LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)—14-12-2015

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $35.62 ON 11-12-2015

SUPPORT:-$ 32.40 / 26.80 / 25.04/24.82 /23.70/ 16.70.

RESISTANCE:-$ 37.80/39.91/40.25/41.15/42.20/43.58/48.36.

(Figure in bold are important)

It is hugely bearish on the technical chart. It is far below its long term moving averages on the daily, weekly & monthly chart which indicate gross weakness, furthermore it is running far below its 76.40%  retracement point of  $42.20   derived from its all time top of  $147.27 and bottom of  $9.75(as per data available )which is a bad sign. Now the multi- year strong support for it exists at $32.40 and if it breaks this mark and sustain then it can drag it down further to $26.80 / 25.04/24.82 /23.70 levels, chances of which looks reasonably good at this point of time. Similarly to show some stability and strength it has to move above $42.20 and sustain, therefore the range for it is between $42.20—32.40 as of now. Since the bias is down it is better to avoid long call, however aggressive  trader can initiate both side trade keeping the said range in mind but should be extra cautious and careful in long trade.

REMARKS:-  Long term trend is down ,therefore buying is ruled out till it shows visible sign of some kind of bottom formation.

 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--14-12-2015

CNX--BANK NIFTY

Closed at 16342.50 on 11-12-15.(Open-16751.35/High-16758.70/Low-16260.10)

Support:-16260/16192.25/15762.20/15301.65/15130.35/14709.10.

Resistance:- 16587.25/16648.30/16670.55/17174.70/17246.55/17302.55/17499/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20.

It fell by more than 770 points intra-day during the week and ended the week with a loss of more than 550 points. It is showing weakness on the technical chart, furthermore it is well below its threshold level of 16726 for bear market which indicate that it is already in the bear market territory, so if it does not move above this mark in a short span of time the on- going fall may accelerate. Although it has broken many short bottoms in this fall but it is still reasonably above its recent major bottom of 15762.20 which it made on 7-9-2015 but it looks like that in all probability it is likely to break or test the said bottom in coming days/ weeks. So be alert and watchful.

Please note that its short range for now is between 16726—16587.25—16260 and break below 16260 can drag it down to 15762—15700 range. The bias is on the downside and it is sell on the rise market as of now, therefore it is suggested to avoid long call now but those who wish to can try as long as it is above 16260 with a stop loss of below 16180 but it could be a risky trade and not suggested or try near 15760—700 range with a stop loss of below 15650(looks comparatively safe).Similarly short call can be tried below 16260 with a stop loss of above 16350 or on the rise at appropriate levels(see support & resistance levels). It is suggested to keep the above range in mind while initiating any trade because that will help you to control your trade better.

It is suggested to avoid long call for the entire month of December -2015 till it moves above 16587.25 and then 16726 and sustain, avoid long call if it moves below 16260 for the  entire week starting from 14-12-15 till it bounces back above it again and sustain.

Remark:-The long term trend is down. In view of the above observation it seems that further fall is likely, therefore it is better to avoid long call till it shows some strength instead short call can be tried on the rise at appropriate levels with proper stop loss or as mentioned above.

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY--A TECHNICAL VIEW---14-12-2015

CNX-NIFTY

Closed at 7610.45 on 11-12-15.(Open-7699.45/High-7703.05/Low-7575.30)

Support:-7775.30/7539.50/7422.15/7295/7118/6869.

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/

/7940/7960/7997/8055/8065

 It had a devastating week; it plunged down by 250 point intra-day during the week and finally ended the week with a loss of more than 170 points. It decisively broke the neckline of the Head & Shoulder pattern on the daily bar chart which is now at 7735(it changes and will be moving up). Furthermore it is also running way below its neckline of the Head & Shoulder pattern on the weekly bar chart which is now at 8100 (it changes and will be moving up) therefore chances of achieving downside target of the H&S pattern in coming weeks/months seems very bright which is in the range of 7100---6880(maximum)(see my post for 4-12-15). Please note that the pattern can only be negated if it moves above both the necklines and sustain, chances of which are looking extremely weak at this point of time.

 Please note that it has cluster of support in the range of 7539.50--7520,it came closer to it today but managed to hold it now but not likely to hold in near future and expected to drift much lower in coming days/weeks (see support level mentioned above),however in between short up move could be there. It is important to mention here that the threshold level for it entering the bear market is at 7295, so going down it could find support at this point, if it moves below this mark and sustain down speed may accelerate . The bias is hugely down and it is clearly sell on the rise market as of now, so it is suggested to avoid long call till it gives visible sign of some kind of bottom formation but those who want to can try as long as it is above 7575.30 or near 7539—7520 range with a stop loss of below 7560 and 7500 respectively. Short call can be tried below 7575.30 with a stop loss of above 7620.

