CNX-BANK NIFTY--A TECHNICAL VIEW--12-2-2016

CNX--BANK NIFTY

Closed at 14028.55 on 11-2-2016(Open-14518.65/High-14530.80/Low-13969.85)

Support:-13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14338.65/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened on a negative note and went down steadily during the day, but in late hours of trade it plunged down sharply breaking the physiological level of 14000 intra-day but closed above it ,but near the low of the day with a whopping loss of 559.90 points. It also broke its major rising trend line decisively which was at 14388-400 for today. It was a sheer panic today therefore it seems that a short bottom may be in sight in a day or two or may be tomorrow itself around the possible points of 13600/13414—13303 or 13150. It is important to mention here that break below 13150 level can trigger fresh fall which can drag it down to further lower levels again. In view of the above if it panics tomorrow and comes near the aforesaid range it is suggested to avoid fresh short call and square existing one and  can try long call around the aforesaid range.

For 12-2-2016 can sell below 13969 with a stop loss of above 14040 for a target of 13840/13600/13414--13303. It is suggested to exit short trades around the said levels and can try long call  but not below 13150 with self defined stop losses with the help of support levels mentioned above. 

Remark:-It is in long term bear trend. Today’s panic indicates that a short bottom may be in sight therefore it is suggested to avoid fresh short trade around the range of 13600/13414—13303 and 13150  and existing short call should be squared off and long call can be tried near  the range with self defined stop losses.

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--11-2-2016

CNX-NIFTY

Closed at 7215.70 on 10-2-2016(Open-7264.30/High-7271.85/Low-7177.75)

Support:-7118.45/6868.85/6638.55.

Resistance:-7241.50/7295/7350.30/7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

Today it opened with a down gap again and went down further and as expected broke the bottom of 7241.50 on the bar chart and closed the day well below its threshold level of 7295 for the bear market territory and also below its recent bottom of 7241.50 on the bar chart with a loss of 82.50 points. It is showing gross weakness on the chart, therefore long call should not be attempted till it moves and sustain above 7295 or it gives visible indication of some strength at the lower level and the possible points could be 7118/7020/ 6825, so watch out. The bias is on the downside therefore sell on the rise strategy should be followed now but be alert in short call if it moves and sustain above 7295. Although the trend is down but in between short relief rally cannot be ruled out but it is advised not to take advantage of these rallies as it can trap you.

It is important to note that today was the second day of gap down open and the gap still exist, so there is two down gaps in a row and if tomorrow it opens with a down gap i.e. below 7177.75 and go down further then one should be alert in short position and it is suggested to exit short trades then , because generally after 3^rd gap it makes an effort to fill the gaps and if it does then it could come up to 7364-7400 levels. But in any case please be alert in short trade above 7241.50 and exit trade if it move and sustain above 7295.  

For11-2-2016 can sell now or on the rise but not above 7241.50 with a stop loss of above 7295 or can sell below 7190 with a stop loss of above 7245 for a target of 7118—7095.

Remark:-The long term trend is still down. Since it has entered the bear market territory, therefore don’t think of long call till it moves and sustain above 7295 at least. Short call still seems to be good option but 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---11-2-2016

CNX--BANK NIFTY

Closed at 14588.45 on 10-2-2016(Open-14740.20/High-14779.15/Low-14490.20)

Support:-14338.65/13414.30.

Resistance:- 14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

Today it opened with a down gap and broken the bottom of 14834.05 and 14754.65 on the line and the bar chart respectively. It filled the gap immediately and thereafter went down further breaking its double bottom at 14709.10 and closed the day way below the aforesaid bottoms and with a loss of 286.64 points, which is bad sign. It is exhibiting huge weakness on the chart and indicates that the down move may continue but in between short relief rally cannot be ruled out from time to time, but it is suggested to avoid taking advantage of these rallies.  The bias is on the downside, therefore long trade is ruled out till it shows some strength at the lower levels. It would find good support at 14356-14338 and break below 14338 will trigger fresh fall .In view of the above sell on the rise strategy should be followed now but be alert in short trade if it maintains above 14754.65.

