CNX-NIFTY--A TECHNICAL VIEW--12-1-2016

CNX-NIFTY

Closed at 7563.85 on 11-1-2016(Open-7527.45/High-7605.10/Low-7494.35)

Support:-7551.05/7539.50/7422/7311/7295/7119

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It went for a tailspin in the early trade today and slumped down by more than 100 points and broke the important bottom of 7551.05 & 7539.50 but in later half of the day it moved up sharply and recovered all the losses at one point of time but finally closed with a loss of 37.50 points. It is extremely weak on the chart and still sell on the rise market but since it has respected its aforesaid important bottoms on the closing basis and some technical parameter are also indicating that it may move up from here before it resume down move again provided it holds the bottom of 7539.50 ,so be watchful here. Moving up the possible exhaustion points could be 7655/7677/7733/7764.

For 12-1-2016 it is suggested to sell below 7539.50 with a stop loss of above 7610 for a target of 7422 or sell on the rise only if it gives potential sign of exhaustion, the suggested sell point are 7655/7677/7733/7764. I once again repeat that look for weakness in the price movement before initiating fresh short position on the rise. The authentic stop loss for sell on the rise trade would be above 7790. One can define and put their own short stop losses also with the help of support and resistance point as mentioned above to manage their trade more effectively. Similarly aggressive and contrarian trader can try long call above 7539.50 with a stop loss of below 7480 or try it, if it moves and sustain above 7610 with a stop loss of below 7550.

Remark:-The long term trend is down. In view of the above both short and long call can be tried depending on the price movement and as suggested above.

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY-A TECHNICAL VIEW-12-1-2016

CNX--BANK NIFTY

Closed at 16016.25 on 11-1-2016(Open-15979.05/High-16156.80/Low-15840.60)

Support:-15762.20/15301.65/15130.35.

Resistance:-16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened with a huge down gap today and went down further thereafter in later half of the day it gave sharp up move and recovered all the losses at one point of time but finally ended the day with a loss of 126.40 points. It went very close to its important bottom of 15762.20 but did not violate it. But it is still way below its previous bottom of 16188.05 which is bad sign and it is extremely weak on the chart and still sell on the rise market but since it has respected its aforesaid important bottom and some technical parameter are also indicating that it may move up from here before it resume down move again provided it holds the bottom of 15762.20 and moves and sustain above the previous bottom of 16188.05, so be watchful here. Moving up the possible exhaustion points could be 16188/16310/16455/16598.

 It is important to mention here that avoid long call if it remains below 16188 for the entire month of January-2016 and below 16049 for the entire week starting from 11-1-2016.

  

For 12-1-2016 it is suggested to sell below 15965 with a stop loss of above 16060 for a target of 15770 or sell on the rise only if it gives potential sign of exhaustion, the suggested sell point are 16188/16310/16455/16598. I once again repeat that look for weakness in the price movement before initiating fresh short position on the rise. The authentic stop loss for sell on the rise trade would be above 16650. One can define and put their own short stop losses also with the help of support and resistance point as mentioned above to manage their trade more effectively. Similarly aggressive and contrarian trader can try long call above 16050 with a stop loss of below 15960 or try it, if it moves and sustain above 16188.05 with a stop loss of below 16110.

Remark:-The long term trend is down. In view of the above both short and long call can be tried depending on the price movement and as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY--A TECHNICAL UPDATE--11-1-2016

CNX-NIFTY

Closed at 7601.35 on 8-1-2016(Open-7611.65/High-7634.10/Low-7581.05)

Support:-7551.05/7539.50/7422/7311/7295/7119

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

As expected it took a breather from the four days fall and closed with a small gain of 33.05 points today. After the severe fall the relief rally it witnessed today was lacking strength, furthermore It is already very weak on the technical chart, so the chances are that it may begin further slide from here itself or may be after a little more upside and in that case the possible exhaustion points could be 7655/7721/7764, please note that it came in close vicinity of the first exhaustion point today and retreated which is a weak sign. I once again repeat that it is a sell on the rise market till it moves and sustain above 7946.35 or technically shows some strength otherwise. Therefore long trade is not suggested till it gives visible sign of some kind of bottom formation.

