CNX-NIFTY- A TECHNICAL VIEW FOR-9-3-2016

CNX-NIFTY

Closed at 7485.30 on 8-3-2016 (Open-7486.40/High-7527.15/Low-7442.15)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a flat note today and then moved up but could not cross its critical point of 7539.50 valid for the year 2016 and thereafter went down to correct  but at the end of the day closed absolutely flat ,so the desired down correction on closing basis is still awaited. But it has given some indication today that the down correction may set in soon as it has violated its previous days low today for the first time in last five days. But since its short term technical setup looks o.k. it may take few more days before correction really happens, but the vulnerability for down correction is pretty high as of now. It is therefore advised to be extra vigilant in existing long trade and it would be better and safe to try fresh long call only if it moves and sustain above 7539.50 mark or else in down correction at appropriate points but not below 7295. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45; similarly going down it will find support at 7417/7380/7350/7295/7252.40/7241.50.       

For 9-3-2016 it would be safe to try long call only if it moves and sustain above 7539.50 but aggressive traders if they wish to can try long call above 7506 with a stop loss of below 7475 for a target of 7513/7539.50/7551/7600—7625. It could be a risky trade mind you. Looking at its vulnerability for down correction ,if it fails to move above 7506 for quite some time then short call can also be tried with a stop loss of above 7550.     

  Remark:- It is suggested to try fresh long call only if it moves and sustain above 7539.50 level . It looks worthwhile here to try short call if price movement supports 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--BANK NIFTY- A TECHNICAL VIEW - 9-3-2016

CNX--BANK NIFTY

Closed at 15146.50 on 8-3-2016(Open-15323.45/High-15326.65/Low-15066.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a flat to negative note and thereafter steadily went down and closed the day with a loss of 192.20 points .So finally correction sets in after six days of straight rise. This down move may last few days but since its short term technical setup looks good it may stage an early recovery also. Please note that if it moves below 14969 and sustain then it could correct more sharply. Moving down it will find good support at 15000/14969/14761/14754/ 14602.25/14445/14180/13892/13810. In view of today’s down move it is suggested to avoid long call now and try only if it moves and sustain above 15340 or on dip at proper points but not below 14754.     

For 9-3-2016 it would be safe to try long call if it moves and sustain above 15340 with a stop loss of below 15260 for a target of 15367.90/15451.75/15577/15682.65/15762.20 or else near 14754 but not below this mark. Although it has not given any potential indication to try short call now but In view of down move today day trader can try short call also if it moves and sustain below 15060 with a stop loss of above 15160 for a target of 15000/14969/14858.

Remark:-It is in long term bear trend since 4-1-2016. It gave down move today, so possibly down correction has set in, therefore long call should be avoided now and can only be tried if it moves and sustain above 15340.

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.

LETTER TO VALUED READERS---7-3-2016

Dear Readers,                                                                         7^th March, 2016

                    Hi,

Hope you are enjoying reading my blog and I am very pleased that off late the daily hits in my blog have increased tremendously so the readership is rising but I get very few comment and remarks from the valued readers. Therefore it is earnest requested to share your view and comments and put forward suggestion if you have any because that will help me to evolve and write better.

 I am writing this note with a special purpose, please note that stock trading is a very specialized line and it cannot be done successfully on just whims and fancy .The technical analysis is one such tool which is really effective in daily or in positional trade. The end result of the trade could be much better with the help of technical analysis then without it. But I feel that most of the day traders do not have direct access to it therefore they have to depend on others technical interpretation. So for those I have devised a system following which one can trade effectively and with relatively less mistake than he would have otherwise. Please note that it will need training and practice for at least 10-15 days to get a feel of it. So those who wish to   know about it can call me.      

Wish you all the best and with warm regards.

Sincerely Yours

Narendra Kumar Surana 

CNX-NIFTY- A TECHNICAL VIEW FOR-8-3-2016

CNX-NIFTY

Closed at 7485.35 on 4-3-2016 (Open-7505.40/High-7505.90/Low-7444.10)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened today as perceived (see my post for 4-3-2016) and gave very short intra-day correction but did not correct as expected and on the closing basis instead closed with a small gain of 9.75 points. Although it is showing extremely good strength but the vertical rise without correction on the closing basis is concerning, so with each straight  rising day the vulnerability for down correction is increasing and as it is said in technical parlance that vertical rise may have vertical fall, therefore it is advised to be extra careful in long trade.

