CNX-BANK NIFTY--A TECHNICAL VIEW--16-9-15

CNX--BANK NIFTY

Closed at 16739.55 on 15-9-15.

Support:--16580/16452/16188/15888/15762/15130.35..

Resistance:- 16781.55/16880/16984/ 17150.

 It opened flat to negative at 16905.80 and could not cross the previous day’s high of 16937.90 and made a high of 16919.45 for the day but failed to keep the yesterday’s up momentum on and steadily went down and made a low of 16681.55 for the day before closing near the low at 16739.55. Today’s move was not encouraging at all and exhibited weakness, however it managed to close above the bear market territory threshold level of 16730, furthermore it is also above the lower band of the short term moving averages which is between 16984--16450 for 16-9-15, so there is still some hope for the long trader that market could recover from here tomorrow but this may go other way also and it could slide as it a pull -back rally and these rallies can fizzle out anytime. Therefore for long trader it is suggested to get alerted below 16670 in their trade and exit position if it sustain below 16640, please note that the authentic stop loss for long trade on 16-9-15 would be below 16450, fresh long call can only be tried either if it moves above 16782 or 16940and sustain, it would be safe to try long call above 16940. Short call can be tried on the rise but below 16940 with a stop loss of above 16985. Looking at today’s movement the bias seems to be on the downside but one should respect the daily price movement and take action accordingly in their trades. Kindly note that break below 16590 may trigger fall and the fall may accelerate below 16450 and below 16188 sharply.

Remark:-The trend is down and I prefer not to go against the trend. The  on- going up move  is a pull- back rally and it may end anytime and one may get caught unaware in these rallies therefore , personally I would not like to take advantage of the  up move  instead I would look for opportunity to initiate sell trade.

 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 VIEW---14-9-2015

CNX-NIFTY

Closed at 7789.30 on 11-9-15.

Support:--7750/7723/7678.50/7667.25/7539.50/7450-422.

Resistance:-7840/ 7846.05/ 7864.85/7881/7940--7962/7997/8065.

It opened with a up gap at at 7833.80 and went past the stop loss level of 7850 for the short calls (see my post for 11-9-2015) for a while and hit a high of 7864.85 for the day but could not sustain above 7850 mark even for a minute thereafter steadily moved down and made a low of 7759.90 before closing the day 30 points above the low at 7889.30. It exhibited weakness today but price action did not support it completely, furthermore looking at the daily chart pattern and some other technical parameters, it seems that chances of it moving up further are still not over, although weekly and monthly charts are tremendously weak and looking hugely bearish. Therefore there is no doubt that this on- going up move is a pull- back rally and once it get exhausted in all likelihood the recent bottom of 7668.50 & 7539.50 it made on 10-9-15 &8-9-2015 will be taken out in coming days/weeks. But development on the daily chart should not be ignored to catch the day to day market movement in time. There are three reasons why it could move up:-

1.RSI is showing positive divergence on the daily chart, please note that this indicator should be viewed in sync with other technical parameter, which are not supporting it now ,but still you cannot ignore it.

2.It is running above  its lower band of the short term moving averages range which is between 7960—7740(it changes every day).

3. Crossed recent top of 7846.05 and made higher bottom at 7678.50.

 The range for nifty is between 7740—7865 for 14-9-2015 and between 7972—7667 for the month of September-15 and breakout on either side from this range will decide the further price action. Please note that now if it moves above 7865 and sustain then this rally may extend to 7940—7962-8000—8065.before it get exhausted.

Strategy for Short Calls:-

1.Initiate fresh short call if it sustain below 7740 with a stop loss of above 7795 or  near 7865 with a stop loss of above 7895. One can add on position if it sustain below 7708 with a stop loss of above 7730.

2.Those who are still holding short position will have to be alert and take action  keeping the range of  7740—7865 in mind . Therefore if one get a chance of lower price range on 14-9-15 cut the short position near 7740 or 7723 and not below 7723 and re- build the position again if it breaks 7708 and sustain. It is suggested to square short position if it sustain above 7865 for 5—10 minutes similarly re-enter position if it breaks this mark again and sustain below it.