For 11-1-2016 it is suggested to sell below 7539.50 with a stop loss of above 7610 for a target of 7422 or sell on the rise near 7655/7721/7764 which could be the possible exhaustion points of today’s  relief rally with an authentic stop loss of above 7830. One can define and put their own stop losses also with the help of support and resistance point as mentioned above to manage their trade more effectively. Since it has multiple bottom in the range of 7556.60—7539.50 therefore It would be safe to initiate short trade if it moves and sustain below 7539.50.

Remark:-The long term trend is down. Today’s relief rally was very weak and it could fizzle out any moment therefore broadly sell on the rise strategy should be adopted till it moves and sustain above 7946.35 or show strength otherwise. Long trades are completely ruled out till it shows some visible strength.   

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 UPDATE-11-1-2016

CNX--BANK NIFTY

Closed at 16142.65 on 8-1-2016(Open-16135.40/High-16229/Low-16104.10)

Support:-15762.20/15301.65/15130.35.

Resistance:-16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

After falling relentlessly for last four days it witnessed a relief rally today and closed the day with a gain of 68.80 points over previous day’s close. It was an extremely weak up move and lacked strength. Furthermore it is already very weak on the technical chart, so the chances are that it may begin further slide from here itself to test or break its major bottom of 15762.20 or may be after a little more upside and in that case the possible exhaustion points could be 16290/16377/16450/16580/16680. I once again reiterate that it is definitely sell on the rise market till it moves and sustain above 16932.50 or show some strength otherwise. In view of today’s weak relief rally it is suggested to avoid long call now.   

For day traders who wish to take advantage of  intra-day up move are advised to avoid long call completely if it remains below 16188 for the entire month of January-2016 and if it moves and sustain below  16049 then for the entire week starting from 11-1-2016. Similarly short trade should be tried below these levels.

For 11-1-2016 it is suggested to sell if it remains below 16188 with a stop loss of above 16300 or sell on the rise near 16290/16377/16450/16560/16650/ which could be the possible exhaustion points of today’s  relief rally with an authentic stop loss of above16700 . One can define and put their own stop losses also with the help of support and resistance point as mentioned above to manage their trade more effectively.

Remark:-The long term trend is down. Today’s relief rally was very weak and it could fizzle out any moment therefore broadly sell on the rise strategy should be adopted till it moves and sustain above 16932.50 or show strength otherwise. Long trades are completely ruled out till it shows some visible strength.  

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY--A TECHNICAL VIEW-8-1-2016

CNX-NIFTY

Closed at 7568.30 on 7-1-2016(Open-7673.35/High-7674.95/Low-7556.60)

Support:-7551.05/7539.50/7422/7311/7295/7119

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a down gap today and made no effort to fill the gap and went down sharply and closed just above the previous  major bottom of 7551.05 & 7539.50 which indicates gross weakness in it, if these bottoms are taken out then the fall will accelerate. Please note that it seems these bottoms will be taken out for sure but tomorrow (very likely) or may be after a breather has to be seen but in any case the steady trend is down, therefore buying is not suggested at all . Moving down it will find support at 7422/ 7295/7119 & 6825. It is definitely a sell on the rise market till it moves and sustain above 7946.35 or show some strength otherwise.   

For 8-1-2016 it is suggested to sell below 7539 with a stop loss of above 7600 for a target of 7422 or sell on the rise but not above 7840 and the possible good sell points could be 7675/7721/7795/7840 with an authentic stop loss of above 7860. One can define and put their own stop losses also with the help of support and resistance point as mentioned above to manage their trade more effectively. It is advised not to go in for long trade for an in between up move any day because that may not be lasting. So buying is not recommended till it shows some visible strength.

Remark:-The long term trend is down. Since down move is on therefore broadly sell on the rise strategy is suggested till it moves and sustain above 7946.35. Short trades can be initiated as suggested above. Buying should be avoided now.

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 UPDATE---8-1-2016

CNX--BANK NIFTY

Closed at 16073.85 on 7-1-2016(Open-16256.55/High-16256.55/Low-16049.75)

Support:-15762.20/15301.65/15130.35.

Resistance:-16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened with a down gap and thereafter went down sharply and broke the bottom of 16188.05 from where it rallied up to 17067.45. Please note that it took 13 days to accomplish the top of 17067.45 but eaten up the entire move in just four days which itself speaks of tremendous weakness in it and now it heading to test or break its recent major bottom of 15762.20 which it made on 7.9.2015. However it may take a breather in  between but the steady  trend is down, therefore buying is not suggested. It is definitely sell on the rise market till it moves and sustain above 16932.50 or show some strength otherwise.   