For 11-2-2016 can sell now or on the rise but below 14754.65 with a stop loss of above 14840 or can sell below 14580 with a short stop loss of above 14620 for a target of 14356-14338 and then 14164.

Remark:-It is in long term bear trend. Since it has broken all its recent bottoms and other support levels, therefore buying is ruled out for now till it exhibit some strength .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-NIFTY-A TECHNICAL VIEW-10-2-2016

CNX-NIFTY

Closed at 7298.20 on 9-2-2016(Open-7303.95/High-7323.45/Low-7275.15)

Support:- 7295/7241.50/7118.45/6868.85/6638.55.

Resistance:-7350.30/7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a down gap today breaking decisively the bottom of 7361.80 and 7350.30 on the line and the bar chart respectively. It also broke the threshold level of 7295 for entering into the bear market territory intra -day but it respected its recent bottom of 7241.50 on the bar chart made on 20-1-2016 and at the end of the day closed just above the threshold mark of 7295 with a loss of 89.04 points. Today’s move exhibited tremendous weakness  and now it is a matter of time only before the bottom of  7241.50 is taken out and it heads for much lower levels in coming days/weeks and months. Moving down it will find support at 7241.50/7197/7118-7095/6868. However since it has closed just above the threshold mark of 7295 and opened with a down gap therefore if it makes an attempt to fill the gap in 2-3 days time it could come to 7364 or may be around 7395 level but any rise should be used for selling. The long call should only be attempted if it moves and sustain above 7539.50 or else at lower levels when it show some visible strength.  

For10-2-2016 In view of the above fresh short call can safely be tried below 7275 and then below 7241 for sure with a stop loss of above 7310 for a target of 7197 and then 7122 or sell on the rise but not above 7512 with a stop loss of above 7540. Moving up the possible sell point could be at 7364/7395/7440.It is suggested but not recommended that those who want to take advantage of the in between short relief rally can try long call above 7295 with a stop loss of below 7235; it could be a risky trade mind you.

Remark:-The long term trend is still down. Since it is knocking at the door of bear market territory ,therefore long call is ruled out  for now and sell on the rise strategy should be followed  and long call should only be attempted if it moves and sustain above 7539.50 till then try short call  as suggested above or below 7241 for sure.

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY--A TECHNICAL VIEW--10-2-2016

CNX--BANK NIFTY

Closed at 14875 on 9-2-2016(Open-14830/High-14964.90/Low-14760.80)

Support:-14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened with a down gap today and went down further and intra-day broken the bottom of 14834.05 on the line chart and tested the bottom of 14754.65 on the bar chart but at the end of the day respected both the bottoms and closed above them but  with a loss of 171.80 points. It also filled the gap completely during the day. The technical setup is looking weak but the silver lining is that even after today’s fall it has not broken its bottom on the line and bar chart. Therefore as long as it holds 14834.05 and 14754.65 on the closing basis there is a ray of hope that it could still move up from here before the fresh fall begins. Please note that the fresh fall looks inevitable as of now and it will seek much lower levels in coming weeks/months. Therefore every rise should be used for selling and buying should only be attempted if it closes above 15370 and sustain.

For10-2-2016 In view of the above fresh short call can safely be tried if it maintains below 14834 and then below 14754 for sure with a stop loss of above 14880  and above 14834 respectively for a target of 14595 or sell on the rise but not above 15370 with a stop loss of above 15430. Moving up the possible sell point could be at 15060/ 15174/15340/.It is suggested but not recommended that those who want to take advantage of the in between short relief rally can try long call above 14875  with an alert point at 14834 and exit point below 14754 it could be a risky trade mind you.

Remark:-It is in long term bear trend. But despite today’s fall it is still holding on to its recent bottom on the bar and the line chart. So it could still move up before fresh fall begin, therefore take you’re trading call as suggested above but one should be circumspect in their trade position.

