CNX-BANK NIFTY--A TECHNICAL VIEW--14-10-2015

CNX--BANK NIFTY

Closed at 17554.85 on 13-10-15.

Support:-17502.45/17401.20/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17652.35/17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a negative note at 17530.55 and made a high of 17632.25 and a low of 17473.70 before closing the day at 17554.85. In last six days it has violated its most critical support point of 17537.45(it changes every day) five times but managed to close above it, furthermore it has not yet  given an up-side breakout from the neckline which would be at 17765 for 14-10-2015 after its failed attempt on 6-10-2015 which is a weak indication. However please note that it will give first sign of crack if it breaks and close below its most critical support point of 17537.45(it changes every day) and sustain and then close below the recent bottom of 17401.20 on the bar chart and sustain and finally break and close below 17200 will confirm the end of this rally similarly a sustained  up- side breakout will show strength. As of now it seems that it hangs in balance with slight downward bias, therefore it is suggested to avoid long call till it gives up-side breakout and sustain.

TRADING STRATEGY FOR-14-10-15

1.It  would be safe to try long call only  if it sustain above 17765  for at least 2-3 days with a stop loss of below 17640.

2. Aggressive day trader can try long call above 17538 with a stop loss of below 17450.It could be a risky trade.

3. Aggressive trader can try short call near 17765 but not above this with a stop loss of above 17840.It could be risky trade but worth trying.

4. Short call can be tried if it maintains below 17538 with a stop loss of above 17660.It could be a risky trade.

Remark:-The long term trend is still down .It is exhibiting weakness in totality therefore long trade is ruled out till it shows some  strength or move above 17765 and sustain, instead short 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.

AN OBSERVATION ON CNX-NIFTY-11-10-2015

AN OBSERVATION  ON CNX-NIFTY

It made bottom at 7539.50 on 8-9-2015 and recent  high of 8232.20 on 9-10-2015, so in 21 days it went up by 9.19% but after making the said bottom it made a higher bottom at 7691.20 on 29-9-2015 and from there to the recent high of 8232.20 it has given a rise of 7.03% in just 8 trading  days, the speed with which it rose in last 8 days may be an indicative of the rally exhaustion before continuing up move again or finally end of the rally. It is important to state here that it is still in long term downtrend and in between sharp pull back rallies like this happens in downtrend and gives a feel of that everything is OK and the major bottom is in place but invariably it behaves otherwise most of the times. However price movement has to be respected therefore as long as it holds 8000—7940 levels it seems OK but break and close below 8129 level will indicate first sign of weakness. Moving up the range of 8195.65---8283 will pose very stiff resistance and crossing this range may not be easy. Furthermore the 61.8% retracement point from the top & bottom of 8654.75 & 7539.50 was at 8228.72 and it has also hit this mark on 9-10-2015 but closed lower at 8189.70. Please note that  the range of 8195.65---8283  is very critical and if it does not cross this range in the coming week starting from 12-10-15 then it can correct quite sharply from here therefore be alert and watchful  around this range specially in long trade so that one may not get trapped at higher levels. In nut shell it seems that the on- going rally may be near the culmination point, if it fails to cross the critical range.

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--12-10-2015

CNX-NIFTY

Closed at 8189.70 on 9-10-15.

Support:- 8091.80/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8195.65/8232.20/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/     8489.55/8504.95/8530.60/8561.35/8621.55.

After yesterday’s key reversal , today’s move was totally unexpected, however it did crossed the critical point of 8195.65 intra -day and  also filled the  gap in the range of 8225 it left on 24-8-15 but failed to close above 8195.65 mark ,as of now it is technically looking ok. It is well above its critical support point of 8132.62(it changes every day) and its recent bottom on the line chart at 8129.35.Please note that if it break these points and  close below it then it will be the first sign of crack in the on- going move and finally break and close below 8040 & 8000 will confirm that the up move may be over, similarly moving up it will face stiff resistance at 8195.65 and then in the range of 8232--8283 for the whole of next week, therefore it is suggested to try fresh long trade only if it moves above 8195.65 and sustain with a stop loss of below 8090. It is also suggested that if it consistently starts trading below 8129 then avoid adding on fresh long position because then you may get a chance to buy at the next critical point range of 8040—8000 but avoid buying below 8000 for sure.  