For 8-1-16 it is suggested to sell below 16040 with a stop loss of above 16130 or sell on the rise but not above 16714and the possible good sell points could be 16380/16465/16580/16710 with a stop loss of above 16760. It is suggested not to go in for long trade for an in between up move because that may not be lasting. So buying is not recommended till it shows some visible strength.

 

Remark:-The long term trend is down. Since down move is on therefore broadly sell on the rise strategy is suggested till it moves and sustain above 16932.50. Short trades can be initiated as suggested above. Buying should be avoided now.

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.

A REPORT ON CNX NIFTY-BASED ON TIME CYCLE--6-1-2016

CNX--NIFTY

If you keenly observe the monthly and yearly chart you would find that nifty has been moving in time cycle of 6--8 years from 2001 as far as major tops are concerned and time period of 9-1/2 &13-1.2 months for making major bottoms.

It made its first major bottom at 849.95 on 21.9.2001 and then major top at 6357.10 on 8.1.2008, it took 75 months and 13 days in this process, thereafter it fell and made major bottom at 2252.75 on 27.10.2008 it took 9-1/2 months to make this bottom and the fall was 4104.35 points or 64.56%.

After making major bottom of 2252.75 on 27.10.2008 it moved up and made major top of 6338.50 on 5.11.2010, it took 24 months and 8 days in the process but since it could not cross the previous major top of 6357.10 therefore major times cycle count was not disturbed and continued unabated from 27.10.2008.

After making the top of 6338.50 on 5.11.2010 it went down again and made bottom at 4531.15 on 20.12.2011, it took 13-1/2 months to make this bottom and the fall was 1807.35 points or 28.51%, thereafter it started moving up again and made top at 9119.20 on 4.3.2015. Please note that when it made this top all the ingredients were present for the ultimate top .on that day it opened up with a huge up gap at 9109.15 and made new all time high of 9119.20 and then went down sharply and penetrated the previous day’s low and made a low of 8893.95 and closed the day at 8922.65 below the previous day’s low of 8925.55, it was a perfect copy book key reversal. Furthermore it behaved the way it should have after topping out by steadily moving down. Now coming back to time cycle please note that the major up move which started on 27.10.2008 from the bottom of 2252.75 has ended with the top of 9119.20 made on 4-3-2015 because this process took 76 months and 7 days and the earlier major top also took almost similar time therefore it seems that it has topped out for good for at least few months.

OBSERVATION BASED ON ABOVE FACTS

1. It fell by 64.56% and 28.51% respectively from the major top of 6357.10 & 6338.50 to make major bottom, so now even if it falls by least of the two percentage i.e. 28.51 then it could come down to 6520(28.51% of 9119.20).If moderate percentage of 20-25% fall is taken even then it could come down to 7295 & 6840 level.

2. Time wise it took 9-1/2 & 13-1/2 months to make the major bottoms, so if least of the two time period is taken then it should have taken 9-1/2 months to make major bottom but since 9-1/2 months elapsed in December-2015 and we are just 200 points away from last year’s low of 7539.50, therefore it seems that this may not be the major bottom. Had it been a major bottom it would not have been languishing and coming near to it time and again. So, now possibly it could make bottom in 13-1/2 time period or more, if it is so then it is expected to make bottom any time between Jan--May-2016.

3. Retracement points drawn from the top & bottom of 9119.20 & 4531.15 respectively are at 8036/7366/ 6825/ 6283 & 5613, it would be normal if it retrace up-to 7366 --6825 level. But going down below 6825 and sustain could trigger fresh fall.

4. Last but not the least market crashed every eighth year starting from 1992, 2000 and then 2008 .We are in 2016 now so is the crash is going to happen again? It seems so because all the ingredients for crash are present, there is euphoria in small and madcap shares and values have reached astronomical levels defying fundamentals in most of the cases, furthermore most of the Nifty constituent stocks are terribly placed on the long term charts and could see unbelievable lower levels in coming weeks/months which is concerning and looks scary.

It is therefore suggested to do your own research and solid home work before picking the stocks, buy stocks of only fundamentally good companies which are available at reasonable valuation. Please avoid buying or chasing stocks on market rumors. It is advised to adopt staggered buying strategy on panic down days. But it seems that time is still not ripe to start investment buying now.