Please note that it is moving up unabated without making higher bottoms on the charts and the recent bottom on the bar chart and line chart are way below at 6825.80 and 6987.05 respectively and it cannot continue to move up like this, furthermore two unfilled gaps are still there, so in view of the above the threat of giving down   correction is always on. The longer time it takes to correct the impact could be severe which may be kept in mind.  However looking at its strength now it could still move up further from here for few more days before it corrects, but the day correction sets in it could be sharp and severe. Therefore I once again caution to be extra vigilant and alert in long trade.

The short term technical setup is o.k., so the long call can be tried above 7486 and then fresh position can be added if it moves and maintain above 7513 but with caution. It is important to mention here that one of its most critical point is at 7539.50 for the year 2016 and it is within the close proximity now, if it moves and sustain above this mark then it will show good strength  which may please be noted. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45 and most importantly from the down trend line which is placed at 7625(it decreases every day) for 8-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further.     

For 8-3-2016 long call can be tried above 7486 and then add on position if it moves and sustain above 7513 and 7539.50 for a target of 7513/7539.50/7551/7600—7625/ 7667. The alert point for long trade is at 7417 and the authentic stop loss   would be below 7365. It is therefore suggested to use self defined stop losses with the help of support point mentioned above to manage the trade better. In view of more than 650 points rise in last four days long call should be handled with extreme caution and care because correction may set in anytime.     

  Remark:-It is showing good strength but rising without any respite increases its vulnerability for down correction with each passing up day. But since its short term technical setup looks o.k. so possibly this up move may last for few more days before it corrects, therefore long call can still be tried as suggested above but very cautiously.   

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 FOR-- 8-3-2016

CNX--BANK NIFTY

Closed at 15339.20 on 4-3-2016(Open-15243.75/High-15451.75/Low-15005.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a short up gap today but filled the gap during the day, but please note that the gap it created on2-3-2016 is still intact, furthermore it has risen by more than 2000 points straight in last six days and has left its recent bottoms on the charts far below which are  at 13555.70 and 13407.25 on the line and the bar chart respectively. Please note that it cannot keep on moving up vertically, it has to come down to make higher bottom even if it has to move up further, therefore with  each passing up day vulnerability for down correction is increasing and in technical parlance also it is said that the vertical rise may have a vertical fall too. The longer time it takes to correct the impact could be severe which may be kept in mind.  However looking at its strength now it could still move up further from here for few more days before it corrects, but the day correction sets in it could be sharp and severe.  Therefore it is advised to be extra vigilant in long trades.

The short term technical setup is o.k., so the long call can be tried above 15340 and then fresh position can be added if it moves and maintain above 15455 but with caution. It is important to mention here that one of its most critical point is at 15762.20 for the year 2016 and it not very far away from this, if it moves and sustain above this mark then it will show good strength  which may please be noted. Moving up it would face resistance at 15367.90/15451.75/15565.50/15682.65/15762.20 and most importantly from the down trend line which is placed at 16170(it decreases every day) for 8-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further. It is important to mention here that it is still in long term bear market territory and can only come out if it moves above 16725 mark, which may please be noted.    

For 8-3-2016 long call can be tried above 15340 and then above 15455 for a target of 15367.90/15451.75/15577/15682.65/15762.20   . The alert point for long trade is at 15170 and 15140 and the authentic stop loss   would be below 15000 .It is therefore suggested to use self defined stop losses with the help of support point mentioned above to manage the trade better. In view of more than 2000 points rise in six days long call should be handled with extreme caution because correction may set in anytime.    

  Remark:-It is in long term bear trend since 4-1-2016.    It is showing good strength but rising without any respite increases its vulnerability for down correction with each passing up day. But since its short term technical setup looks o.k. so possibly this up move may last for few more days before it corrects, therefore long call can still be tried as suggested above but very cautiously.  

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 8-3-2016

TRADING CALLS

1.  ACC.

Sell below -1232, S/L-1240, Target-1208/1199/1180.

2. ASHOK LEYLAND.

Sell below -92.85, S/L-93.75, Target-90.85/88.20.