TRADING STRATEGY FOR-12-10-15

1. For safe trader fresh long call should only be tried if it closes above 8195.65 and sustain for at least 2-3 days with a stop loss of below 8090.

2. Aggressive day trader can try long call if it sustains above 8195.65 for at least 1- hours with a stop loss of below 8090.

3. Long call can be tried near 8040-8000 but not below 8000 with a stop loss of below 7940. It could be a risky trade.

4. It would be safe to try short call if it sustains below 7940 with a stop loss of above 8000.

5. Short call can be tried if it sustain below and 8000 with a stop loss of above 8060.

6. Aggressive short call can be tried if it sustain below 8120 with a stop loss of above 8200 for a target of 8040 & 8000. It could be a risky trade but worth trying.

7. Aggressive day trader can try short call if it sustains below 8195.65 for at least 1- hours with a stop loss of above 8250. It could be a risky trade but worth trying.

Remark:-The long term trend is still down. The short and intermediate trend is looking up. Yesterday’s key reversal was completely negated today  but it is still below its important point of 8195.65, therefore it is  suggested for safe and positional traders to try long call only if it closes above 8195.65 and sustain it for at least 2-3 days but day trader can take trade position 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 NIFTY--A TECHNICAL VIEW--12-10-2015

CNX--BANK NIFTY

Closed at 17590.25 on 9-10-15.

Support:-17502.45/17401.20/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17652.35/17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened with an up gap at 17640.40 and made a high of 17749.55 and thereafter made a low of 17498.45 before closing the day at 17590.25. It almost touched the short term rising trend line and neckline point of 17750 but could not cross it and retreated back from there, it also broke its most critical support point of 17538.50 intra day but managed to close above it. It hangs in balance now neither showing good strength nor exhibiting complete weakness .Please note that if it fails to show strength in the next week then  reasonable to sharp fall may be in store. For 12-10-2015 its important technical parameters are placed as follows.

(A)    Short term rising trend line at 17835

(B)     Head & Shoulder pattern neckline at 17765.

(C)     Critical support point at 17538(it changes every day)

(D)    Recent bottom on the bar chat at 17401.20

(E)       On the line chart it is making lower top and bottom the recent top and bottom are at 17616.80 and 17474.30.

(F)      Short term moving average range is between 17477-17180(it changes every day).

In view of the above please note that it will gain good strength once it gives up side breakout from the neckline of 17765 and sustain, therefore fresh long trade should only be initiated after it sustains the breakout for at least 2-3 days, similarly it will give first sign of weakness if it closes below its critical point of 17538 and then below 17401 and finally if it breaks and closes below the last point of 17180 and consistently remains below it will confirm the  rally may be over for good. Although it hangs in balance now but overall technical tilt is slightly towards downside.

TRADING STRATEGY FOR-12-10-15

1.It  would be safe to try long call only  if it sustain above 17765 with a stop loss of below 17640.

2. Aggressive day trader can try long call above 17538 with a stop loss of below 17450.It could be a risky trade.

3. Aggressive trader can try short call near 17765 but not above this with a stop loss of above 17840.It could be risky trade but worth trying.

4. Short call can be tried if it maintains below 17538 with a stop loss of above 17660.It could be a risky trade.

Remark:-The long term trend is still down .It is exhibiting weakness in totality therefore long trade is ruled out till it shows some  strength or move above 17765 and sustain, instead short 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.

TRADING CALLS FOR--12-10-2015

CNX-NIFTY--A TECHNICAL VIEW--9-10-2015

CNX-NIFTY

Closed at 8129.35 on 8-10-15.

Support:--8091.80/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8195/8225/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8621.55.

It has given a perfect key reversal today, it opened at 8196.75 above the high of  the previous day and closed below the low of the previous day, furthermore it has also broken its first downside most critical support point of 8132.55(it changes every day),therefore in all likelihood the on-going rally seems to be over but the only glimmer of hope is that since it is holding on the neckline which is in the range of 8040-8020  therefore it cannot be said convincingly that the rally is over till the aforesaid points are taken out decisively, however seeing today’s  move in all probability it looks like that the rally may be over, therefore just to be on the safe side  it is suggested to try fresh long trade  only  if it moves above 8196.75 and sustain for at least  3-4 days. However Aggressive traders can try long trade near 8040-8010 but not below 8000 with a stop loss of below 7940. In view of the key reversal today caution is advised in long trades.