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-9-2-2016

CNX-NIFTY

Closed at 7387.25 on 8-2-2016(Open-7489.70/High-7512.55/Low-7463.25)

Support:-7350.30/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:-7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

An important annual event of Budget-2016-17 is ahead therefore lot of action and volatility is expected in the market, so one should be cautious in trade till the event is over.

It opened flat today and desperately tried to move up but could not and went down sharply in last hour of trade and closed with a loss of 101.85 points. Short term technical setup was not that encouraging and looks terribly weak after today’s severe down move. The only positive point now is that it is still holding it recent higher bottom of 7350.30 on the bar chart and bottom of 7361.80 on the line chart, so if it holds the aforesaid bottom range it could still rally. The negative points are that it fell well below its short term moving average range which is between-7436--7487 (it changes every day) for 9-2-2016 , it has broken its short rising trend line today which was at 7393 and it is at 7410 for 9-2-2016  and it is far below its short term down trend line which is at 7505 for 9-2-2016. The overall bias is down now ,therefore long call should only be tried if it moves and sustain above 7539.50 which is one of its most crucial benchmark point and is valid for the entire year of 2016.

It is important to mention here that its threshold point for entering the bear market is at 7295 and it is not very far away from here. Please note that sustained break below this level could drag it down faster and to much lower levels. So this would be the benchmark point for initiating or exiting both ways trade.

For 9-2-2016 In view of the above fresh short call can safely be tried if it breaks the bottom of 7361.80 and then below 7350 for sure with a stop loss of above 7410 or on the rise but not above 7490 with a stop loss of above 7515 similarly aggressive trader can try long call also provided it move above its recent top of 7489.10 on the line chart and sustain for some time with a stop loss of below 7435. It is suggested and would be safe to try long call if it moves and sustains above 7539.50.

Remark:-The long term trend is still down. After previous days good rise it had a breakdown today, therefore long call is ruled out for now and should only be attempted if it moves and sustain above 7539.50 till then try short call on the rise as suggested above or below 7350 for sure.

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-9-2-2016

CNX--BANK NIFTY

Closed at 15046.80 on 8-2-2016(Open-15206.30/High-15367.90/Low-14960.10)

Support:-14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

An important annual event of Budget-2016-17 is ahead therefore lot of action and volatility is expected in the market, so one should be cautious in trade till the event is over.

It opened firmly and went up further but in last hour of trade it nosedived and hit a low of 14960.10 from the days high of 15367.90, intra- day it fell by more than 400 points but closed the day with a loss of 115.25 points. It is in long term bear trend but the short term technical setup looks mixed now. The positive point after today’s move is that it is still holding its multiple bottom range of 14777—14754 on the bar chart and recent bottom of 14834.05 on the line chart and still holding its short term rising trend line ,so if it holds the aforesaid bottom range it could still rally. The negative point it that it has decisively broken its short term moving average range which is between 15120—15417(it changes every day) for 9-2-2016.

For 9-2-2016 In view of the above fresh short call can safely be tried if it breaks the bottom of 14834.05 and then below 14754 for sure with a stop loss of above 14850 or on the rise but not above 15162.05 with a stop loss of above 15220 similarly aggressive trader can try long call also provided it move above its recent top of 15162.05 on the line chart and sustain for some time with a stop loss of below 15090. It is suggested that it would be better to try long call if it closes above its short term moving average range or if it moves and sustains above 15550.

Remark:-It is in long term bear trend. Although it had huge volatile movement today but it is still holding on to its recent bottom on the bar and the line chart. Take your trading call as suggested above but one should be circumspect in their trade position.

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--8-2-2016

CNX-NIFTY

Closed at 7489.10 on 5-2-2016(Open-7418.25/High-7503.15/Low-7406.65)

Support:-7489/7422//7350.30/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:-7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It builds on yesterday’s short up move and gave good rise today and closed with a gain of 85.10 points. It has higher bottom on the bar chart at 7350.30 therefore as long as it holds this level it could remain sideways with an upward bias for some time. Now it is within its short term moving average range which is between 7453—7497(it changes every day) for 8-2-2016 and it is just below the upper band of the range now, therefore long call can be attempted only if it consistently trade above the upper band of the moving average range i.e. 7497 level with an alert point at 7450 and exit point below 7406. But it is suggested and would be safe to try long call only if it moves and sustains above one of its most crucial benchmark point of 7539.50 which is valid for the entire year of 2016. Therefore it seems that short trade is still a good option till it moves above 7539.50 and sustain.