3. ASIAN PAINTS

Sell below -858, S/L-866, Target-841/829/826.

4. HCL TECH.

Sell below-830, S/L-836, Target-818/811/795.

5. IDEA CELLULAR.

Sell below-104, S/L-105.75, Target-102.80/98/97.20.

6. ITC.

Sell below -314.75, S/L-316.75, Target-310/308/302.60.

  

7. RELIANCE INDUSTRIES.

Sell below-1003, S/L-1007, Target-993/986/976/967.

8. SUN PHARMA.

Sell below -850, S/L-857, Target-833/820/812.

                                        

9. TECH MAHINDRA.

 Sell below-449, S/L-452, Target-434/420/412.

   

Note: Price stated here is of spot market.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY- A TECHNICAL VIEW FOR-4-3-2016

CNX-NIFTY

Closed at 7475.60 on 3-3-2016 (Open-7429.55/High-7483.95/Low-7406.05)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened yet again with an up gap today and made no effort to fill the gap during the day and closed near the high of the day with a gain of 106.75 points.  No doubt it  exhibited tremendous strength in last three days, but the concerning thing is that it had two unfilled up gap in a row and if it makes an attempt to fill these gaps in coming 2-3 days time then it could sharply come down to the level of 7380 and then 7235. Furthermore if it opens with an up gap on-4-3-2016 i.e. above 7484 mark then it is very much likely that it can give sharp down correction the very same day. Therefore if it opens as perceived and move up further please avoid fresh long trade for sure and book profit in existing long trades if not completely at least part profit booking for sure, even otherwise book some profit here and try sell call on the rise but not above 7560.Please note that it had vertical rise in last three days and that too with two gaps in a row, so it looks highly vulnerable for a down correction, therefore sell call is suggested. The short term technical setup looks o.k. so fresh long call can be tried but not now and only on down correction and at appropriate points but not below 7295. Moving up it will face resistance at 7487.15/7512.55/7539.50 /7600.45.It is important to mention here that it will gain some strength if it moves and sustain above 7539.50. Going down it will find support at 7380/7350/7295/7252.40/7241.50/7204/ 7121/7008/6960.

For 4-3-2016 if it opens above 7484  and move further avoid fresh long call and book profit on existing long call  if not completely at least part profit for sure ,even otherwise also book profit. If it behaves as mentioned herein-above try sell call on the rise but not above 7560 with a stop loss of above 7625.   

  Remark:-It is suggested to avoid fresh long call today and book profit on existing long trades if not completely at least part profit booking for sure and if it opens the way as perceived then it would be worth trying sell call as suggested above.

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY- A TECHNICAL VIEW FOR-- 4-3-2016

CNX--BANK NIFTY

Closed at 15150.05 on 3-3-2016(Open-15150.05/High-15206.05/Low-15000.05)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a short up gap today but filled the gap during the day, but please note that the gap it created  yesterday is  still intact and if makes an attempt to fill this gap in next 2-3 days time, it could come down to 14445 level. No doubt it exhibited good strength in last three days but the concerning part is that it had a vertical rise and its recent bottom on the bar and line chart are far below at 13407.25 and 13555.70 respectively, please note that it cannot keep on moving vertically, it has to come down to make higher bottom,   therefore it looks highly vulnerable for a down correction now and it may happen in 2-3 days time. So be extra cautious and careful in long call now. In fact it would be better to avoid fresh long call today and book profit in the existing long position and wait for it to correct to re-enter at an appropriate level. However since the short term technical setup is o.k. those who wish to try long call can try if it moves and maintain above 15210 or on the dip but not below 14754. Moving up it will face resistance at 15275/15367.90/15565.50/15682.65/15762.20/.It is important to mention here that it will gain some strength if it moves and sustain above 15762.20. Going down it will find support at 14813/14754/14545/14467.15/14276/13943/13892/13810/13520/13407.

For 4-3-2016 for safe trader it is suggested to avoid fresh long call now and advised to book at least part profit in existing long position if not completely .However aggressive trade can try long call if it maintains above 15210 with a stop loss of below 15140 for a target of 15275/15367.90/15565.50/or on the dip but not below 14754 with a stop loss of below 14680. Similarly short call can be tried if it moves and maintain below 15140 with a stop loss of above 15220 for a target of 14813/14754/14545/14467.15/14276. In view of more than 1230(closing basis) points rise in last three days long call should be handled cautiously.  