Strategy for Long Calls:-

1.Those who are carrying long calls can hold with a stop loss of below 7740. Avoid fresh long call below 7789.

2. Aggressive day trader can try long call above  7805 with a stop loss of below 7775.

I once again repeat that the pull back rallies shows strength on the face of it but are inherently weak in nature and may end most of the time without giving proper signal, but the price movement has to be respected as it is showing some resilience now and may move up further, even then I would caution long trader to handle their trade vigilantly and with extreme care, because the trend is down and this rally may fizzle out any time.

Remark :- The trend is down and I prefer not to go against the trend, therefore I personally I would not like to take advantage of the remaining  expected up move  instead I would look for opportunity to initiate sell trade.

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-BANK NIFTY--A TECHNICAL VIEW--14-9-2015

CNX--BANK NIFTY

Closed at 16612.60 on 11-9-15.

Support:--16580/16452/16188/15888/15762/15130.35..

Resistance:- 16670.55/16781.55/ 16882/ 17145.

Today it behaved exactly the way nifty has but with a slight difference nifty crossed its previous top of 7846.05 whereas it has failed to cross its previous top of 16781.55 and made a high of 16781.15, so it has made classic double top which indicate that this rally may be over if it fails to cross 16781.55 mark again in 2—3 days time but today’s price action is not supporting it completely, furthermore looking at the daily chart pattern and some other technical parameters it seems that the up movement may still not be over ,so now if it moves above 16781.55 and sustain then this rally may extend further in the range of 16880—17150 before it get exhausted, although weekly and monthly charts are tremendously weak and the long term trend is hugely bearish . Therefore there is no doubt that this on- going up move is a pull- back rally and once it get exhausted in all likelihood the recent bottom of 16192.25 &15762.20 it made on 10-9-2015 & 7-9-2015 will be taken out in coming days/weeks. But development on the daily chart should not be ignored to catch the day to day market movement in time for your own benefit. It is very important to move with the market flow.

There are three reasons why it could move up:-

1.RSI is showing positive divergence on the daily chart, please note that this indicator should be viewed in sync with other technical parameter, which are not supporting it now ,but still you cannot ignore it.

2.It is running above  its lower band of the short term moving averages range which is between 17129—16420(it changes every day).

3.Although it has made double top at 16781.55 but it has also made higher bottom at 16192.25.

 The range for it is between 16420—16782 for 14-9-2015 and breakout on either side from this will decide the further price action. Till it holds 16192.25 level short trade should also be handled with care.

Strategy for Short Calls:-

1.Initiate fresh short call if it sustain below 16670 and then below 16400 with a stop loss of above 16460 & 16700 or  near 16780 with a stop loss of above 16820. One can add on position if it sustain below 16188 with a stop loss of above 16230.

2.Those who are still holding short position will have to be alert and take action  keeping the range of  16420—16782 in mind .

Suggestion

(A)Can cut short position if it maintains above 16670.55 for sometime and re-enter position if it breaks this mark again and sustain with a stop loss of 16700.

(B) It is suggested to square short position if it sustain above 16782 for     5—10 minutes similarly re-enter position if it breaks this mark again and sustain below it

Strategy for Long Calls:-

1.Those who are still carrying position can hold with a stop loss of below 16400 but the authentic stop loss is below 16180 which may please note. Avoid fresh position below 16670.55.

2. Aggressive day trader can initiate fresh trade above 16670.55 with a stop loss of below .

I once again repeat that the pull back rallies shows strength on the face of it but are inherently weak in nature and may end most of the time without giving proper signal, but the price movement has to be respected as it is showing some resilience now and may move up further, even then I would caution long trader to handle their trade vigilantly and with extreme care, because the trend is down and this rally may fizzle out any time.

Remark :- The long term trend is down and I prefer not to go against the trend ,therefore personally I would not like to take advantage of the remaining  expected up move  instead I would look for the opportunity to initiate sell call .

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.

