CNX-NIFTY--A TECHNICAL VIEW--20-11-2015

CNX-NIFTY

Closed at 7742.75 on 18-11-15.(Open-7788.50/High-7854.90/Low-7765.45)

Support:- 7840/7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

As anticipated it did bounce back today (see post of 19-11-15) and completely recovered the previous day’s loss and closed above the recent top of 7837.55 on the line chart which shows strength and indicate that this pull back move may extend to 7861/7952/8026/8099 levels before it gets exhausted, so long call can be tried on dip but the stop loss for the same would be below 7714 for now which may please be kept in mind, so take your trading call judiciously . Please note that it is still within its short term moving averages range which is between 7859—7814(it changes every day) and its short to medium term moving averages are in the range of 7997—7905(it changes every day), therefore moving up it would find resistance at this range and once these range are taken out and sustained then it can have further smooth up ride and as it moves up stop losses will also elevate. Therefore while initiating long trade keep the above moving average range in mind. Please note that if it sustain above 7859 then stop loss for long trade would be elevated to below 7814 on the closing basis.      

Remark:-The long term trend is down. Looking at today’s move long call can be tried on dip 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--20-11-2015

CNX--BANK NIFTY

Closed at 17071.90 on 19-11-15.(Open-16944.35/High-17110.35/Low-16874.70)

Support:-16787.55/16741.80/16670/16648/16587.25/16192/15762.20.

Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

After yesterdays breakdown as anticipated it bounced back today but not in the way Nifty has. However still it is showing some strength as it is above its short term moving average range and some technical indicators are also pointing that possibly it could move up from here to 17139/17309/17478/17689 levels before this up move may get exhausted. Please note that now it is below its short to medium term moving averages range which is between 17256---17112(it changes every day). In view of the above observation long call can be tried if it sustains above 17112 with a stop loss of below 17000 for a target of 17186 and then 17355+ in a day or two.

Remark:-The long term trend is down. It seems that the pull back move is still on 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.

CNX-BANK NIFTY--A TECHNICAL VIEW--19-11-2015

CNX--BANK NIFTY

Closed at 16812.10 on 18-11-15.(Open-17108.90/High-17186.70/Low-16812.10)

Support:-16670/16648/16587.25/16192/15762.20.

Resistance:- 16881.65/16932.85/17069/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It had a complete breakdown today and as nifty it also lost the up momentum. It seems that the pull back rally may be over but there is still a glimmer of hope because certain technical parameters indicate that it could still bounce back if it holds the support range of 16740---16648 but price movement was extremely weak today and indicate otherwise . In view of the above it is suggested to avoid long trade below 16881.65 for sure and can only be tried above 16935 with a stop loss of below 16870 or within the aforesaid range of 16740--16648. Similarly short call can also be tried below 16881 with a stop loss of above 16935.

Remark:-The long term trend is down. Since it had a breakdown today therefore it is suggested to watch the market for at least 30-45 minutes before initiating any trades and thereafter take a trading call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

CNX-NIFTY--A TECHNICAL VIEW--19-11-2015

CNX-NIFTY

Closed at 7731.80 on 18-11-15.(Open-7823.15/High-7843.30/Low-7725.05)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It had a breakdown today but it is still holding the strong support range of 7723---7667(see my post for 16-11-15) and break below 7667 only will accelerate the fall. Please note that the short pull back up momentum which it built on 16^th & 17^th Nov-15  was lost today, but certain technical parameters still indicate that it could bounce back but the price movement is not supporting it now . It is therefore suggested to avoid long trade if it consistently trades below 7730.90 and below 7714 for sure. Aggressive trader can still try long call above 7730.90 with a stop loss of below 7700. Similarly short call can be tried if it trades below 7714 with a stop loss of above 7765. 