Remark:-It is in long term bear trend since 4-1-2016. It is suggested to avoid fresh long call today and book profit on existing long trades if not completely at least part profit booking for sure. Sell call can be attempted 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 3-3-2016

TRADING CALLS

1.  APOLLO  HOSPITAL.

Sell below -1490, S/L-1500, Target-1475/1452/1430.

2. AUROBINDO PHARMA.

Sell below -670, S/L-675, Target-645/634/616.

3. BHEL

Sell below -95.80, S/L-97.50, Target-93.60/90.15/88.

4. COAL INDIA.

Sell below-309.90, S/L-311.50, Target-306.50/305/300.80/295.75.

5. DR.REDDYS LAB.

Sell below-3006, S/L-3018, Target-2978/2951/2905.

6. ITC.

Sell below -318, S/L-320, Target-310/308/302.60.

  

7. L&T.

Sell below-1133, S/L-1140, Target-1114/1110/1092/1082.

9. MAHINDRA & MAHINDRA.

Sell below-1194, S/L-1200, Target-1185/1173/1161/1154.

10. SUN PHARMA.

Sell below -850, S/L-855, Target-833/820/818/802.

                                         

11. TATA MOTORS.

 Sell below-314.35, S/L-317.50, Target-301.60/297/290/.

   

Note: Price stated here is of spot market.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY--A TECHNICAL VIEW--3-3-2016

CNX-NIFTY

Closed at 7368.85 on 2-3-2016 (Open-7321.70/High-7380.35/Low-7308.15)

Support:-7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7422/7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

 It opened up with a big up gap and maintained and then steadily moved up and ended the day near the high of the day with a gain of 146.55 points. It continued yesterdays rising momentum tremendously today and convincingly crossed the bear market territory threshold point of 7295, but it has to be seen whether it could sustain above this mark or not in next 3-4 days. Furthermore  the gap it created today it still there and if it makes an attempt to fill this gap in next 2-3 days time then it could come down to 7235 level.  Although it has exhibited extra ordinary strength in last two days trade but it is still way below its long term moving averages not only on the daily chart but below some of it on the weekly chart also and other technical parameters are also not that great as of now, so it seem that the on-going rally is a powerful relief rally only. Therefore be alert and watchful in next 3-4 days, but since it has crossed the bear market threshold point of 7295 long call can be tried now or on the dip but not below 7295 with caution, similarly if it breaks and sustain below this mark try short call also. Moving up it will face resistance at 7378---7422/7487.15/7512.55/7539.50 /7600.45.It is important to mention here that it will gain some strength if it moves and sustain above 7539.50. Going down it will find support at 7295/7252.40/7241.50/7204/ 7121/7008/6960.

For 3-3-2016 long call can be tried now or on dip but not below 7295 with a stop loss of below 7230 for a target of 7378—7422/7487/7512.55/. Similarly short call can be tried if it moves below 7295 and sustain with a stop loss of above 7325 for a target of 7235/7204/7134. In view of more than 380(closing basis) points rise in last two days long call should be handled cautiously.   

Remark:-Since it moved above the bear market threshold point of 7295 long call can be tried till it maintains above it, similarly short call can be tried if it maintains below it with suggested 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-BANK NIFTY-- A TECHNICAL VIEW--3-3-2016

CNX--BANK NIFTY

Closed at 15092.45 on 2-3-2016(Open-14770.35/High-15/Low-14767.30)

Support:-14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15130.35/15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened up with a huge up gap and maintained and then steadily moved up and ended the day near the high of the day with a colossal gain of 679.55 points. It continued yesterdays rising spree today also but it has to be seen whether it could sustain this rise or not in next 3-4 days. Furthermore  the gap it created today it still there and if it makes an attempt to fill this gap in next 2-3 days time then it could come down to 14445 level.  Although it has exhibited extra ordinary strength in last two days trade but it is still way below its long term moving averages not only on the daily chart but below some of it on the weekly chart also and other technical parameters are also not that great as of now, so it seem that the on-going rally is a powerful relief rally only. Therefore be alert and watchful in next 3-4 days, but since its short term technical setup looks o.k. long call can be tried above 15150 or on dip but not below 14754, similarly if it breaks and sustain below 14754 try short call also. Moving up it will face resistance at 15146—15200/15367.90/15565.50/15682.65/15762.20/.It is important to mention here that it will gain some strength if it moves and sustain above 15762.20. Going down it will find support at 14813/14754/14545/14467.15/14276/13943/132892/13810/13520/13407.