TRADING STRATEGY FOR-9-10-15

1.For safe trader fresh long call  should be tried  if it moves above 8196.75 and sustain for 3-4 days with a stop loss of below 8090.

2.Aggressive trader can try long call near 8040-8010 but not below 8000 with a stop loss of below 7940. Please note that in view of today’s key reversal this could be a risky trade.

3. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000.

4. Aggressive trader can try short call if it sustain below 7990 with a stop loss of above 8060.

Remark:-The long term trend is still down. In view of today’s perfect key reversal, it is suggested to wait and watch for some time before initiating fresh long trade or trade 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 NIFTY--A TECHNICAL VIEW--9-10-2015

CNX--BANK NIFTY

Closed at 17474.30 on 8-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a flat to positive note at 17622.85 and the open was the high also and thereafter it steadily moved down and made a low of 17401.20 before closing the day at 17474.30. It decisively broke its short term rising trend line today which was at 17600 and also broke its most critical support point of 17539(it changes every day) and it is needless to mention here that it has not yet given up- side breakout from the neckline after the first failed attempt on 6-10-2015. In totality it is showing huge weakness and if does improve and show strength in next 2-3 days time then it may go in for deep down correction from here. The short term rising trend line and Head & Shoulder pattern neckline would be at 17750 and critical point at 17538.50(it changes every day) for 9-10-2015 and to show good strength it has to cross both the points and sustain particularly above 17750 chances of which seems bleak at this point of time similarly break below 17100 will confirm that this on-going up move may be over. Please note that on the line chart the up move seems to be over as it has already made lower top and bottom, so chances of going down seems much brighter then moving up from here, therefore it is suggested  to avoid long call now and  try it only above 17750  with a stop loss of below 17640.          

TRADING STRATEGY FOR-9-10-15

1.It is suggested to try long  trade only if it sustain above 17750 with a stop loss of below 17640.

2. Short call can be tried if it maintains below 17538.50 with a stop loss of above 17660.

Remark:-The long term trend is still down .It is exhibiting huge weakness therefore long trade is ruled out till it shows some  strength or move above 17750 and sustain, instead short 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.

TRADING CALLS FOR---9-10-2015

TRADING CALLS FOR ---8-10-2015

CNX-NIFTY-A TECHNICAL VIEW--8-10-2015

CNX-NIFTY

Closed at 8177.40 on 7-10-15.

Support:--8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8621.55.

It opened on a flat to slightly negative note at 8146.20 and made a low of 8132.90 and a high of 8188.90 before closing the day near the high at 8177.40.Today it moved within its important range of 8132(it changes every day)—8195.65. Technically looking ok now but as said earlier it will show good strength if it moves above 8195.65 mark and sustain and on the downside it will remain good technically as long as it holds 8040 & 8000 mark ,therefore fresh buying is suggested if it crosses and sustain above 8195.65 or on reasonable decline and not at the present level. Please note that the alert points for long trades are at 8132, 8040 & 8020 and exit point is below 7940 which may be kept in mind while initiating trades, It is suggested to  slow down the pace of buying on decline if alert points are broken because then you may get a chance to buy near the next point. Fresh buying should be completely avoided below 8020. 

It is important to mention here that today was the 6^th day of rise, so it is getting highly vulnerable for correction and with each passing rising day its vulnerability for correction will increase, therefore be alert and don’t get trapped at higher levels because correction can happen tomorrow or may be in another 2-3 days which may please be noted. As of now any correction would be a buying opportunity till it holds 8020 but not to forget the first alert point of 8132.

TRADING STRATEGY FOR-8-10-15

1. Long call can be tried near 8132 then near 8050—65 and finally near 8020 with a stop loss of below 7940, one can place shorter stop loss below 7990 also or buy if it sustain above 8195.65 with a stop loss of below 8120.

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000.

3. Aggressive trader can try short call if it sustain below 8005 with a stop loss of above 8065.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Therefore for 8-10-2015 it is suggested to buy only if it crosses 8195.65 mark and sustain or on reasonable decline but not below 8020.   