For 8-2-2016 short call can still be tried using the moving average range of 7453---7497 as selling range and then near but not above 7539.50 with a stop loss of above 7590 or can also sell below 7440 with a stop loss of above 7505. Please note that those with short call position should get alerted if it gives indication to close above 7500 then they should lighten their commitment.

Remark:-The long term trend is still down. It had a good rise today but it is suggested to try long call only if it moves and sustain above 7539.50.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 VIEW--8-2-2016

CNX--BANK NIFTY

Closed at 15162.05 on 5-2-2016(Open-14928.25/High-15211.90/Low-14890.90)

Support:-15162.05/15136.85/15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It builds on yesterday’s short up move and gave good rise today and closed with a gain of 292.89 points. Despite today’s rise the technical setup is still not that encouraging and it is just above its short term moving average range lower band, the range for 8-2-16 is between 15160--15456(it changes every day). But it has recent multiple bottom support in the range of 14777—14754. So the broad range of support and resistance for it now is between 14754---15160---15456---15550. In view of the above long call should only be tried if it moves above the short term moving average upper band i.e.15456 and sustain, but it would be safe to try long call if it sustain above 15550. Therefore it seems that short call is still a good option till it moves above 15550 and sustain.

For 8-2-2016 can sell below 15160 or on the rise using the moving average range of 15160---15456 as selling point range  and then near but not  above 15520 with a  stop loss of above 15570.

Remark:-It is in long term bear trend. It had a good rise today but it is suggested to try long call only if it moves and sustain above 15550.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-NIFTY-A TECHNICAL VIEW-5-2-2016

CNX-NIFTY

Closed at 7404 on 4-2-2016(Open-7411.45/High-7457.05/Low-7365.95)

Support:-7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:-7422/7539.50/ 7551.05/7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

After two days of severe fall it took a breather today and closed with a gain of 42.20 points. It is still below its short term moving averages the range of which is between 7434—7497(it changes every day) for 5-2-2016. Please note that it will show some strength if it moves above this range and sustain but it will gain good strength only if it crosses one of its most crucial and benchmark point of 7539.50 which is valid for the entire year of 2016. In view of the above observation long call can only be tried if it closes above its short term moving average range but it would be safe to try long call if it moves and sustain above 7539.50. It is still sell on the rise market therefore it is suggested to use the aforesaid moving average range for initiating short trade as of now.

For 5-2-2016 can sell on the rise using the range of 7434---7497 as selling range or near but not above 7539.50 with an ultimate stop loss of above 7590 or can also sell below 7361 with a stop loss of above 7420. Please note that if it gives indication to close above 7500 then one should be careful in short position and lighten the commitment.

Remark:-The long term trend is still down. After two solid down days it had an up day but it is still clearly a sell on the rise market now; therefore buying should not be attempted for in between short up moves now. Long trade should only be tried above 7539.50 only.

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY--A TECHNICAL VIEW-5-2-2016

CNX--BANK NIFTY

Closed at 14899.65 on 4-2-2016(Open-14969.20/High-14978.35/Low-14761.40)

Support:-14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 14973/15130.35/15136.85/15300/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

After three days of huge fall it took a short breather today and closed with a gain of 65.60 points. Even now it is well below its short term moving averages and the range for which is between 15186---15489(it changes every day) for 5-2-2016 but is has multiple support in the range of 14777---14754. It is still sell on the rise market but in view of the above fresh sell call should either be initiated on the rise using the aforesaid moving average range as sell point range or if it breaks the recent bottom of 14834 on the line chart and then the bottom of 14754 on the bar chart. Please note that fresh long trade should only be attempted once it closes above its short term moving average range.

