERVATION :-

It is looking good on the technical chart. It  gave an up-side breakout from the top of 63.90 on 7-5-15 and now consolidating .so if it crosses this mark again and sustain then it is expected to reach 65.50 level but journey up to this level would be very tough as it is having series of resistance in the range of 64.30—65.50, but once it crosses this range and sustain then it may surely make a fast attempt to test its all time high of 68.80, chances of which are looking pretty bright as of now. Please note that it has a very strong support at 63.30 / 63 therefore  get alerted if it break these level because then correction may set in which can drag it down to 62.50 .I would like to mention here that its most critical support range is between 62.46—61.79(it changes every day) and break below this range will put its uptrend in real danger, chances of happening this looks remote at this point of time. I would therefore suggest to try long call on dip but above 63 or above 63.90 with a stop loss of below 62.46 & 63.50. The bias is clearly on the upside 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:-The  trend is up, therefore  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.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)—10-5-2015

CLOSED AT $ 59.39  ON  8-5-2015

SUPPORT:-$58 /57.50 / 56.07 / 55.07 / 54.24 / 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:-$ 59.85 /62.58 / 64.65--70 / 76-81.

(Figure in bold are important)

On the technical chart crude is still bearish in long term but  after the upside breakout  from the top of $54.24 as expected it moved up and went beyond the desired range of $59--62 and hit a high of $62.58(see may post dt-17-4-2015). In fact after making a bottom at$ 42.03 on 18-3-2015 it went on to hit a high of $62.58 on 6-5-2015, so in 1-1/2 months it moved up by 48.89% from the bottom which is phenomenal up rally in bear trend. It still looks good in the short term but since, it has been rising for last 8 weeks, so it may take a breather here and can correct and going down it will have strong support at $58 & 57.50, but break below $57.50 mark can drag it down to $56.07 / 55 / 54.24 & 52.44, please note that till it holds $54.24 and then $ 52.44 level it will be ok for a possible up move. Going up it will face resistance at $59.85 / 62.58 / 64.65---70 / 76—81. It seems that it has potential to cross the recent high of $62.58 it made on 6-5-2015 in coming days.

Looking at the technical parameters long call can be tried either above $59.85 or on the decline but above $58 with a stop loss of below $57.50 or near $54.24 with a stop loss of below $52.44. I would suggest to try long call above $59.85 with a stop loss of below $59.30 because it is expected to resume up momentum again above $59.85.

 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 . The technical chart is nicely placed in short term therefore   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.

GOLD IN $-DOLLAR TERMS---A TECHNICAL VIEW----10-5-2015

     

GOLD IN $ TERMS

Gold closed at $1188.90 on 8-5-2015

SUPPORT:- 1184 /  1182 / 1178.20 / 1177.90 / 1168.40 / 1167.30 / 1141.60 / 1130.40 / 1084.80 / 1044.50.

RESISTANCE:-1199.30 / 1210 / 1214.60 / 1219.50 / 1223 / 1224.50 / 1238.90 / 1255.60.

The long term trend is down .It is running below its all short, medium and long term moving averages  and certain short and medium term averages have given negative crossover long ago therefore technically it is very badly placed even in the short and medium term. However since its price movement also depends on the important international events so it may witness volatile and sharp up move from time to time but those move may not be sustainable.

Please note that in last 1,1/2 it is moving in the range of 1225---1168, so breakout on the either side will decide its future price movement, therefore  either side trade can be initiated keeping this range in mind. Furthermore its long term moving average range is placed between 1200—1239 now (it changes every day) and its critical support points are at 1184 & 1130.40, therefore broad range for it is between 1239--1184--1168---1130 and to show good strength and strong up move it has to move above 1239 and sustain for few days, chances of which looks weak at this point of time. Since it is in downtrend, I, personally would not like to go for long call instead, I would look for opportunity to try sell call on the rise at proper points or below 1184 &1168 and below 1130 for sure with proper stop losses. The aggressive day trader can try long call above 1184 or near 1168 with a stop loss of below 1180 & 1164 respectively. The bias is clearly on the downside therefore long call should be handled with extreme caution as  because technically it is clearly sell on the rise market 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 down. The short and medium term trend also looking weak therefore it is suggested to avoid long calls. However day trader can try both long and short call depending upon the price movement and as suggested 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.

NIFTY---A TECHNICAL VIEW----11-5-2015

CNX NIFTY

CLOSED AT 8191.50 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-8355.65-----7997.15.

SUPPORT: - 8180 / 8160 / 8147.95 / 8144.75 / 8140 / 8065.45/7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8203.05 / 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

 Nifty made temporary short bottom on 7-5-15 at 7997.15 within the expected range of 8050—7960(see my post dt-4-5-2015) and closed the week at 8191.50. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 8286 -- 8356 in a day or two, but if it moves above 8356 mark and sustain then this rally may extend up to 8420---8510 chances of which are not looking that great at this point of time. I expect the rally to fizzle out in the range of 8270---8320 l or earlier.

The trend is down for sure therefore it is suggested to avoid positional long call but the day trader who want to take advantage of the on going relief rally can try long call above 8191.50 for a target of 8269---8286----8320 but please get alerted below 8170 and exit long trade  below 8141 for sure. Since it is in short and medium term downtrend and long term up-trend is severely threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell call on the rise at proper points or below 8170 & below 8140 for sure with a stop loss of above 8195. Please also note that it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 7997.15 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market 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 up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short call depending on the price movement and 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.

CNX--BANK INDEX---A TECHNICAL VIEW---11-5-2015

CNX-Bank Index

CLOSED AT  17796.60 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-18586.30-----17246.55.

SUPPORT: -17738.90 / 17719.35 /  17502.45 / 17246.55 / 16561.