Remark:-The long term trend is down. Since it is holding critical support range of 7723—7667 both side trade can be initiated 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-NIFTY--A TECHNICAL VIEW--16-11-2015

CNX-NIFTY

Closed at 7762.25 on 13-11-15.(Open-7762.45/High-7775.10/Low-7730.90)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It had a gap down open today at 7762.45 and made a high of 7775.10 and then a low of 7730.90 before closing the weekend on a dismal note at 7762.25. So further fall is not ruled out from here but please note that the gap it created today is still there and if it makes an effort to fill this gap in next 2-3 days then it can bounce back to 7820 level at least and if it moves above 7825 and sustain then it can rise further , secondly the 76.40% retracement point from the top of 8336.30 and bottom of 7539.50 was at 7727 and a major bottom  at 7723 and it had respected both the levels today, thirdly it has made a falling wedge, so  rise from here or may be after a short fall is possible ,fourthly  it has cluster of support in the range of 7723—7667 and lastly some technical indicators are also pointing a possible upside move before it witness any further fall. Therefore overall chances of moving up are looking reasonably good till it hold the range of 7723-7667. Therefore long call can be tried above 7780 or on dip but not below 7723 with a stop loss of below 7723 and 7667 respectively, avoid adding fresh long call below 7723, however aggressive trader can try long call near 7667 also with a stop loss of below 7630. It would be safe to try long call above 7780. Please note that whatever up move if it happens would be a pull -back rally only and it could possibly get exhausted at these levels 7874/7962/8034/8105 or earlier also. Since the trend is down therefore trades should be very cautious and careful in long trade and if it consistently starts trading below 7723 then avoid fresh long call for the entire week starting from 16-11-2015 till it bounce back above 7731 and sustain.

It is important to mention here that since it has extremely good support in the range of 7723—7667 therefore short call should be avoided in this range and can only be tried if it consistently trades below 7667 with a stop loss of above 7740.

Remark:-The long term trend is down and the short term trend has also turned down but chances of a pull -back rally looks possible from here 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.

CNX-BANK NIFTY--A TECHNICAL VIEW---16-11-2015

CNX--BANK NIFTY

Closed at 16932.85 on 13-11-15.(Open-16829.30/High-16962.55/Low-16741.80)

Support:-16670/16648/16587.25/16192/15762.20.

Resistance:- 17069/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It  closed the weekend relatively on a better note in comparison with nifty but technical indicators are not giving any distinct sign of moving up from here. But since it has retraced more than 61.8% point which was at 16628 (it hit a low of 16587.25) in down correction from top and bottom of 18029.05 & 15762.20 respectively, secondly the range for the just concluded week was 17069—16587.25 and it closed near the upper band. Therefore in view of the above chances are that it could give an up rally from here before it witness any further fall.  So long call can be tried if it moves above 16970 and maintains with a stop loss of below 16890, add on position if it moves above 17069 and 17111.65 and maintains with a stop loss of below 16990 and 17030 respectively. Fresh long call should be avoided below 16930 and below 16830 for sure and if consistently starts trading below 16930 short call can be tried with a stop loss of above 16970.  Please note that whatever up move if it happens would be a pull -back rally only and it could possibly get exhausted at these levels 17138/17308/17478/17689 or earlier also. Since the trend is down therefore trades should be very cautious and careful in long trade.

Please note that its critical resistance point is at 17490(it changes every day) moving above this mark will show some strength in it.

Remark:-The long term trend is down and the short term trend has also turned down but it seems that a pull -back rally may happen, so one can initiate 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.

TRADING CALLS FOR--16-11-2015

CNX-BANK NIFTY--A TECHNICAL VIEW--13-11-2015

CNX--BANK NIFTY

Closed at 16956 on 11-11-15.(Open-16944.70/High-17016.80/Low-16935.90)

Support:-16670/16648/16587.25/16192/15762.20.

Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

As expected it broke the level of 16600(see my post for 9-11-2015) and hit a low of 16587.25 on 9-11-15 and then bounced back the same day and closed at 17003,it closed today  at 16956 but  is  still looking weak on the technical chart as it has been making lower top & bottom on the line chart. Furthermore you would recall that I had suggested avoiding long call below 17111.65 for the entire month of November-2015 which still stands (see my earlier post). The range for it now is between 17111.65---16836, therefore it would be safe to try long call above 17111.65 only but aggressive trader can try long call if it maintains above 16956 with a stop loss of below 16800, since the trend is down it could be risky trade therefore short trade seems safer option, so short call can be tried below 17956 with a stop loss of above 17130 or below 17836 with a stop loss of above 16940.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is an avoid now .It would be better to look for opportunity to sell on the rise at proper points now or try short 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-NIFTY--A TECHNICAL VIEW--13-11-15

CNX-NIFTY

Closed at 7825 on 11-11-15.(Open-7838.80/High-7847.95/Low-7819.10)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It moved up on the mohurat trading day today and closed the short trading day on a positive note at 7825 as expected but it is not showing the required strength. Today’s up move may extend for another 1-2 days before it get exhausted provided it maintains above 7825, therefore those who wish to take long call now can initiate it above 7825 with a stop loss of below 7771, please note that as the trend is down, it could be a risky trade mind you. Furthermore you would recall that I had suggested avoiding long call below 7930.65 for the entire month of November-2015  still stands(see my earlier post), so it would be safe to try long call if it moves above 7930.65 and sustains. Therefore short call can be tried on the rise but below 7930.65 with a stop loss of above 7970 or below 7771 with a stop loss of above 7810. The bias is still down.