I would like to mention here that the above observation are based on facts and figures but chart has to be viewed daily for change in technical parameter such as moving average placements, negative or positive crossovers, negative or positive divergence and scores of other technical parameters and any significant positive or negative change should not be ignored. Market moves should be watched carefully because it is supreme and “MARKET IS NEVER WRONG BUT OPINIONS ARE”.

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.

I humbly request all my readers to post their comments on the above observation.

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

By:- N.K.SURANA

AFC Financial Services Pvt Ltd

P-15, Bentinck Street

KOLKATA-700001

Email:-suranank@gmail.com

Phone:- 03322362411/1990/4558---- Cell:- +91 9831313654 / 8697847721

CNX-NIFTY- A TECHNICAL VIEW-7-1-2016

CNX-NIFTY

Closed at 7741 on -1-2016(Open-7788.05.40/High-7800.95/Low-7721.20)

Support:-7723.85/7714.15/7691.20/7678/7667/7551.05/7539.50/7422/7311/7295/7119

Resistance:-7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It has been falling for last three days and today it almost hit the retracement level of 7712 which is 76.40% point derived from the top and bottom of 7972.55 and 7551.05. Please note that it took 14 days to make the top of 7972.55 from the bottom of 7551.05 but it has eaten up almost 76.40% of the entire up move in just three days which speaks of tremendous weakness in it. Since it retraced almost 76.40% and it has cluster of support in the range of 7723—7650 therefore it could stage a short up move from here may be for a day or two before fresh down slide begins provided  it holds 7650 level.  Please note that break below 7650 can possibly make it test or break the earlier bottom at 7551.05 & 7539.30 It is needless to mention here that down move is on and it is sell on the rise market till it moves and sustain above 7946.35.  

For 7-1-2016 in view of the above it is suggested to initiate fresh short trade below 7650 or sell on the rise but not above 7863 if it moves above 7863 and sustain then give a pause for fresh selling and try short call again near but not above 7938. The authentic stop loss in both the situation would be above 7990. But short stop loss of above 7890 is suggested for the short call initiated below 7863. The aggressive trader can still try short call below 7712 with a stop loss of above 7750 for a target of 7650(it could be a risky trade).The possible short points are 7810/ 7837/ 7860. It is suggested not to go in for long trade for an anticipated one or two days up move because that may not be lasting. So buying is not recommended till it shows some strength.

Remark:-The long term trend is down. Since down move is on therefore broadly sell on the rise strategy is suggested till it moves and sustain above 7946.35. Trades 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-BANK NIFTY-A TECHNICAL VIEW--7-1-2016

CNX--BANK NIFTY

Closed at 16433.15 on 6-1-2016(Open-16505.45/High-16614.95/Low-16377.65)

Support:-16188.05/15762.20/15301.65/15130.35.

Resistance:-16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It has been falling for last three days and during the day it went below the retracement level of 16395.58 which is 76.40% point derived from the top and bottom of 17498.35 and 16188.05. Please note that it took 13 days to make the top of 17498.35 from the bottom of 16188.05 but it has eaten up more than 76.40% of the entire up move in just three days which speaks of tremendous weakness in it. Since it retraced below 76.40% point it could possibly stage a short up move from here may be for a day or two before fresh down slide begins provided it holds 16363 level, but if it moves below 16363 and sustain fall may accelerate which can drag it down below 16000. It is needless to mention here that down move is on and it is sell on the rise market till it moves and sustain above 16932.50. 

For 7-1-2016 in view of the above it is suggested to initiate fresh short trade below 16363 or sell on the rise but not above 16824, if it moves above 16824 and sustain then give a pause for fresh selling and try short call again near but not above 16922. The authentic stop loss in both the situation would be above 16980. But short stop loss of above 16860 is suggested for the short call initiated below 16824. The possible short points are 16700/ 16750/16815. It is suggested not to go in for long trade for an anticipated one or two days up move because that may not be lasting. So buying is not recommended till it shows some strength.

 

Remark:-The long term trend is down. Since down move is on therefore broadly sell on the rise strategy is suggested till it moves and sustain above 16932.50. Trades 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 UPDATE--6-1-2016

CNX-NIFTY

Closed at 7791.30 on 5-1-2016(Open-7828.40/High-7831.20/Low-7777)

Support:-7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

The broad observation and figures remains the same as mentioned in my post for 5-1-2016. It is definitely a sell on the rise market till it moves and sustain above 7946.35. However going down it could have an up day in between. Therefore it is suggested to take your trading call using support, resistance and retracements points that will help you to trade better.