 For 5-2-2016 can sell on the rise using the range of 15186---15489 as selling point range but not above 15540 with an ultimate stop loss of above 15580 or can sell below 14834 with a stop loss of above 14925. Sell for sure below 14754 for the entire month of February-2016 with a stop loss of above 14850.

Remark:-The long term trend is still down. After three severe down days it had a short up day today but it is still clearly a sell on the rise market now; therefore buying should not be attempted for in between short up moves now. Long trade should only be tried above 15550 only.

 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-4-2-2016

CNX-NIFTY

Closed at 7361.80 on 3-2-2016(Open-7392.45/High-7419.40/Low-7350.30)

Support:- 7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7402.80/7422/7539.50/ 7551.05/7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a down gap today and did not make any potential effort to gain some lost ground during the day which shows tremendous weakness in it. In fact in last 45 minutes of trade it went down sharply and closed near the low of the day. It broke all its short term moving averages decisively and also broken its recent bottom of 7424.65 on the line chart confirming that the pull back rally is over for sure. Therefore long trade is completely ruled out till it moves and sustains above 7539.50 again or show some visible strength at the lower levels. It is clearly a sell on the rise market as of now.

It is important to mention here that its threshold point for entering the bear market is at 7295 and it is very near to it. Please note that sustained break below this level could drag it down faster and to much lower levels . So this is the benchmark point for initiating both ways trade.

  

For 4-2-2016 can sell on the rise but below 7403 for the entire remaining week with a stop loss of above 7440 thereafter sell on the rise at appropriate points (with proper stop losses with the help of support and resistance points) but not above 7539.50 with an ultimate stop loss of above 7590.Since it is very near to its important point of 7295 as mentioned above, so one should be careful in the short trade around this level and should carry the trade if it breaks this mark with a stop loss of above 7330.  

Remark:-The long term trend is still down. It is clearly a sell on the rise market now; therefore buying should not be attempted for in between short up moves 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 VIEW--4-2-2016

CNX--BANK NIFTY

Closed at 14834.05 on 3-2-2016(Open-14897.40/High-14947.80/Low-14777.75)

Support:-14754.65/14709.10/14338.65/13414.30.

Resistance:- 14858.50/14973/15130.35/15136.85/15300/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

As you are well aware that it is already in the long term bear market (see my earlier post) and today opened with a down gap and went down further. In fact it has been falling relentlessly for last three days and clocking a loss of more than 200 point every day which exhibits tremendous weakness in it. Today it came close to its recent bottom of 14754.65 but respected it but looking at the overall technical setup it is not likely to hold and may break it and seek much lower levels in coming days / weeks. It is needles to mention here that it a sell on the rise market now and buying is out of question till it shows some visible strength at lower levels.

For 4-2-2016 can sell on the rise but below 15136.85 for the entire remaining week with a stop loss of above 15180 thereafter sell on the rise at appropriate points(with proper stop losses with the help of support and resistance points)  but not above 15540 with an ultimate stop loss of above 15580. Sell for sure below 14754.65 for the entire month of February-2016 with a stop loss of above 14810.

Remark:-The long term trend is still down. It is clearly a sell on the rise market now; therefore buying should not be attempted for in between short up moves 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-3-2-2016

CNX-NIFTY

Closed at 7455.55 on 2-2-2016(Open-7566.65/High-77576.30/Low-7428.05)

Support:- 7422/7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7539.50/ 7551.05/7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

As it broke the downside range of 7539.50 for the day (see my post for 2-2-2016) which is also one of the most crucial benchmark point valid for the entire year of 2016. It witnessed a complete breakdown and closed near the low of the day. Furthermore going down it broke almost all its short term moving averages except for one which is at 7431(it changes every day) for 3-2-16  is highly concerning but the only positive point was  in an otherwise devastated day that its higher top and bottom on the line chart is still intact and its recent bottom is at 7424.65. However in view of today’s severe down move it seems that the on-going pullback rally may be over, therefore long call should not be attempted till it moves and sustain above 7539.50 mark again.    

For 3-2-2016 although it seems that the pullback rally is over but short call should only be tried below 7422 and add on position below 7402 for sure with a stop loss of above 7460 or try short call  near 7539.50 with a stop loss of above 7564.