Remark:-The long term trend is down and the short term trend has also turned down and as the technical parameters indicating further fall ahead therefore long trade is an avoid but aggressive trader can try it as suggested above. It would be better to try short trade instead as suggested above because the trend is down so short trade seems safer option.  

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.

Happy Diwali

Wishing all my readers a very happy, prosperous and safe Diwali. May Goddess Lakshmi usher wealth, health and success on you and your family.

Keep investing. Happy reading and thanks for sharing your views.

Take care,

Narendra

CNX-NIFTY--A TECHNICAL VIEW--11-11-2015 (WISHING ALL THE READERS A VERY HAPPY DIWALI)

CNX-NIFTY

Closed at 7783.35 on 10-11-15.(Open-7877.60/High-7885.10/Low-7772.85)

Support:- 7723/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7840/7930/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

As expected it broke the level of 7795 today (see my post for 9-11-15) and technical parameters further indicates that it could test the bottom of 7539.50 it made on 8-9-2015 in coming days.  Please note that since it is falling for the last five days, therefore it could give a short pull back rally from here before further fall, if it moves above 7790 and sustain, so for those who want to take advantage of this expected up move may try long trade above 7790 with a stop loss of below 7759, but as you are already aware that pull back rallies are treacherous in nature can trap you, so be vigilant and cautious if you initiate long trade. Since it is in down trend and major technical indicators suggesting down move to continue, therefore it is advised to avoid fresh long call till it gives visible sign of bottom formation, instead short call can be tried on the rise at appropriate points but below 7930.65 with a stop loss of above 7970 or below 7771 with a stop loss of above 7810.Please avoid short call above 7771. Going down it will find support at 7723/7691/7667/7539.50/7422.15/7295 which may please be noted.

Remark:-The long term trend is down and the short term trend has also turned down and as the technical parameters indicating further fall ahead therefore long trade is completely ruled out for now. It would be better to try short trade as suggested above because looking at price behavior for last few days’ short trade seems safer option.  

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--9-11-2015

CNX-NIFTY

Closed at 7954.30 on 6-11-15.(Open-7956.55/High-8002.65/Low-7926.15)

Support:-7940/ 7930/7840/7759/ 7723/7691.20/7678/7667/7539.50/7422.15/7295.

Resistance:-7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

It ended this week on a very weak note and closed near the low which is a bad sign and it is showing gross weakness on the technical chart. It could witness huge volatility and wild swings both ways on 9-11-2015 because of the outcome of Bihar election results, therefore it is suggested to watch the market for some time and initiate the trade only when it stabilizes. Since the trend is down and other technical parameters indicates that it could break 7795 level in coming days and may head further lower, therefore it is advised to avoid long call now and try it only if it closes reasonably above 8090 and sustain, please note that it will gain some strength only if it closes above 8130(it changes every day) and then above 8195.65 mark and sustain, therefore it would be relatively safe to try long call above 8130,however aggressive trader can try long call now but not below 7930 with a stop loss of below 7920 this could be a risky trade which may be kept in mind. Please also note that if it sustains below 7930 then long call should be avoided for the entire week starting from 9-11-2015 and for the month of November-2015 also till it bounces back again above this mark and sustain. It is therefore suggested to initiate short call if it consistently trade below 7930 with a stop loss of above 7970. The bias is down.

You would recall that it had Head & Shoulder pattern on the weekly chart (see my post for 28-9-15) and its neckline at present is at 8090(it changes every week). After staying above this neckline for quite sometime it has broken it again decisively and this is a bad sign because if this pattern comes into play then it could drag it down to its target range of 7100-6900(maximum). Therefore until and unless it closes reasonably above 8090 mark and sustain initiating long call would not be a good idea. 

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out till it closes above 8130(it changes every day) and sustain. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days’ short trade seems safer option.  

