CNX--BANK NIFTY- A TECHNICAL VIEW FOR – 12-4-2016

CNX--BANK NIFTY

Closed at 15818.50 on 11-4-2016(Open-15623.35/High-15853.85/Low-15440.25)

Support:15762.20/15704.75/15682.65/ - 15522/15451.75/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

After giving four days close below its most critical point of 15762.20 for the year 2016 it bounced back today and closed above it and near the high of the day, whereas the overall technical setup was pointing towards continuation of the down move. The kind of volatility it exhibited today is not good for a steady market, so be watchful because it may reverse it also. Although it closed above its critical point of 15762.20 but it has to be seen that whether it will sustain above it or not on the closing basis for next 3-4 days. Since it closed above 15762.20 mark therefore short call should be avoided till it moves and close below it again. For safe long trader it is suggested to wait and watch tomorrow but aggressive day trader can try long call above 15855.   

For 12-4-2016 in view of today's up move long call can be tried above 15855 with a stop loss of below 15760, similarly short call can also be tried if it moves and sustain below 15760 with a stop loss of above 15810. Watch the market for sometime before initiating trade.  

Remark: - It is already in the long term bear trend since 4-1-2016. In view of today’s volatility take your trading calls as suggested above but 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.

GOLD IN $ TERMS A TECHNICAL UPDATE-10-4-2016

GOLD IN $ TERMS

Gold closed at $1243.80 on 8-4-2016

SUPPORT:- $1232/1210.30/1206/1191.70/1181.60/1167.30/1162.10/1141.60/1130.40/1103.80/1061.50/1060.20/1044.50.

RESISTANCE: - $1246.80/1255.60/1263.90/1271.90/1287.80/1307.80/1324.30/1346.80/1361.80/1392.60/1434/1487.20/1539.

Technically it has been bullish for last few months (see my post for 18-1-16 & 15-2-2016) and it is still looking good on the chart. After making a recent high of $1287.80 on 11-3-2016 it corrected and has been consolidating for last few weeks in the range of $ 1263.90---1206 and now it seems that technically it is ripe to give an upside breakout from $1263.90 the upper band of the range and if it does and sustain the breakout then it would be heading for good rise and may surpass its recent high of $1287.80. Moving up it would face huge resistance in the range of $1263.90---1287.80—1308—1355 but looking at the overall technical setup it seems that it may cross or hit the said resistance points this time. Please note that if it moves down it has good support at $1191.50 & 1181.60 and then from its long term moving averages which are in the range of 1176—1131. The bias is on the upside now therefore it is suggested to follow buy on dip strategy but not below $1206 and get alerted in long trade below $1191.50 and exit trade if it moves and sustain below $1181.60.   Since it is having support in the range of $1176—1131 from its long term moving averages, so if it goes below $1191.70 and $1181.60 level then one can try long call near 1131 also with a stop loss of below $1120.But please note that it would be safe to try long call above $1191.70 only with a stop loss of below $1180.

REMARKS:-Long term trend is down but short and medium term trend is up. It is therefore suggested to adopt buy on dip strategy as suggested above.

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

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—10-4-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $39.72 ON 8-4-2016

SUPPORT:-$ 38.14/37.60/37.04/35.24/34.53/33.55/32.70/32.40/30.56/29.25.

RESISTANCE:-$39.84/40.06/42.21/42.50/43.46/43.97/47.71/48.36/49.33/50.92

.

(Figure in bold are important)

It was hugely bearish on the technical chart when I last wrote about it on 18-1-2016 and it is still bearish on the long term chart as it is way below its long term moving averages on the weekly and monthly chart. But it is showing some improvement on the daily chart, as it is making higher top and bottom, it is above some of its long term moving averages and of course above its short term moving averages too. Therefore an up rally could be in the offing from here in coming days . In this regard please note that at present it is moving in a range of $42.49—37.04—34.53 and sustained break above $42.49 can take it to the level of 49--50.90. Please also note that its important points for the year 2016 are at $37.60/37.04 & 34.53 and it is reasonably above it now, therefore as long as it holds the aforesaid levels there is a good chance of moving up from here and looking at the overall pattern on the daily chart it seems that upside breakout from the level of $42.49 is very likely, so watch out. In view of the above observation it is suggested to follow buy on dip strategy but not below $37.04 with proper stop loss and add further long position if it gives a sustained breakout above $42.49.