For 6-1-2016 it is suggested to sell on the rise but below 7863 and  if it moves above 7863 and sustain then avoid  fresh selling and try short call again near but not above 7938. The authentic stop loss in both the situation would be above 7990. But short stop loss of above 7890 is suggested for the short call initiated below 7863.

Remark:-The long term trend is down. Since down move is on, therefore sell on the rise strategy is suggested till it moves and sustain above 7946.35. Buying is ruled out as of now.

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 UPDATE--6-1-2016

CNX--BANK NIFTY

Closed at 16542.50 on 5-1-2016(Open-16652.05/High-16670.20/Low-16474.85)

Support:-16188.05/15762.20/15301.65/15130.35.

Resistance:-16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

The broad observation and figures remains the same as mentioned in my post for 5-1-2016. It is definitely a sell on the rise market till it moves and sustain above 16932.50. However going down it could have an up day in between. Therefore it is suggested to take your trading call using support, resistance and retracements points that will help you to trade better.

For 6-1-2016 it is suggested to sell on the rise but below 16824 and  if it moves above 16824 and sustain then avoid fresh selling and try short call again near but not above 16922. The authentic stop loss in both the situation would be above 16980. But short stop loss of above 16860 is suggested for the short call initiated below 16824.

Remark:-The long term trend is down. Since down move is on, therefore sell on the rise strategy is suggested till it moves and sustain above 16932.50. Buying is ruled out as of now.

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--5-1-2016

CNX-NIFTY

Closed at 7791.30 on 4-1-2016(Open-7924.55/High-7937.55/Low-7781.10)

Support:-7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It did not went beyond 7979.30 therefore as expected it went down sharply today breaking bottoms on the line chart, breaking short double bottom of 7889 on the bar chart and breaking almost all its short term moving averages which is a bad sign. Its high for the day  was below the alert point of 7938.45, so the fresh buying was out of question today (see my post for 4-1-16). You are well aware that I have been alerting time and again (see my earlier post) that this up move was a pullback rally and could end anytime, so it was a complete breakdown today and possibly the end of the on-going up move and beginning of fresh down move. So now sell on the rise strategy is suggested till it moves and sustain above 7946.35. However in between short up day could be there.

Moving down it could find support from the retracements points at 7761.80/7712/7650/ and also from its earlier bottoms at 7725/7723/7714/7691/7667/7551/7539. Please note that if it breaks 7650 marks and sustain then the fall may accelerate and may test or break the recent major bottom of 7551 & 7539.

Please note that its alert or benchmark point for long trade for the entire year of 2016 is 7946.35 & 7938.45 and it has decisively broken these points today. Therefore long call is completely ruled out till is moves and sustain above 7946.35.

For 5-1-2016 it is suggested to sell on the rise but below 7938 with a stop loss of above 7990 or sell below 7781 with a stop loss of above 7830.   

Remark:-The long term trend is down. The on-going up rally seems to have ended with the complete breakdown in the market today. So now sell on the rise strategy is suggested till it moves and sustain above 7946.35. Buying is ruled out as of now.

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 UPDATE--5-1-2016

CNX--BANK NIFTY

Closed at 16599.15 on 4-1-2016(Open-16966.35/High-16966.35/Low-16575.45)

Support:-16188.05/15762.20/15301.65/15130.35.

Resistance:-16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

 You are well aware that I have been alerting time and again (see my earlier post) that the on-going up move was a pullback rally and could end anytime. So it was a complete breakdown today and possibly the end of the move and beginning of a fresh down move. As it has broken recent bottoms on the line chart, various earlier bottoms on the bar chart and broken all its short term moving averages. Furthermore it has decisively broken its alert or benchmark point for long trade for the entire year of 2016 is 16932.50 & 16922.05 therefore long trade is completely ruled out till it moves and sustain above 16932.50 . Today's move clearly indicates that it is a sell on the rise market now till it moves above 16932.50 and sustain. However in between short up day could be there.

Moving down it could find support from the retracements points at 16523/16395 and also from its earlier bottoms at 16587.25/16188.05. Please note that if it breaks 16395 marks and sustain then the fall may accelerate which can drag it down below 16000 levels and it could test or break the bottom of 15762 it made on 7-9-15.