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--9-11-2015

CNX--BANK NIFTY

Closed at 17086.50 on 6-11-15.(Open-17003/High-17143.60/Low-16911.60)

Support:-16911.60/16670/16648/16192/15762.20.

Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

It is showing gross weakness on the technical chart but it could witness huge volatility and wild swing both ways on 9-11-2015 because of Bihar election results outcome, therefore be watchful and only initiate trade when market stabilizes. Since it is in downtrend therefore it is suggested to avoid long call now and try it only if it closes above 17111.65 and sustain,  the aggressive trader can try long call now or on dip but not below 16995 with a stop loss of below 16911, it could be a risky trade mind you. Please note that it will show some strength if it moves and closes above 17519(it changes every day) and sustain. Looking at the overall chart pattern and at some of the important technical indicators it is expected to hit 16600 levels very soon and may head further lower therefore long call would not be a safe option now instead short call can be tried below 17111.65 with a stop loss of above 17175 or below 16995 for sure with a stop loss of above 17115.

Please note that long call should be avoided below 17111.65 for the entire month of November-2015 and if it goes below 16911 then for the entire week starting from 9-11-2015 till it bounces back above this mark again.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days’ short trade seems safer option. 

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-9-11-2015

CNX-NIFTY--A TECHNICAL VIEW--6-11-2015

CNX-NIFTY

Closed at 7955.45 on 5-11-15.(Open-8030.35/High-88031.20/Low-7944.10)

Support:-7940/ 7930/7840/7759/ 7723/7667/7539.50/7422.15/7295.

Resistance:-7960/7997/8044/8055/8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

 The on -going up move  in fact ended yesterday as it had  established lower top and  bottom on the line chart  and it has confirmed it today  by breaking the recent bottom of 7995.60  on the bar chart(see my post for-5-11-15). So now the down move is expected to continue, therefore long call should be completely avoided till it closes above 8066 and sustain. Please note that now the important support point for it exist at 7930 and break below this mark will accelerate the fall(it is likely to break) , therefore long call should be  avoided for sure below 7930 for the entire month of November-2015 till it bounce back above it again and sustain . Furthermore it is showing huge weakness on the chart and some of the important technical parameters indicate that it could break 7790 level very soon and then could test or break the bottom of 7539.50 it made on 8-9-2015 and may head much lower. Moving down it will find support at 7840/7723/7767/7539.50 &7422.15 levels. Since the trend is down it is once again suggested to avoid long call now instead try short call below 7930 with a stop loss of above 7970 for a target of 7840/7800 on 6-11-2015.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days short trade seems safe option.  

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--6-11-2015

CNX--BANK NIFTY

Closed at 16995.10 on 5-11-15.(Open-17166.45/High-17166.45/Low-16957.35)

Support:-16670/16648/16192/15762.20.

Resistance:- 17111.65/17174/17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

The on-going up-move has ended today for sure as it had established lower top and bottom on the line chart and broken the recent bottom of 17170.35 on the bar chart(see my post for 5-11-2015). So now the down move is expected to continue, therefore long call should be completely avoided for the entire month of November-2015 till it closes above 17111.65 and sustain. Furthermore it is showing huge weakness on the chart and some of the important technical parameters indicate that it could break the level of 16600 very soon and then may go down further and may test the bottom of 15762.20 it made on 7-9-2015. So be watchful and avoid long trade for now. Going down it will find support at 16670/16648/16192/15762.20. Since the trend is down therefore it is once again suggested to avoid long call now instead try short call near 17111 but not above this mark with a stop loss of above 17180 or below 16957 with a stop loss of above 17060  on 6-11-2015.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days’ short trade seems safe option. 

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--6-11-2015

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

CNX-NIFTY

Closed at 8040.20 on 4-11-15.(Open-8104.90/High-8116.10/Low-8027.30)

Support:-7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8044/8055/8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

 With today’s lower close of 8040.20, it has made a lower top of 8060.70 and broken the recent bottom of 8050.80 on the line chart thereby giving indication that this pull back rally may be over but there is a glimmer of hope that this rally may still be on as it is holding the recent bottom of 7995.60 on the bar chart, so break below this mark will confirm the end of this rally. Please note that now if it closes above 8066 and sustain then it could give a fresh up move else down move should continue but it is important to mention here that it will gain strength only once it closes above 8134(it changes every day) and then above 8195.65 and sustain it for at least 3-4 days which should be kept in mind. The range for it is between 8066---7995(on closing basis) as of now. In view of the above long call should be avoided till it closes above 8066 or can be tried near 7930 but not below this mark with a stop loss of below 7900. Down move is on therefore it is suggested to try short call instead below 8044 with a stop loss of above 8092.