TATA STEEL LTD--A TECHNICAL VIEW--11-9-2015

Tata Steel Ltd

It had huge support in the range of 214--200-195 and it bounced back from 200.10 level and now looking good on the daily chart and given upside breakout from the recent top of 234.60, so the upside target could be 254.90/268.50/274,if it hold the range of 230--226 but it is hugely bearish on the weekly and monthly chart. Therefore the on- going rally seems to be a pullback only as of now. One can try long call at current level or on dip but avoid fresh trade below 234 and  get alerted in trade below 230 and exit trade if it breaks 225 level.

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--11-9-2015

CNX-NIFTY

Closed at 7788.10 on 10-9-15.

Support:--7678.50/7667.25/7539.50

Resistance:-7846.05/7881/7940--7962/7997/8065.

It opened with a huge gap down at 7729.05 and went down further and made a low of 7678.50 for the day. It gave all the indication that the on- going pull back rally may be over, but in last 45 minutes of trade it staged a stupendous recovery and crossed the previous day's closing of 7818.60 by a whisker and hit 7819.85 mark before closing the day 30 points lower at 7788.10.

It exhibited huge volatility today and the move was surprising and gave some indication that the pull back rally may not be over yet and can continue for few days only if it moves above 7846.05 and sustain, if it does then this rally can extend further and may get exhausted in the range of 7940--7962, similarly if it moves below 7667 and sustain then this rally will fall flat. Therefore those who are carrying short position should get alerted above 7825 and avoid fresh short and exit position if it sustain above 7850 and for those who are holding long position now should get alerted below 7740 and avoid fresh long below 7723 and exit trade below 7700 but the authentic stop loss for long trade would be below 7667 which may please note.

Remark:- The trend is down but looking at today's volatility ,it is suggested to watch the market for sometime tomorrow before initiating any fresh trade and for existing trade take action as suggested above. I once again caution that pull back rallies in downtrend are very treacherous therefore trader should be very vigilant and careful specially in long trades.

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-BANK NIFTY-TECHNICAL VIEW--11-9-2015

CNX-BANK NIFTY

Closed at 16597.65 on 10-9-15.

Support:-16452/16188/16120/15933.

Resistance:-16670/16730/16781.55/16880/16984.

Today it behaved the same way as Nifty has but it is still below the bear market territory threshold level of 16730. Although not much has changed technically but today's move showed some underline strength ,so this rally may  extend if it moves above 16782 and sustain, if it does then it could hit the range of 16880---17250 , therefore those who are carrying short position now should get alerted above 16730 and exit trade if it sustain above 16782,avoid fresh short trade above 16670 similarly those who are holding long trade should get alerted below 16400 and exit trade below 16188,avoid fresh long trade below 16400.

It is needless to mention here that this is a pullback rally and after it gets exhausted, it is going to seek much lower levels then what we have seen in the recent past. So watch out.

Remark:-In view of today's volatility, it is suggested to watch the market for sometime tomorrow before initiating either side trade position and for existing trade position's take action 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 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 VIEW-10-9-15

CNX-NIFTY

Closed at 7818.60 on 9-9-15.

Support:-7723.85/7708/7667.25/7539.50/7450--7422.

Resistance:-7840--7881/7940--7972/7997/8065/8092.

The up rally which started yesterday continued today also and gave no sign of exhaustion at any point of time during the day, looking at the strength of the move today it seems that this rally may continue for another few days and may get exhausted either in the range of 7840--7881 or 7940--7972,but if it moves above 7972 and sustain then this rally may extend further. Kindly note that it will show some strength if it moves above 8183(it changes every day) and sustain, chances of which are not looking that bright at this point if time.

Please note that the on- going up move is just strong nature d pull back rally only, so be alert and don't  get caught unaware in this rally, because sometimes these rallies exhaust without giving any warning signal. Therefore long trade should be handled with extreme caution and care.

Trading Strategy

1.Those who are still  holding long trade should get alerted below 7744 and exit trade below 7708. Since the stop loss is at much low level it is suggested to book part profit in the trade at current rate and on the rise too, because it will face huge resistance in the range of 7840--7881.

2.Those who want to initiate fresh long trade can try it on the dip also but not below 7764, the stop loss would be same as suggested above or can try it above 7881 with a stop loss of below 7840.