For 3-3-2016 long call can be tried if it moves and maintain above 15150 with a stop loss of below 15070 for a target of 15146—15200/15367.90/15565.50/or on the dip but not below 14754 with a stop loss of below 14680. Similarly short call can be tried if it moves below 14754 and sustain with a stop loss of above 14830 for a target of 14545/14467.15/14276. In view of more than 1140(closing basis) points rise in last two days long call should be handled cautiously.  

Remark:-It is in long term bear trend since 4-1-2016. In view of last two days phenomenal rise long call can be tried as suggested above but with extreme caution. Similarly short call can also be tried on above mentioned price breakdown. 

  

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--2-3-2016

CNX-NIFTY

Closed at 7222.30 on 1-3-2016 (Open-7038.25/High-7235.50/Low-7035.10)

Support:-7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:- 7241.50/ 7252.40/7295/7350.30/7422/7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a hugely positive note and then steadily moved up throughout the day and ended the day with a whopping gain of 235.25 points. It has crossed its all short term moving averages convincingly today but it is very near to its tough resistance range of 7241.50---7252.40---7295. (See my earlier post) Looking at today’s robust rise it seems that this move may continue for few days if it is a genuine rise but if it is a result of short covering then it may fizzle out tomorrow itself or a day after. In this context please note that today’s rally lacked volumes in nifty’s constituents stocks therefore it seems that the rise may be was due to short covering ,if it is so then it is not likely to last. However   in view of above observation it is advised not to be over enthusiastic for long trade looking at today’s rise and let it give 1-2 days time to establish that it was a genuine rise. It is important to mention here that it is still in the bear market territory, so this rise could be a sharp bear rally only. Furthermore it is very close to its tough resistance zone, therefore it is advised that long call should only be attempted once it moves above the bear market territory threshold point of 7295 and sustain and not now because if it fails to cross this mark or after crossing fails to sustain  then it could trigger sharp fall.

  

For 2-3-2016 watch the market for sometime before initiating any trade. Please note that Long call could be risky here because of tough resistance zone ahead therefore it would be safe to try long call only if it moves and sustain above 7295 level but aggressive trader can try long call on dip but not below 7180 with a stop loss of below 8140 or if it moves and sustain above 7253 with a stop loss of below 7200. Since today’s rise lacked volumes this rise may not be sustainable therefore it would be worth trying short call if it does not move above 7253 and then near 7295 with a stop loss of above 7320.    

Remark:-It is in bear trend now. Since there is no clarity and confidence about today’s rise therefore both long and short call can be tried as suggested above and depending on the price movement. I would personally avoid long call below 7295 instead try short call if price pattern gives weak indication during the day. 

  

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--2-3-2016

CNX--BANK NIFTY

Closed at 14412.90 on 1-3-2016(Open-14064.80/High-14445.70/Low-14064.80)

Support:-14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14467.15/14602.25/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a positive note and then steadily moved up throughout the day and ended the day with a whopping gain of 466.50 points. It has crossed its all short term moving averages convincingly today but it is still below its long term rising trend line which is at 14510(it changes every day) for 2-3-2016 and also below its recent  top of 14467.15 and 14602.25 and bottom of 14754—14761. Looking at today’s robust rise it seems that this move may continue for few days if it is a genuine rise but if it is a result of short covering then it may fizzle out tomorrow itself or a day after. In this context please note that today’s rally lacked volumes in its constituents stocks therefore it seems that the rise may be was due to short covering ,if it is so then it is not likely to last. However   in view of above observation it is advised not to be over enthusiastic for long trade looking at today’s rise and let it give 1-2 days time to establish that it was a genuine rise. It is important to mention here that it is still in long term bear market territory for a long time, so this rise could be a sharp bear rally only. Therefore it is advised that long call should only be attempted if it moves and sustain above 14602.25 and not now.