RESISTANCE: -17917 / 18075 / 18211 / 18226 / 18270 / 18338.10 / 18417.50 / 18433.80 / 18586.30 / 18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index made temporary short bottom on 7-5-15 at 17246.55 around its strong support area of 17502--300(see my post dt-7-5-2015) and closed the week at 17796.60.  Despite the poor performance in the just concluded week, it is still showing better strength on the technical chart in comparison with Nifty & BSE-Sensex. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 18100--18470 in a day or two, but if it moves above 18470 mark and sustain then this rally may extend up to 18600---18750 chances of which are looking slim at this point of time.  I expect this rally to fizzle out in the range of 17975---18300 or earlier.

The trend is down for sure, therefore it is suggested to avoid positional long call ,but the day trader who want to take advantage of the on going relief rally can try long call above 17796.60 for a target of 17950---18075----18300, but please get alerted below 17738 and exit long trade if it consistently starts trading below 17719. Since it is in short and medium term downtrend and long term up-trend is threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell -call on the rise at proper points or below 17719 for sure with a stop loss of above 17750. I would also like to mention here that, if it breaks 17500 level and maintains below it for few day then it can drag down the index to 16500-16000 level very fast, therefore fresh short position can be added below this mark with a stop loss of above 17550. Please also note that it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 17246.55 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market.

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 up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short call depending on the price movement and 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----11-5-2015

BSE-SENSEX

CLOSED AT 27105.39 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-27603.71-----26423.99.

SUPPORT: - 27011 / 26897.54 / 26776.12 / 26469.42 / 26423.99 / 25910.77 / 25232.82.

RESISTANCE: - 27205 / 27248 / 27326--70 / 27475.13 / 27485.77 / 27499.50 / 27502 / 27603.71 / 28044.49 / 28064.49 / 28087.78 / 28693.82 / 28822.37.

BSE-Sensex made temporary short bottom on 7-5-15 at 26423.99 around its strong support area of 26776--26469(see my post dt-4-5-2015) and closed the week at 27105.39. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 27330 -- 27604 in a day or two, but if it moves above 27604 mark and sustain then this rally may extend up to 27800---28200 chance which are looking slim at this point of time. I expect the rally to fizzle out in the range of 27350---27520 or earlier.

The trend is down for sure therefore it is suggested to avoid positional long call ,but the day trader who want to take advantage of the on going relief rally can try long call above 27110  for a target of 27200---27370----27500, but please get alerted below 27060 and exit long trade  below 27011 for sure. Since it is in short and medium term downtrend and long term up-trend is severely threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell- call on the rise at proper points or below 27011 & 26897.54 with a stop loss of above 27070 & 26930. Please also note it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 26423.99 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market 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 up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short call depending on the price movement and 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---11-5-2015

CNX-BANK INDEX---A TECHNICAL VIEW----8-5-15

CNX-Bank Index

CLOSED AT  17376.90 ON 7-5-2015.

SUPPORT: - 17280 / 17246 / 16950 / 16560 / 15973.

RESISTANCE: -17502.45 / 17719.35 / 17738.90 / 18145 / 18211 / 18226 / 18338.10 / 18417.50 / 18433.80 / 18586.30 / 18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index opened on a negative note at 17751.40 and the open was the high also for the day thereafter throughout the day it steadily went down and made a low of 17246.55 before closing the day at 17376.90. After yesterdays huge fall of 671.89 points it fell again by 422.65 points today which is indicating gross weakness in it. Please note that if it maintains below 17503 mark for few days and fails to hold the level of 17280  then it is going to witness severe fall  in coming days and that may drag down the index to 16500---16000 level or may be to much lower levels. Since it is in down trend, I would therefore personally prefer to avoid long call instead would look for opportunity to try sell call at appropriate points. The long call can be tried by the aggressive trader if they wish to either above 17280 or above 17503 with proper stop losses. I once again reiterate that since it is in downtrend so it is suggested to avoid long call but if initiated then it should  be handled with extreme caution.

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 severely threatened. Since its short and medium trend is down therefore it is suggested to avoid long calls.

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---7-5-2015

CNX-BANK INDEX--A TECHNICAL VIEW---7-5-2015

CNX-Bank Index

CLOSED AT  17799.55 ON 6-5-2015.

SUPPORT: - 17738.90 / 17719.35 / 17502.45 / 16561.

RESISTANCE: -18145 / 18211 / 18226 / 18338.10 / 18417.50 / 18433.80 / 18586.30 /  18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index opened on a negative note at 18436.90 and made a high of 18580.10 and in just 35-40 minutes of trade it plunged down by 300 points and thereafter steadily moved down during the day and made a low of 17757.70 before closing the day near the low. It lost 671.89 points today. Kindly note that despite this huge fall it is still holding its recent bottom of 17738.90 & 17719.35 it made on 27.4.15 & 27.4.15 respectively whereas Nifty & BSE-Sensex is way below its recent bottoms, therefore it is showing better strength in comparison with the aforesaid indices. So if it hold these bottoms then temporary short bottom may already be in place but if it breaks these bottoms then possibly it could make short bottom in the range of 17502—17300. The upper range for Bank Index seems to be capped at 18470—18600---18740 for now.

In view of the above, it is suggested that after opening of the market watch the index for some-time and if it hold the bottom of 17738.90& 17719.35 then long call can be tried with a stop loss of below 17680 for an expected short pull back but if it breaks 17719.35 mark and sustain then short call can be tried with a stop loss of above 17750 for a target of 17520. Please note that since the trend is down therefore, I would personally prefer to avoid long calls instead I would look for opportunity to try sell call.

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. The aggressive can go for both long and short trade depending on the price movement and 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.