For 5-1-2016 it is suggested to sell on the rise but not above 16922  with a stop loss of above 16980  or sell below 16575 with a stop loss of above 16640.

 Remark:-The long term trend is down. The on-going up rally seems to have ended with the complete breakdown in the market today. So now sell on the rise strategy is suggested till it moves and sustain above 16932.50. Buying is ruled out as of now.

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 UPDATE--4-1-2016

CNX-NIFTY

Closed at 7963.20 on 1-1-2016(Open-7938.45/High-7972.55/Low-7909.80)

Support:-7960/ 7946.35/7940/7938.457889.85/7852.90/7840/7817/7723.85/7714.15/7691.20/7678/7667/7575.30/7539.50/7422/7311/7295/7119

Resistance:-7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

The up momentum is still on and its short term technical setup is good, it is also making higher tops and bottoms on the line chart and its recent bottom is at 7896.25,its short double bottom on the bar chart is at 7889 and it is running above its all short term moving averages .Furthermore its alert or benchmark point for long trade for the entire year of 2016 are 7946.35 & 7938.45 and exit point is below 7889 and it is above these points now which is a good sign. But it is important to note that it is very near to its previous top of 7979.30 which it made on 2-12-2015, furthermore moving up  it will face  very stiff resistance in the range of 7979.30—8117 from its various tops and bottoms ,some long term moving averages and most importantly from the neckline of the Head & Shoulder pattern on the weekly chart which is between 8090—8100( it moves up every week) for this week, so the up journey may not be smooth but the bias is on the upside as long as it hold 7889 level on the closing basis. I once again repeat that long call should be avoided below the above mentioned alert point of 7946.35 & 7938.45 in the year 2016 and long trade should be exited below 7889 for sure.

 It is important to mention here that it will encounter huge resistance from its long term moving averages which are in the range of 8019—8250(it changes) for now and it will regain smooth up momentum only above this range which may be kept in mind.

For 4-1-2016 long trade can be tried on the dip but not below 7938 with a stop loss of below 7889, or try if it moves and sustain above 7980 with a stop loss of below 7930 for added position. Please note that if it fails to cross and sustain its previous top of 7979.30 it can slide from here, so it would be safe to try long call if it moves and sustain above 7980.

Remark:-The long term trend is down. Since its technical setup is looking good on the daily chart long call can be tried as suggested above, but in view of the tough resistance range ahead long trade should be handled with extreme caution and care. It is advised to avoid long call below the alert points 7946.35 & 7938.45 for sure in the year -2016.

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 UPDATE---4-1-2016

CNX--BANK NIFTY

Closed at 17039.25 on 1-1-2016(Open-16932.50/High-17067.45/Low-16824.05)

Support:-16932.50/16922.05/16824.05/16741/16670.55/16648.30/ 16188.05/15762.20/15301.65/15130.35.

Resistance:-17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

After showing sign of exhaustion it bounced back today and crossed its recent high of 17045.55 made on 29-12-2015 during the day and closed above it recent top of 16991.45 on the line chart which is good but it is still lagging behind Nifty. However it is making higher tops and bottoms on the line chart and the recent bottom is at 16917.90, it is running above its all short term moving averages now. Furthermore its alert or benchmark point for long trade for the entire year of 2016 are 16932.50 & 16922.05 and exit point is below 16880 and it is above these points now which is a good sign. But moving up it will face series of resistance from its medium term moving averages and various earlier bottoms but the first major resistance would be at 17189 which is 76.40% retracement point derived from its recent top & bottom of 17498.35 and 16188.05 and if it manages to cross this mark and sustain then it could possibly make an attempt to cross or test the top of 17498.35. The bias is on the upside as long as it holds 16880 levels on the closing basis. But in view of series of resistance ahead it seems that the up journey may not be smooth. I once again repeat that long call should be avoided below the above mentioned alert point of 16932.50 & 16922.05 in the year 2016 and long trade should be exited below 16880 for sure.

For 4-1-2016 long trade can be tried on the dip but not below 16922.05 with a stop loss of below 16880,  one can add position  if it moves and sustain above 17070 with a stop loss of below 17000 for added position.

 Remark:-The long term trend is down. In wake of good bounce back today long call can be tried as suggested above, but in view of the tough resistance range ahead long trade should be handled with extreme caution and care. It is advised to avoid long call below the alert points 16932.50 & 16922.05 for sure in the year -2016.

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--4-1-2016