Remark:-The long term trend is still down. In wake of today’s breakdown long call should be completely avoided till it moves and sustain above 7539.50 marks. Instead short call can be tried below 7422.

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-3-2-2016

CNX--BANK NIFTY

Closed at 15068 on 2-2-2016(Open-15353.60/High-15463.45/Low-15018.85)

Support:-14973/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15136.85/15300/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

As yesterday it witnessed complete breakdown today also and closed with a loss of 246.45 points and near the low of the day. In fact it has been making new lows for the last four days giving indication that it is lacking strength. Furthermore it has decisively broken all its short term moving averages, one of its important points of 15300 and making lower top and bottom on the line chart which clearly indicate that   the pullback rally has possibly ended. Therefore long call is completely ruled out and should not be attempted below 15550 as of now and sell on the rise strategy should be adopted till it shows some visible strength.

For 3-2-2016 can sell below 15136.85 for the entire remaining week with a stop loss of above 15180 or on the rise at appropriate points but not above 15540 with a stop loss of above 15580. The possible sell point could be at 15300/15384—15410/15465/15540. Please use self defined stop losses with the help of support and resistance level to exit unfavorable trade with a minimum loss.

Remark:-The long term trend is still down. In wake of yesterdays and today’s severe breakdown long call should be completely avoided till it moves and sustain above 15550 or show some visible strength at lower levels. Instead short call can be tried as suggested above.

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW-2-2-2016

CNX-NIFTY

Closed at 7555.95 on 1-2-2016(Open-789.50/High-7600.45/Low-7541.25)

Support:- 7551.05/7539.50/7422/7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with an up gap today but could not sustain at higher level and thereafter moved in a short range and closed the day with a minor loss of 7.59 points. It is still above its short term moving averages and crucial benchmark point of 7539.50 for the entire year of 2016 which is a good sign. The range for 2-2-2016 is between 7590—7539.50 and break on either side will decide the direction for the day. It is therefore suggested to avoid long call below 7539.50 for sure. Today’s down close seems to be corrective move of the previous day’s huge rise and the on-going up move may still continue for some more time provided it holds 7539.50 level on the closing basis.

For 2-2-2016 long call should only be tried if it move and sustain above 7564 but get alerted in trade below 7539.50 and exit long position below 7500 for sure. Moving up it will face resistance at 7608/7654-7694/7724 & 7801. Similarly good support exists at 7539.50/7520/7422/7414/7402.

Remark:-The long term trend is still down. Looking at the short term technical setup the on-going up move may still continue for few more days provided it holds7539.50 on the closing basis but long call should be tried only as suggested above. Please not to forget that it is a pullback rally as of now therefore long trade should be handled with extreme caution and care.   

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--2-2-2016

CNX--BANK NIFTY

Closed at 15314.45 on 1-2-2016(Open-15547.75/High-15565.50/Low-15281.35)

Support:-15300/15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened on a firm note and thereafter had a breakdown and it went down sharply and closed near the low of the day with a loss of 207.95 points .Today’s move showed gross weakness which is concerning . Furthermore after making higher top and bottom it immediately made lower top and bottom on the line chart and also broke almost all its short term moving averages except for one which is at 15313 for 2-2-2016 and holding one of its important points of 15300 where it could find solace. Therefore as long as it holds 15300 level on the closing basis there is some hope that it can move up again but long call should only be tried  if it move and sustain above 15562.

For-2-2-2016 it would be safe to try long call if it moves and sustain above 15562 with a stop loss of below 15500.But aggressive trader can try long call above 15300 and the near 15136 with a stop loss of below 15270 and 15090 respectively. Please note that it could be a risky trade mind you therefore it is suggested and not recommended.  Moving up it will face resistance at 15548/15638/15683/15762.20/15910&16184. Similarly good support exists at 15300/15136.85/15130.35/14754.65.

Remark:-The long term trend is still down. Today’s breakdown is concerning, therefore long call should only be tried above 15562.

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.