        

REMARKS:-  Long term trend is down ,but pattern on the daily chart indicates that in short term it could give an up move from here , therefore long call can be tried as suggested above.

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

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

Note: Price stated here is of spot market. 

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

Dollar – Vs –Rupee A Technical Update-10-4-2016

Dollar – Vs –Rupee

Dollar   closed at Rs.66.54 on 8-4-2016

SUPPORT: -66.24/66.19/66.01/65.93/65.84/65.55/65.31/64.68/64.62.

RESISTANCE: - 66.81/66.94/67.17/67.53/68.35/68.71/68.80/68.89..

TECHNICAL   OBSERVATION :-

It was technically good when I last wrote about it on 18-1-2016 and as expected it moved up and surpassed its all time high of 68.80 and made a new high of 68.89 on 25-2-2016 but failed to hit my perceived high of 71.25. It went into correction after making new high and now it seems that down correction may be over and it may be consolidating here before making its next move but looking at the overall technical setup it is giving mixed indication as of now and it could move either way in coming days. In this regard please note that the broad range for it is now between 67.17—65.84 and its most crucial points for the year 2016 are 66.19 & 67.17. Since it is moving within its range now try buying at the lower end of the range but not below 66.19 and book profit near the upper end of the range 67.17. After the breakout on the either side one can go in for aggressive trade position as the case may be. Please note that long call should not be attempted below 66.19 and all long call should be exited below 65.84. If it moves and sustain below 65.85 short call can also be tried with a stop loss of above 66.25.  

REMARKS:-The long term trend is up; but since it is range bound now one can trade long at the lower end and book profit at the higher end of the range as mentioned above but do not attempt short call as of now. Please avoid long call below 66.19 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

DOW JONES INDUSTRIAL AVG INDEX- A TECHNICAL UPDATE-10-4-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 17576.96 ON -8-4-2016.

                                                                           

SUPPORT:-17484.23/17425.03/17405.48/17399.01/17210/17116.73/16887/16827.86/16510.40/16165.86/15979.95/15942.37/15803/15503/15450.56/15370.33/15340.69/14760/14719.43/14681/14551.27/14444.03.

 RESISTANCE:-17750.02/17796.76/17811.48/17914.34/17977.85/18137.12/18188.81/18351.36.

(Figures in bold are important)

It was technically weak when I wrote last on 1-3-2016 but since then it surged by more than 1300 points which is phenomenal. Please note that technical parameters changes with the price movement therefore regular monitoring of chart is very essential for the correct assessment and forecasting. Although it is still looking good on the  technical chart but at this juncture it seems that either it may be consolidating or showing some sign of fatigue for a down correction before it resumes the up move again.

Please note that the on –going up rally which started from 15503.01 on 11-2-2016 had vertically moved up by more than 2300 points and made a high of 17811.48 on 1-4-2016 of this up run but now is in a corrective or consolidating mode, it could be exhaustion also because certain technical indicators points towards a possible downside from here, so be careful. However as long it holds 17425.03 & 17405.45 levels which are very crucial points for the entire year of 2016, chance of resuming up move again is still there. Therefore long call can be tried near these levels but it is suggested to avoid long call completely if it gives sustained close below 17405.45. However  even if it breaks below the aforesaid  levels it will find very good support from its long term moving averages which are placed in the range of 17219—16900 now (it changes every day) but sustained close below the lower band of the long term moving averages may accelerate the fall. Similarly moving up it will face very stiff resistance in the range of 17800—18352.So take your trading call keeping the above points and range in mind. I once again repeat to avoid long call below 17425&17405 for sure.    

REMARKS:-The trend is up. But in view of its present movement it is suggested to watch it for a day or two and see how it pans out before taking a trading call.