3.Can try sell call below 7744 with a stop loss of above 7805 and add on to position below 7708 with a stop loss of above 7744 or try sell call in the range of 7840-7881 with a stop loss of above 7900.

Remark:--The trend is still down and it is just a pullback rally which may fizzle out any time, therefore I caution long trader to be extra vigilant and careful in their trade. I would personally avoid long trade.

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-BANK NIFTY--A TECHNICAL VIEW-10-9-15

CNX-BANK NIFTY

Closed at 16631.50 on 9-9-15.

Support:-16452/16419/16188/16120/15933.

Resistance:-16670/16730/16781.55/16880/16984/17150.

The pull back rally which started yesterday continued its robust up move today also and went beyond the benchmark level of 16730 for remaining in the bear market territory and hit a high of 16781.55 but closed below the benchmark level, so still it is in the bear market. But today's price movement showed no signs of weakness therefore this rally may continue for another 2-3 days and may get exhausted in the range of 16837--16984--17150 or it may have already exhausted today since after crossing the threshold level of 16730(to remain in bear market) it could not sustain above it , so if it does not cross 16781.55 mark  tomorrow then it may be construed that the on -going pull back rally may be over.

It is needless to mention here that the pull back rallies are treacherous in nature and may end abruptly also.

Trading Strategy

1.Those who are still holding long position are advised to book at least part profit  in their trade at current levels because resistance levels are very close in the range of 16670--16730--16840 and stop loss is at much lower level of 16400.  Therefore it would be prudent to exit long call completely at current level and on the rise and think of fresh long trade only, if it moves above 16840 and sustain with a stop loss of below 16720.

2.Can try sell call at current level and on the rise but below 16840 with a stop loss of above 16880 or sell below 16400 with a stop loss of above 16470.

Remark:- Since it is in bear market territory and  it could not sustain the important level of 16730 today ,which is an indicative that this pull back rally may be over or near it, so long call is ruled out for tomorrow if it remains below 16840 instead sell call is suggested 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 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 NIFTY--A TECHNICAL VIEW---9-9-2015

CNX-BANK NIFTY

Closed at 16350.95 on 8-9-2015.

I was expecting a pullback rally from a little lower range of 15535--15425--15140 but it happened from the current level of 15790,it is really difficult to time these rally. It gave a robust up move today and hit a high of 16419 for the day before closing the day near the high at 16350.95, today's rally showed tremendous strength and if it manages to hold the level of 16180 this rally may last for another 2-3 days and moving up it would tough resistance at 16460/16671/16730/16880/ 16985.Going down it will find support at 16180/16120/15933/ 15888/15819/15762/15535/15130.

It is important to mention here that it is still in bear market territory , therefore one cannot rely on the single days strength of the pull back rally because these rallies may fizzle out abruptly also therefore one should be vigilant in long trades. Please note that it can come out of the bear territory if it moves above 16730 and sustain.

Trading Strategy

1.Those holding long position can hold but get alerted below 16180 and exit trade below 16120,since stop loss is much lower, therefore it is suggested to book at least part profit in your trade, so in case market chooses to go down you cannot end up making losses.

2. Day trader can take fresh long call above 16460 with a stop loss of below 16400.

3. Short call can be tried if it consistently starts trading below 16180 with a stop loss of above 16240 or near 16670--16730 with a stop loss of above 16780.

Remark:-Since the trend is bearish, therefore despite today's robust pull back up move one should be circumspect in the long trade because this rally may end any moment .

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 VIEW---9-9-2015

CNX-NIFTY

Closed at 7688.25 on 8-9-2015.

It opened firm today at 7587.70 and breached the important bottom of 7540 by a whisker for a while and made a low of 7539.50 for the day and thereafter it steadily moved up and hit a high of 7720.90 before closing the day at 7688.25.

 As expected it gave an up move today, it was a robust up rally and that was not expected but the pull back rallies are like this only and unpredictable in nature. Since it is within the very important range of 7724--7667--7626 therefore if it moves above 7724 tomorrow and sustain then this rally may last for another 2-3 days otherwise it may end abruptly also. If it moves above 7724 then the next important level to watch out on the upside are at 7780/7840/7940--62 where this rally may get exhausted. Please note that if it consistently starts trading below 7667 tomorrow and then break 7626 mark and sustain then that may be the end if this rally.