It is suggested to avoid long call for the entire month of December -2015 till it moves above 7775.70 and then 7817,avoid long call if it moves below 7575.30 for the  entire week starting from 14-12-15 till it bounces back above it. Therefore the broad range for the Nifty now is 7817—7575.30--7520, so take your trading call keeping this range in mind but not to forget that the trend is down; so long call if initiated should be handled with extreme caution and care.

Remark:-The long term trend is down. In view of the above observation it seems that further fall is very likely, therefore it is better to avoid long call till it shows some strength instead short call can be tried on the rise at appropriate levels with proper stop loss or as mentioned above.

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

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

Note: Price stated here is of spot market.

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

CNX-NIFTY--A TECHNICAL VIEW--4-12-2015

CNX-NIFTY

Closed at 7864.15 on 3-12-15.(Open-7902.30/High-7912.3/Low-7853.35)

Support:- 7840/7723/7714/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7936

/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It seems that the rally which started from the bottom of 7714.15 it made on 16-11-2015 is possibly over, however if it has the strength then it can make an attempt to bounce from 7846/7812/7776 levels, chances of which are looking slim at this point of time, furthermore even if it bounces back from the aforesaid levels moving up it will face huge resistance in the range of 7874—7915(it changes every day) and then 7936---7980 and crossing this range and sustain does not seem easy. Therefore in view of above and certain technical parameters, it is suggested to avoid long call below 7980 for the entire month of December-2015 instead try short call on the rise but not above 7960 with a stop loss of above 8000.

It is important to mention here that it is already below its neckline of the Head and Shoulder pattern on the weekly chart which is in the range of 8040—8066 and its possible downside target could be in the range of 6880--7090(see my earlier post) therefore the threat of moving down is already there till it moves above this range and sustain, chances of which are looking extremely weak. Furthermore a possible Head & Shoulder pattern is in the making on the daily chart also and its neckline would be in the range of 7700—7710 and possible downside target could be around 7000—7100,so break below 7700 will doubly make sure that in all likelihood it could hit 6880-7100 mark in near future. So be alert and watchful.

Remark:-The long term trend is down. It seems that the on-going pull back rally is over therefore it is suggested to avoid long now instead try short call on the rise 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--23-11-2015

CNX-NIFTY

Closed at 7856.55 on 20-11-15.(Open-7841.90/High-7906.95/Low-7817.80)

Support:- 7840/7723/7714/7691.20/7678/7667/7539.50/7422.15/7295/7118.

Resistance:-7906.95/7930.65/7940/7960/7997/8055/8065/8088.60/8091.20/8116.10/8195.65/8269/8272.80/8282.70.

It had a volatile day today but finally it ended the week on a positive note.  It has made rounding bottom earlier, so it looks like that the up move is still on but in between it can have down day also. It seems that this on- going pull back rally may get exhausted in the range of 8026—8099(maximum), but moving up it would face resistance from its various bottoms and its short to medium term moving averages which are in the range of 7978—7891(it changes every day), now it is within its short term moving average range of 7859—7817(it changes every Day). Once these ranges are taken out and sustained then it can have smooth up rise. It is looking steady now.

As you are already aware that it has cluster of support in the range of 7723—7667(see my earlier post) and break below 7667 will only trigger fresh down move. Its recent bottom is at 7714 therefore the authentic stop loss for long trade would be below 7714 which is much lower than its present close.

In view of the above buy on dip strategies is suggested and add on position keeping the above mentioned range in mind but  fresh long call should be avoided below 7817 and the stop loss for long trade would be below 7800 as of now. Please note that if this stop loss is triggered then you may get a chance to try long call again near the range of 7723—7714 with a stop loss of below 7700.Looking at overall chart pattern it is likely to hold 7800 mark as of now.       

Remark:-The long term trend is down but it seems that the pull back rally is still on therefore buy on dip strategy is suggested.

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--23--11--2015

CNX--BANK NIFTY

Closed at 17055.60 on 20-11-15.(Open-17022.70/High-17262.85/Low-16931.30)

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 the volatile movement during the week finally it ended the week on a positive note. It is not showing the required strength but also not showing the weakness either therefore looking at certain technical parameters, it seems that it is likely to gather required strength  in coming days provided it holds 16990(it changes every day) mark on closing basis. Similarly if it moves above 17271(it changes every day) and sustain then it can have smooth up rise which can take it to 17309/17355/17478/17689 levels before this pull back rally get exhausted.

In view of the above observation long call is suggested and can be tried above 17072 but it would be safe to try it above 17111.65 with a stop loss of below 16990 for a target of 17355+ in a day or two.

It is important to mention here that its most critical resistance point is at 17461(it changes every day), if it moves above this and sustain then it will gain further strength which may please be noted.

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-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