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 FOR—11-4-2016

CNX-NIFTY

Closed at 7555.20 on 8-4-2016 (Open-7542.35/High-7569.35/Low-7526.70)

Support: - 7539.50/7526.70/7422/7405/7350.30/7295/7252.

Resistance: - 7582.25/7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

It moved in a very short range of 43 points today which is indicative of a big move ahead on the either side may be in a day or two and most likely on the downside as it has closed near the low of the week. It is in down move now so even if it moves up for a while don’t try to take advantage of any up move because it may trap you at higher levels.  Furthermore it is well below its long term moving averages, few technical indicators are also pointing towards a downside move, it is making lower top and bottom on the line chart and it is also running below its short term moving averages and certain short term moving averages has given negative crossover also which is not a good sign, therefore overall technical setup indicates continuation of the down move but I once again repeat that in between short up move could be there. In view of the above long call should be completely avoided till it closes above 7650 and sustain, therefore sell on the rise strategy should be followed till then. However since it is holding on to one of its most crucial points of 7539.50 for the year 2016, therefore it would be safe to try short call if it sustains below 7539.50. The contrarian trader can try long call if they wish to as long as it holds 7539.50 level with a stop loss of below 7525, please note that it is suggested and not recommended because the bias is on the downside.

Please note that moving down it will find good support in the range of  7429—7405(it is likely to hit this range) and sustained break below this range can drag it down to 7295 level  which is a long term bear market threshold point. It is needless to mention here that sustained break below 7295 mark could trigger fresh fall and it may seek much lower levels then. So watch out.     

For 11-4-2016 short call can be tried on the rise  at proper points but not above 7650 with an ultimate stop loss of above 7700 or  sell below 7539.50 with a stop loss of above 7590 and add on short position if it moves below 7526 and sustain for a target of 7490/7460/7429/7405. Please note that it would be safe to try short call below 7539.50. Please use self defined stop losses for on the rise sell trade with help of resistance point mentioned above to manage your trade better.

Remark: - At present it is sell on rise market till it moves above 7650 and sustain, therefore long call should be avoided now and 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.

TRADING CALLS FOR 11-4-2016

TRADING CALLS

1.  ABB.

Buy above -1350, S/L-1340, Target-1408/1420/1445.

2. AMBUJA CEMENTS.

Sell below -223, S/L-225.80, Target-221/216.

3. ASIAN PAINTS

Sell below -849, S/L-855, Target-841/829/826.

4. AXIS BANK.

Sell below-419.80, S/L-422, Target-411/407.50/400.

5. BAJAJ AUTO.

Buy above -2405, S/L-2390, Target-2425/2455/2477.

6. BANK OF BARODA.

Sell below-141.60, S/L-143.50, Target-137.20/133/126.70.

7. CAIRN INDIA.

 Buy above-150, S/L-148, Target-157/163/168.

8. GAIL.

 Buy above-350, S/L-347, Target-356.40/359.50/268.40.

9. GLENMARK PHARMA.

Sell below-762, S/L-767, Target-761/745/727/715.

  

10. ICICI BANK.

Sell below -219, S/L-221.50, Target-212/210/206/200.50.

11. MARUTI SUZUKI.

Sell below -3418, S/L-3432, Target-3386/3360/3320.

  

12. TATA MOTORS.

Sell below -369, S/L-372, Target-361.50/253.30/345.

13. TCS.

Sell below -2427, S/L-2435, Target-2390/2360/2343.

                                       

14. TECH MAHINDRA.

 Buy above-458, S/L-454, Target-470/475/483.