Trading Strategy

1.Those holding long positions are advised to get alerted below 7667 and exit trade if it starts trading below 7626,please avoid fresh long call below 7667. One can add on to long position if it moves above 7724 and sustain with a stop loss of below 7680.

2. Short call can be initiated if it consistently starts trading below 7667 with a stop loss of above 7690. One can add on to position below 7626 with a stop loss of above 7667 or if it does not cross 7724 mark in first two hours of trade then go short around 7700--7720 with a stop loss of 7745.

Support:-7685/7667/7655/7626/7540/7526.

Resistance:-7710/7720.90/7750/7815/7840/7880/7940-7962.

Remark:-The trend is down, it is just a pull -back rally so be alert in your long trade and don't get carried away because these -rally may fade away without giving due warning signal.

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----8-9-2015

TRADING CALLS

Note: Price stated here is of spot market.

1.     DR.REDDYS LAB

 Sell below 3930, S/L-3950, Target-3850.

2. ADANI PORT

Sell below 320, S/L-323, Target-309/300/298.

3. APOLLO HOSPITAL

Sell below 1250, S/L-1265, Target-1195/1150.

4. AUROBINDO PHARMA

Sell below 705, S/L-711, Target-695/689/680/675.

5. AXIS BANK

Sell below 446.75, S/L-450, Target-424.

6. BHARAT FORGE

Sell below 1005, S/L-1016, Target--995/930/875.

7. CIPLA

Sell below 644, S/L--650, Target--633/626/605.

8. SIEMENS

Sell below 1137, S/L--1144, Target--1105/1080.

9. S.B.I

Sell below 220, S/L--222, Target--216/203/191.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-BANK NIFTY--A TECHNICAL VIEW--8-9-2015

CNX-BANK NIFTY

Closed at 15790.10  on 7-9-2015.

It is already in the bear market territory (see my post for 7-9-15) and today it has given fresh breakdown and gone below the low of previous week which was at 15933.15 and this break is exhibiting further huge weakness in it and slowly and steadily it is expected to open new downside range in coming days/weeks, however in between the short up rallies cannot be ruled out but it is better to avoid taking advantage of these rallies in the bear market. Please note that it may take support for a while in the range of 15530--15425--15130 and may stage a short pull back rally from here before fresh breakdown down happens.

Going down it will find good support at 15535/15425/15130.35/14709.10/14338.65 and moving up it will encounter resistance at 15933.15/16130/16223/16670.55/16730.

Trading Strategy

1. It is suggested to avoid long call for safe and positional trader but for day trader if they wish to can try long call above 15790 with a stop loss of below 15750 or above 15935 with a stop loss of below 15880. Avoid long call below 15760 on 8-9-15 for sure.

2. Sell on the rise but below 15933 with a stop loss of above 15970 or below 15760 with a stop loss of above 15800.

Remark:-Since it is in bear trend therefore it is suggested to look for selling opportunity rather than trying buy call because one may get trapped in buy call in the bear market up rallies. Therefore sell on the rise till clarity on bottom formation emerges and that seems far away at this point of time.

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 VIEW---8-9-2015

CNX-NIFTY

Closed at 7558.80 on 7-9-2015

Support:-7540/7526/7450--7422/7350/7250/7118.

Resistance:-7627/7655.05/7667.25/7685.95/7724/7780/7840/7940--7962.

It opened firm and on a positive note at 7685.85 and hit a high of 7705.05 for the day but could not hold on at upper level and slipped into red after some time and plunged sharply in the 2nd half of the day and made a low of 7545.90 and closed the day near the low.

The trend is down and it is opening new downside range every other day which shows tremendous weakness in it and indicate that moderate to severe fall ahead in coming days/weeks. However  as I always write that in between short rallies could happen from time to time but the steady trend is hugely down therefore don't get caught into these rallies and combat these rallies smartly with the help of support and resistance points. In fact I would suggest to avoid taking advantage of these rallies, therefore long trades are ruled out till clarity on firm bottom formation emerges.