Please also note that long call should be completely avoided for the rest of the on- going week below 8044 and below 7930 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now.

Remark:-The long term trend is down and the short term trend is also threatened therefore it is suggested to avoid long call till it gives visible sign of bottom formation. It would be safe to try short call as suggested above.  

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

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

CNX--BANK NIFTY

Closed at 17221.05 on 4-11-15. (Open-17449/High-17449/Low-17175.65)

Support:-17174/16670/16648/16192/15762.20.

Resistance:- 17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

It has already made a lower top of 17354.50 on the line chart (see my post for 4-11-2015) and today violated the bottom of 17212.20 on the line chart and tested the bottom of 17170.35 on the bar chart intra-day but at the end of the day managed to hold both the bottoms, so as long as it holds both the aforesaid bottoms on closing basis and moves up and gives close above 17360 and sustain then this up move may continue and if it is so then this move may get exhausted at these 17499/17600/17740 level , but looking at weak price movement in last few days a smooth up move seems difficult from here. Please note that it will gain some strength only once it closes above 17531(it changes every day) and sustain. Since the present trend is down therefore it is suggested to avoid long call but those who wish to take advantage of the pull back move may try long call only above 17360 with a strict stop loss of below 17260.  It is suggested to try short call instead below 17170 for sure with a stop loss of above 17250.

Please also note that long call should be avoided for the rest of the on- going

week if it starts trading below 17170 and below 17111 for the entire month

of November-2015 till it bounces back above this mark again and sustain.

Remark:-The long term trend is down and short and intermediate trend is severely threatened therefore it is suggested to avoid long call instead it would be safe to try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                      

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--5-11-2015

CNX-NIFTY--A TECHNICAL OBSERVATION---4-11-2015

CNX-NIFTY

Closed at  8060.70 on 3-11-15.(Open-8086.35/High-8100.35/Low-8031.75)

Support:-8055/ 8044/7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

After six days of fall it had a weak up day today but anyway this  pull -back move  may last for another 2-3 days and possibly could exhaust at 8126/8166/8207 levels or may end abruptly also at the current level, so be watchful. Please note that it will gain strength only once it closes above 8135(it changes every day) and then above 8195.65 and sustain it for at least 3-4 days. Since the present trend is down therefore it is suggested to avoid long call now but those who wish to take advantage of the pull back move may try long call above 8066 with a strict stop loss of below 8044, it could be a risky trade mind you. Please note that long call should be completely avoided for the rest of the on- going week if it starts trading below 8044 and below 7930 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now therefore break below these points can be used for initiating short trades with stop loss of above 8070 and 7970 respectively.

Remark:-The long term trend is down and the short term trend is also threatened therefore it is suggested to avoid long call now .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.

CNX-BANK NIFTY--A TECHNICAL OBSERVATION---4-11-2015

CNX--BANK NIFTY

Closed at 17325.60 on 3-11-15.

Support:-17246/17174/16670/16648/16192/15762.20.

Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

After yesterdays up day it had a down day today, so it has made a lower top of 17354.50 on the line chart but since the bottom is intact therefore it can be assumed that the pull back move is still on till it break and close below the bottom of 17212.20 on the line chart and below the bottom of 17170.35 on the bar chart or it may end near 17499/17600/17740 level (see my post for 2-11-2015). Since the present trend is down therefore it is suggested to avoid long call but those who wish to take advantage of the pull back move may try long call only above 17360 with a strict stop loss of below 17260, it could be a risky trade mind you. Therefore it is suggested to try short call instead if it consistently trades below 17354 with a stop loss of above 17500 or below 17212 &17170 for sure with a stop loss of above 17270. Please note that it will show some strength if it closes above its last long term moving average point of 17535(it changes every day) and sustain it for at least 3-4 days.

Please also note that long call should be avoided for the rest of the on- going week if it starts trading below 17170 and below 17111 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now therefore break below these points can be used for initiating short trades with stop loss of above 17270 and 17190 respectively.

Remark:-The long term trend is down and short and intermediate trend is severely threatened therefore it is suggested to avoid long call instead  it would be safe to try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR ----4-11-2015