  

For 2-3-2016 watch the market for sometime before initiating any trade. Please note that Long call could be risky here because of tough resistance points ahead therefore it would be safe to try long call only if it moves and sustain above 14602.25 levels but aggressive trader can try long call above 14467.15 with a stop loss of below 14380. Since today’s rise lacked volumes this rise may not be sustainable therefore it would be worth trying short call if it does not move above 14467.15 for some time and then near 14602.25 with a stop loss of above 14680.   

Remark:-It is in long term bear trend since 4-1-2016. Since there is no clarity and confidence about today’s rise therefore both long and short call can be tried as suggested above and depending on the price movement. I would personally avoid long call below 14602.25 instead try short call if price pattern gives weak indication during the day. 

  

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.

DOW JONES INDUSTRIAL AVG INDEX- A TECHNICAL UPDATE-1-3-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 16516.50 ON -29-2-2016.

                                                                           

SUPPORT:-16510.98/16165.86/15979.95/15942.37/15503/15450.56/15370.33/15340.69/14760/14719.43/14681/14551.27/14444.03.

 RESISTANCE:-16795.98/16933.43/17037.76/17067.59/17116.73/17138.47/17210.43/17350.64/17568.40.

(Figures in bold are important)

It went up by more than 800 points since I wrote last (see my post for 18-1-2016) but technically it is still on a very weak footing, as it is still way below its long term rising trend line drawn from the bottom of 6469.95 which is now  at 17110 (it keeps on rising every day), it is below all its long term moving averages on the daily chart since 4-1-2016 and the last such averages is placed at 16842(it changes every day) for 1-3-2016,it has violated some of its long term moving averages on the weekly chart also which speaks of gross weakness in it. Furthermore a Head & Shoulder pattern is in the making on the bar chart therefore it seems that the on-going up move may not go beyond 16933.43 level if this pattern  has to accomplish and eventually if this comes into play then it could see severe price damage in coming weeks/months which may be kept in mind. Please note that if this pattern fails even then it will gain strength only if it moves above 17350 and sustain, which seems difficult at this point of time. Therefore as of now the level of 16933.43 is important to watch out. In view of the above it seems that the on-going up move is either over or near exhaustion therefore it is suggested to avoid long call for now. Please note that the overall bias is on the downside.

REMARKS:-The trend is down and in view of the above observation it seems that the on-going up move is either over or near completion, therefore it is advised to avoid long call 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--1-3-2016

CNX-NIFTY

Closed at 6987.05 on 29-2-2016 (Open-7050.45/High-7094.60/Low-6825.80)

Support:-6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:- 7021/7030/7118.85/7204.65/ 7241.50/ 7252.40/7295/7350.30/7422/7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

 As expected it had huge volatility and wild swing of more than 265 points intra- day today but it closed the day on a weak note and with a loss of 42.70 points, volatility may still continue for some time. Today it broke the double bottom of 6960 which is also the lower band of the weekly range of 6960—7295 (see my post for 29-2-2016) but bounced back to close just above it, furthermore it also broke the bottom of 6869 it made on 12-2-2016 on the bar chart intra-day which is a bad sign. Technically it is already weak, but 6960 will act as a good support till it is taken out again. It is still sell on the rise market now  therefore fresh short trade can be initiated if it goes below 6960 or on the rise but not if it maintains above 7051 on 1-3-2016. The bias is on the downside now therefore it is suggested to avoid long trade completely till it moves above the bear market territory threshold point of 7295 and sustain.  Moving down it will find support at 6960/6869/6825/6775/6722-6710/6685/6638.55/6510/6432.70/6357.10/6338.50 where it could take a breather and bounce for a while as it did today from 6825 point or may give a relief rally from any of these points for a day or two before resuming down move again, so be alert and watchful. Please note that sustained break below 6338.50 can drag it down to unbelievable lower   levels.

For 1-3-2016 sell call can be tried on the rise but not above 7051 with a stop loss of above 7100 or below 6960 with a stop loss of above 7031 for the entire week starting from 29-2-2016 for a target of 6869/6825/6775/6720. Buying is ruled out for now.

 Remark:-It is in long term bear trend. Therefore it is suggested to try sell call as mentioned above and avoid long trade completely 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.