Since it is near an important support range of 7540--7526 and today it has respected this range therefore if it hold this range tomorrow then it may give a short up rally from here, therefore those who want to try long call can try around this range with a stop loss of below 7520 but moving up it will face huge resistance in the range of 7627--7655.05--7667.25--7685.85/7724,therefore even if it gives an up rally it seems difficult to cross this range. One should be circumspect in long trade and avoid fresh long call below 7526 for sure.

I would suggest to try short call on the rise but below 7667 with a stop loss of above 7695 or below 7540 with a stop loss of above 7565.

Remark:-The trend is hugely bearish therefore it is suggested to try short call at appropriate points and it is better to avoid long call for now.

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 VIEW--7-9-2015

CNX-NIFTY

Closed at 7655.05 on 4-9-2015.

As expected yesterday's pull back rally was abruptly fizzled out today and as anticipated it broke the recent bottom of 7667.25 it made on 25-8-15(see my Post for 2-9-15) and hit a low of 7626.85 and closed around 29 points above the low of the day which shows huge weakness in it and indicate further fall ahead and the fall can be moderate to huge.

Furthermore  you would recall that I have mentioned about the  Head & Shoulder pattern on the weekly chart(see my Post for 2-9-15) and it has decisively broken its neckline on the weekend basis ,which was in the range of 7940--7962 ,therefore it is expected that the pattern will come into play and if it does, then it can drag down the nifty to 6900--6780 level in the coming weeks, but if the pattern  negates then it will have to move above the neckline range of 7940-7962 in the coming week, chances of which are looking slim at this point of time.

Support:-7626.85/7540/7457--7422/7350/7295/7250/7118/7080.

Resistance:-7667.25/7724/7780/7840/7940-7972.

Trading Strategy

1.It is suggested to avoid long call but those who want to try can try it above 7667.25 only with a stop loss of below 7620.

2.Short call is suggested below 7667.25 and below 7626 for sure with a stop loss of above 7685 or on the rise at proper levels.

Remark:-Please note that,I have been repeatedly writing in my post  that the trend is down and it is clearly sell on the rise market ,therefore long call should be completely avoided by safe and positional trader and can only be tried it bottom formation sign are visible, however day trader can try both long and short call depending on the price movement of the day.

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-BANK NIFTY--A TECHNICAL VIEW---7-9-2015

CNX-BANK NIFTY

Closed at 16129.10 on 4-9-2015

It is terribly bad on the technical chart and now it is down by more than 20% from the top of 20907.55, which means it has already entered into the bear market territory and the threshold limit for the same is at 16730, so if it moves above this mark and sustain then only it can come out of the bear market. You are well aware that the bear markets are very painful and witness continuous value erosion, therefore long trades are ruled out below 16730 and it should only be tried when sign of bear trend culmination are visible. Therefore as of now it is clearly sell on the rise market.

Furthermore  most of the technical parameter on daily, weekly and monthly chart indicate moderate to huge fall ahead provided bear trend continues, and if it does then it could be heading for much lower levels which could be in the range of 14338---12800. Please note that break below 12800 can drag it down to unbelievable lower levels. However in between up rallies cannot be ruled out.

One of the most important observation I want to share is that Cnx-Bank Nifty movement has huge bearing on the Cnx-Nifty's movement ,since the Bank Nifty is already in the bear market therefore it is likely that Nifty may follow suit in coming days. The threshold level for Nifty getting into bear market territory is at 7295. So watch out.

Trading Strategy

1.It is suggested to avoid long call now but those who want to ,can try above 16130 or near 15940 with a stop loss of below 16090 and 15880 respectively.

2.Sell call suggested below 16120 and below 15930 for sure with a stop loss of above 16160 and 15980 or on the rise near 16670--16730 with a stop loss of above 16800.

Support:-15933/15888/15130/14709/14338.65/13414/12738.

Resistance:-16670.55/16730/17569.80.

Remark:- Since it is in bear territory therefore long call should be avoided  below 16730 for sure instead short call can be tried at appropriate levels with an adequate stop loss.

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.