 

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--BANK NIFTY- A TECHNICAL VIEW FOR – 11-4-2016

CNX--BANK NIFTY

Closed at 15568.35 on 8-4-2016(Open-15519.30/High-15642.70/Low-15483.05)

Support: - 15522/15458.05/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

After three days of fall it took a breather today and  it may inch up further from here but not likely to cross it critical point of 15762.20 on the closing basis as it has closed well below it for the 4^th consecutive day. As you are already aware that it is clearly sell on the rise market now (see my earlier post) therefore long call should be avoided and not to be tried even for short up moves in between because it can trap you at higher levels. Furthermore it is well below its all long term moving averages, few technical indicators are also pointing towards a downside move, it has broken its recent bottom on the line chart and it is also running below its short term moving averages and certain short term moving averages have given negative crossover also which is not a good sign, therefore overall technical setup indicates continuation of the down move. In view of the above long call should be completely avoided till it closes above 15762.20 and sustain for at least 3-4 days, so till then sell on the rise strategy should be followed but not above 15762.20  or  sell if it maintains below 15522 for some time. It would be safe to try sell call below 15522 and below 15450 for sure.  

Please note that moving down it will find support from its Fibonacci retracement point at 15483/15294/15184/14845/14505 and from its medium term moving averages which is in the range of 15450—15050, so it is extremely good support area, however looking at overall technical parameters it seems that it is very likely to hit 15300-15150 range in coming days.

For 11-4-2016 short call can be tried on the rise at proper points but not above 15762 with a stop loss of above 15850 or sell below 15522 with a stop loss of above 15640 and can add on short position below 15450 with a stop loss of above 15540 for a target of 15312/15150/15050.

Remark: - It is already in the long term bear trend since 4-1-2016 and in view sustained close below its critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 3-4 days. 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—8-4-2016

CNX-NIFTY

Closed at 7546.45 on 7-4-2016 (Open-7630.40/High-7630.75/Low-7535.85)

Support: - 7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7582.25/7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

It opened on a positive note but immediately slipped into red and as perceived(see my post for 7-4-16) broke its recent bottom of 7582.25 on the bar chart and also broke its crucial point of 7539.50 for the year 2016 intra-day but at the end managed to close just above it. However since the technical indicators points towards decisive break below 7539.50 levels, so it is a matter of time before it happens (see my post for 6 & 7th April-2016). Please note that sustained break below 7539.50 level on the closing basis will accelerate the fall which seems very likely in coming days/weeks as of now. Furthermore today’s fall almost confirms that the on-going up move which started from 29-2-2016 is over, therefore long call should be avoided now and sell on the rise strategy should be followed till it moves above 7645 and sustain.

For 8-4-2016 short call can be tried on the rise but not above 7645 or sell near 7582 or  sell below 7539.50 with a stop loss of above 7645 and 7590 respectively. Please use self defined stop losses for on the rise sell trade with help of resistance point mentioned above. See support points for down targets.      

Remark: - At present it is sell on rise market till it moves above 7645 and sustain, therefore long call should be avoided now and 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 – 8-4-2016

CNX--BANK NIFTY

Closed at 15530.75 on 7-4-2016(Open-15668.95/High-15726.60/Low-15458.05)

Support: - 15522/15178.30/14989.40/14761/14754.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

  

It is not showing any sign of strength and continuously moving down and most importantly it closed below its critical point of 15762.20 for the year 2016 for the 3^rd consecutive day today which is a very bad sign and indicates that the on-going fall may accelerate in coming days if it remains below it, chances of which looks very bright because certain technical indicators also points towards that, that it may seek lower levels in coming days/weeks (see my post for 6&7^th April-2016). Therefore long call should be avoided.

 Please note that the up move which started from the level of 13407.25 on 29-2-2016 seems to be over for sure and it is in down move now therefore avoid long call completely till it closes above 15762.20 and sustain for at least 2-3 days. So it is strongly suggested to follow sell on the rise strategy till it closes above 15762.20 and sustain.

For 8-4-2016 short call can be tried on the rise at proper points but not above 15762 or sell below 15522 with a stop loss of above 15850 and 15640 respectively. Please see support points for down targets.     