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--8-10-2015

CNX--BANK NIFTY

Closed at 17616.80 on 7-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a negative note at 17577.50 and made a low of 17500.35 and a high of 17674.55 before closing the day flat at 17616.80. It is not showing the required strength for sustained up move at all. It did not make an attempt today to give up side breakout from the Inverse Head & Shoulder pattern neckline after yesterday’s failed attempt, the neck line is at 17740 ,furthermore it again broke its down side critical point which was at 17539(it changes every day)but managed to close above it, now it is just resting on its short term rising trend line which would be at 17600 for 8-10-2015. So overall it is exhibiting weakness and is critically poised, in fact on the edge now and if it fails to give up side breakout in next 1-2 days then this pattern could fail. Please note that for 8-10-2015 break below the trend line mark of 17600 will signal the first crack on this on going up move and consistent trading below 17539 level will indicate potential weakness and finally below 17100 it will give confirmation that the up move may be over. Therefore long call should only be tried if it moves 17740 and sustain on 8-10-2015.

TRADING STRATEGY FOR-8-10-15

1. It would be safe to initiate long trade if it sustain above 17740 with a stop loss of below 17600.

2. Short call can only be tried if it consistently trades below 17539 for some time with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is slightly looking up. But since it had failed to give an up -side breakout from the neckline it is suggested to initiate fresh long trade only if it moves above 17740 and sustain. Short cal 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.

TRADING CALLS FOR-7-10-2015

CNX-NIFTY--A TECHNICAL VIEW--7-10-2015

CNX-NIFTY

Closed at 8152.90 on 6-10-15.

Support:-- 8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70.

It opened with a huge up gap at 8180.45 and made a high of 8180.95 but could not sustain at higher level and thereafter gradually moved down and made a low of 8096.50 before closing the day reasonably good at 8152.90. After decisive up-side breakout from the neck line yesterday the follow up movement was good and moving up it had also crossed two major resistance point of 8132 & 8146(it changes every day) and if it crosses 8195 mark and sustain then it will show good strength and  may give moderate to good rise. Similarly the alert points for long trades are 8132, 8040 & 8020(it changes every day) and exit point is below 7940.

It is important to mention here that Bank Nifty had not moved in sync with Nifty today ,in fact it showed weakness , it is needles to mention here that Bank Nifty influence nifty’s movement to a greater extent ,therefore if Bank Nifty does not show strength in next 2-3 days instead weakens further then nifty may also fall in line. So be watchful and keep an eye on Bank Nifty movement as well to have balanced trading approach.

TRADING STRATEGY  FOR-7-10-15

1.Long call can be tried  now or on the dip but not below 8020 ,the authentic stop loss for long trade would be slightly wider below 7940 ,one can place shorter stop loss below 7990 also. 

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000.

3.Aggressive trader can try short call  if it sustain below 8005 with a stop loss of above 8065.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Therefore it is suggested to adopt buy on dip strategy till it holds 8020.   

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--7-10-2015

CNX--BANK NIFTY

Closed at 17605.35 on 6-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:- 17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened with an up gap at 17822.70 and made a high of 17827.15 and thereafter steadily moved down and made a low of 17493.75 before closing the day at 17605.35. It did give upside breakout from the neckline today but could not hold it and fell below it which indicates some sort of weakness however it may make an attempt to cross the neckline again in next 2-3 days time, if it does and cross the neckline and sustain then it can give good rise. Its neckline would be at 17740 for 7-10-2015.  Furthermore it did break its very critical level of 17539(it changes every day) intra-day but managed to close above it, so overall today’s move was not encouraging and in fact showed weakness. Please note that it will show good strength once it gives up side breakout from the neckline (17740) and sustain similarly it will show potential weakness if it sustain below 17539(it changes every day) and 17150.

TRADING STRATEGY  FOR-7-10-15

1. It would be safe to initiate long trade if it sustain above 17740 with a stop loss of below 17640.

2. Aggressive trader can try buy call near 17539 but not below this with a stop loss of below 17450.It could be a risky trade.

3. Short call can only be tried if it sustains below 17500(it is trend line support) with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Since it had a failed attempt for up -side breakout from the neckline it is suggested to initiate fresh long trade if it sustains above 17740 only. Short trade should be avoided for now and can only be tried if it consistently trade below 17500 with suggested stop loss.  