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its 3rd consecutive close below the critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 2-3 days. 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—7-4-2016

CNX-NIFTY

Closed at 7614.35 on 6-4-2016 (Open-7636.05/High-7638.65/Low-7591.75)

Support: - 7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

After yesterdays massive fall it moved in a relatively short range today, but failed to show strength although it is still holding on to its recent bottom of 7582.25 on the bar chart and its one of the most critical point of 7539.50 for the year 2016. But certain technical indicators indicates that it may fall further from here and the critical point of 7539.50 is most likely to be taken out in coming days. Here I once again repeat that sustained break below 7539.50 may accelerate the down move which may be kept in mind (see my post for 6-4-2016). In view of the above observation it is advised to avoid long call for now.  

The up rally which started from the bottom of 6825.80 on 29.2.2016 seems to be over after yesterdays fall, however if it is still on then it has to move above 7750 level in next 2-3 days time, chances of which are looking bleak at this point of time. It is therefore suggested to avoid long call till it moves and sustain above 7750. Instead short call can be tried on the rise at appropriate points but not above 7750 or sell below 7582. Please note that since its recent bottom of 7582.30 is still intact,so those who wish to try long call can try above 7582 with a stop loss of below 7510, but it could be a risky trade, therefore not recommended.   

For 7-4-2016 avoid long call now instead short call can be tried on the rise and the possible sell point could be at 7645/7675/7725  or sell below  7582 with a stop loss of above 7650 and add on position if it moves below 7539.50 with a stop loss of above 7590. Please use self defined stop losses for on the rise sell trade with help of resistance point mentioned above. See support points for down targets.      

Remark: - At present it is sell on rise market till it moves above 7750 and sustain, therefore long call should be avoided now and 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 – 7-4-2016

CNX--BANK NIFTY

Closed at 15636.95 on 6-4-2016(Open-15750.15/High-15768.55/Low-15578.55)

Support: - 15522/15178.30/14989.40/14761/14754.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

After yesterdays massive fall it did not made any effort today to give even a small bounce back instead closed with a  loss of 58.04 points which is exhibiting gross weakness, furthermore it closed below its one of the most critical point of 15762.20 for the year 2016 for the 2^nd consecutive day and if it sustain below this mark for another 2-3 days then fall may accelerate, chances of which are pretty high because certain technical indicators also corroborates it. Therefore it is suggested to avoid long call till it closes above 15762.20 and sustain for at least 2-3 days. Instead short call can be tried on the rise but not above 15762.20.

For 7-4-2016 short call can be tried on the rise but not above 15762 or below 15570 with a stop loss of above 15850 and 15660 respectively. Please see support points for down targets.     

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its 2^nd consecutive close below the critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 2-3 days. 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—6-4-2016

CNX-NIFTY

Closed at 7603.20 on 5-4-2016 (Open-7736.30/High-7736.30/Low-7588.65)

Support: - 7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

I had mentioned in my last two post (see my post for 1-4-16 & 4-4-16) that it may rise from here but the up journey may not be smooth and today it corrected sharply and closed with a loss of 155.60 points. Although it is still holding its recent bottom of 7582.25 on the bar chart and its one of the most critical point of 7539.50 for the year 2016 but the way it corrected today gives an indication that it may go down further from here and certain technical indicators also corroborates it that the important level of 7539.50 may also be taken out in coming days. It is important to mention here that sustained break below 7539.50 may begin a fresh down move which may be kept in mind. In view of today’s sharp down correction it is suggested to watch the market for at least 1-2 days before initiating fresh long calls. However those who wish to can try long call as long as it holds 7539.50 mark but it is not suggested.  

For 6-4-2016 avoid long call now instead short call can be tried below 7582 with a stop loss of above 7650 and add on position if moves below 7539.50 with a stop loss of above 7585. Please see support points for targets.      

Remark: - In view of today’s sharp down correction long call should be avoided for at least 1-2 days. 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 – 6-4-2016

CNX--BANK NIFTY

Closed at 15695 on 5-4-2016(Open-16127.45/High-16147.15/Low-15659.75)

Support:-15682.65/15522/15178.30/14989.40/14761/14754.

Resistance:- 15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

I had mentioned in my last post (see my post for  4-4-16) that it may rise from here but the up journey may not be smooth and today it corrected sharply and closed with a loss of 495.60 points. The way it corrected today further fall looks certain and some technical indicators also corroborates it. Furthermore today it closed below one of its most critical point of 15762.20 for the year 2016, which is bad sign and if it sustain below this level fall may accelerate, therefore it is suggested to avoid long call till it closes above 15762.20 levels again and sustain. Instead short call can be attempted if it maintains below this mark.

  For 6-4-2016 avoid long call now instead short call can be tried on the rise but below 15762 or below 15650 with a stop loss of above 15850 and 15780 respectively. Please see support points for targets.      

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its close below the critical point of 15762.20 long calls should be avoided till it closes above it again and sustain for at least 2-3 days. 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—4-4-2016

CNX-NIFTY

Closed at 7713.05 on 1-4-2016 (Open-7718.05/High-7740.15/Low-7666.10)

Support:-7691/7678/7667/7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance:-7738.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

It opened on a negative note and then tried to move up but as expected faced resistance from its long term moving averages (see my post for 1-1-16) and corrected sharply intra-day but closed relatively with a small loss of 25.35 points. Please note that as long as it holds 7597 level on the closing basis and finally 7539.50 for the year 2016 it still seems o.k. for moving up. The technical setup looks good but I once again repeat that the up journey may not be smooth from here as it will face resistance from its long term moving average which is in the range of 7745—7775--7845---7893---7942(it changes every day) and from its most important resistance points at 7938.45 & 7946.35 for the year 2016, if it move above this and sustain then further good up move can be expected. Similarly it will find good support moving down from its long term moving average at 7694 & 7645(it changes every day),then from its recent bottom of 7582 and finally from its one of the most critical point of 7539.50 for the year 2016 but please note that sustained break below 7539.50 may begin fresh down move. The long call can be tried on dip but not below 7645 and avoid below 7580 for sure. It would be safe try long call above 7740. Long call should be handled with caution in view of the tough resistance range ahead.

For 4-4-2016 long call can be tried if it sustains above 7740 with a stop loss of below 7690 and fresh long position can be added if it sustains above 7780 with a stop loss of below 7738 for added position or try long call on dip near 7645 with a stop loss of below 7580. Please see resistance points for targets.      

Remark: - Long call can be tried above 7740 or on dip near 7645 but with extreme caution.  

  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 – 4-4-2016

CNX--BANK NIFTY

Closed at 16174.90 on 1-4-2016(Open-16099.65/High-16235.80/Low-16020.60)

Support:-16141.65/16099.65/15967/15762.20/15682.65/15522.

Resistance:- 16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

As expected it showed strength and moved up and crossed one of its most important point of 15762.20 for the year 2016(see my post for 18-3-2016) and reasonably above it now. It is still showing strength and technical setup also look good therefore it may further move up from here as long as it holds 15762.20 but the up journey may not be smooth as it will face stiff resistance from its long term moving average which are placed at 16258—16342—16402—16552--16719—16865--17011 (it changes every day) for 4-4-2016 and from its most important resistance points at 16727,16922.20 & 16932.50 for the year 2016, if it move above these points and sustain then further good up move can be expected. Similarly it will find good support moving down from its long term moving average at 16050(it changes every day), then from its one of the most critical point of 15762.20 for the year 2016. Please note that sustained break below 15762.20 may begin fresh down move. The bias is on the upside therefore long call can be tried on dip near 16050 and then near 15762.20 but not below this mark for sure. It would be safe try long call above 16180. Long call should be handled with caution in view of the tough resistance range ahead.

It is important to mention here that it is still in long term bear trend and can only come out of it if it moves above 16727 and sustain which may be kept in mind.

For 4-4-2016 long call can be tried if it sustains above 16180 with a stop loss of below 16000 and fresh long position can be added if it sustains above 16283 with a stop loss of below 16090 for added position or try long call on dip near 16099 and then near 15762.20 with a stop loss of below 16000 and 15650 respectively. Please see resistance points for targets.     

Remark: - It is still in long term bear trend since 4-1-2016. Long call can be tried above 16180 or on dip near 16099 but with extreme caution. 

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.