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-6-10-2015

CNX-NIFTY- A TECHNICAL VIEW--6-10-2015

CNX-NIFTY

Closed at 8119.30 on 5-10-15.

Support:-- 8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70.

It opened on a tremendously firm note at 8005.10 and the open was the low also thereafter it never looked back and steadily moved up and made a high of 8128.90 before closing the day near the high at 8119.30. It gave a huge up side breakout from the neckline of the inverse Head & Shoulder pattern on the daily bar chart and moved above the Head & Shoulder pattern neckline on the weekly bar chart also. The neckline for both the pattern was in the range of 8040—8065( see my post for 28-9-2015). This gives a very positive indication for the up move to continue provided it hold this range of 8040—8065 and then 8000 mark for the next 3-4 days, if it does hold then it can give good rise from here. Moving up it will face hurdle at 8135, 8160(it changes every day) & 8195.65 once it crosses these levels and sustain it will show further strength. Today’s move indicated to adopt buy on dip strategy but since it was  the first day of up-side  breakout ,so it has to be seen whether it will sustain it or not therefore long traders should not be extra ordinarily enthusiastic. It seems that it may sustain this breakout and up move may continue, therefore till it holds 8040 and 8000 mark short call should be avoided and only long call can be tried now or buy on decline. 

TRADING STRATEGY FOR-6-10-15

1.Long call can be tried  now or on the dip but not below 8005 ,the authentic stop loss for long trade would be slightly wider below 7940 ,one can place shorter stop loss below 7990 also. 

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000. Hopefully trader won’t get chance of this trade tomorrow.

Remark:-The long term trend is still down but short and intermediate trend is looking up .Today’s up- side breakout was huge  and clearly indicates to adopt buy on dip strategy till 8040 and 8000 levels are taken out decisively. Short trade should be avoided for now and can only be tried below 7940.   

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--6-10-15.

CNX--BANK NIFTY

Closed at 17674.05 on 5-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:- 17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on an extremely firm note at 17373.55 and made a low of 17362.70 and thereafter steadily moved up and made a high of 17699.75 before closing the day near the high at 17674.05. It had crossed all the hurdle in the range of 17215—17550(see my post for 5-10-2015) decisively today which shows   strength, but it is yet to give the up- side breakout from the neckline of the Inverse Head & Shoulder pattern (see my post for 28-9-15) which would be at 17740 for 6-10-15 it is very close to it now and if it does give a breakout and sustain then it can give good up move. Therefore fresh long trade should only be initiated above 17740 on 6-10-15. Please note that after giving up side breakout if it falls below the neckline and sustain then it will be the first sign of weakness and it will indicate potential weakness below 17540(it changes every day) and 17100 which may be kept in mind. The range for tomorrow is between 17740---17540 breakout on either side from this range will decide the price direction. Chances of up- side breakout is likely. Therefore short trade is ruled out for tomorrow.

TRADING STRATEGY FOR-6-10-15

1.Long call should only be initiated above 17740 with a stop loss of below 17640  or near 17540 but not below this with a stop loss of below 17450.

2. Short call can only be tried if it sustains below 17540 with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Since it is yet to give up -side breakout from the neckline it is suggested to initiate fresh long trade above 17740. Short trade should be avoided for now and can only be tried if it sustain below 17540.  

  

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--5-10-2015

CNX-NIFTY

Closed at 7950.90 on 1-10-15.

Support:--7940/ 7840/7759/ 7723 / 7678.50/7667.25/7539.50/7422.

Resistance:-7970/7997/8055/8065/ 8091.80/8195.

It had a gap up opening at 7992.05 and made a high of 8008.25 and then moved down and made a low of 7930.65 and closed at7950.90. It filled the gap it created today and closed below the high of previous day bad indication ,but it is still holding on to the short term technical parameters, therefore on the face of it, its looking ok now but the under current was  weak today. So if it fails to cross 8040-60 range decisively in next 3-4 days time then the on- going up move may fizzle out and down journey may begin. Moving up the range of 8040—8065—8092—8135 will pose very stiff resistance therefore this zone is highly vulnerable for correction. So long traders should be extra careful around 8040—8065--8092and short traders should only get worried if it moves above 8135(it changes every day) and sustains.

For 5-10-2015 its short term trend line would be at 7830, Its short term moving average range is between 7900--7823(it changes every day), It is closer to the upper band of its broad range of 7660-8060, after making lower top & bottom on the line chart  it has decisively crossed the recent top of 7868.50 which is good sign. The short term parameters are ok but not to forget that the corrective up rallies shows all the promise but can exhaust abruptly also and it gave some indication of this today. It will show potential weakness below 7820—7795—7723—7660 so if some one wait for these level to break to exit the market then it will be too late and all the gains will be wiped out therefore to some extent one has to anticipate the move ahead of time with cautiousness to capitalize on it. Looking at today’s trading pattern it is suggested that one should be very careful and cautious in the long trade at least.  In view of the above technical observation the following trading strategy is suggested.

TRADING STRATEGY

1.Long call can be tried above 7970 or above 8000 with a stop loss of below 7930 & 7945 respectively. It would be safe to try it above 8000.

2.Can try buy call near 7900  but not below it with a stop loss of below 7823.It could be a risky trade.

3. Short call can be tried if it sustains below 7940 with a stop loss of above 8000, it would be an aggressive trade and slightly risky.

4. Short call can be tried below 7860 with a stop loss of above 7900.

5. if it moves up ,it is going to face huge resistance in the range of 8040-8065 so try sell call here but not above 8065 with a stop loss of above 8150.

Remark:-The long term trend is still down. Today’s move failed to keep the yesterday’s momentum on and showed some weakness but it still hangs in balance .Therefore  one can initiate trade  position as suggested above. Since it is in the close vicinity of its highly vulnerable zone, so particularly long traders are advised to be extra careful.                                                                                              

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--5-10-2015

CNX--BANK NIFTY

Closed at 17150.20 on 1-10-15.

Support:-17070/16946/16759/16670/16648/16484/16192/15762.20.

Resistance:-17174/17216.30/17246/17465/17502.45/17542.90/17569.80/17602.

It opened on a positive note at 17362.95 and made a high of 17390.60 thereafter gradually moved down and made a low of 17111.65 before closing the day at 17150.20. It had a down day today and it showed first crack in the on-going up move by closing below its short term rising trend line which was at 17220,it would be at 17335for 5-10-15, it has fallen within its short term moving average range of  17215—16835(it changes every day) so moving up it will face resistance at 17215, it has not  yet violated its recent bottom of 17100.30 on the line chart, this is the only hope now for the current up move to continue,  but in last three days it had made  lower top of 17461.35/17449.85 & 17390.60 intra-day on the bar chart which indicates weakness. So for showing strength first it has to cross  the upper band of the moving average range of 17215 then short term rising trend line at 17335 then the recent higher top of 17461.5 and finally to cross 17550 mark(it changes every day) and sustain above it for at least 3-4 days. Looking at the weakness it exhibited in last couple of days it seems dam difficult to cross these hurdles and continue the up move. It has already given crack in the on-going up move by breaking the rising trend line and close below 17100 will confirm the weakness but since it has bed of support at 16835/16759/16670&16648 so it will show potential weakness if these levels are taken out ,chances of which looks pretty much possible in coming days. It is needles to mention here that since the trend is down and today’s move was also weak, so for safe traders  it is suggested to avoid long call below 17462 but if initiated before should be handled with caution and care.

TRADING  STRATEGY

1. It is suggested to avoid long call below 17462 but aggressive trader can try it above 17220 or 17290 with a stop loss of below 17100 & 17200 respectively.

2. Short call can be tried if it sustains below 17216 or below 17100 with a stop loss of above 17311 & 17230 and below 17031 for sure with a stop loss of above 17140, aggressive trader can try short call on the rise around 17462-17550 but not above 17550 mark with a stop loss of above 17660.

Remark:-The long term trend is still down. It has been under- performing for last few days and broken the trend line today which indicates weakness, therefore it is suggested to avoid long call now. Since the bias is down, therefore I would personally look for an opportunity to sell only till it moves above 17550 and sustain, but one can try both side trade calls 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.

INTRA-DAY--TRADING CALLS FOR--5-10-2015