CNX-NIFTY-A TECHNICAL VIEW FOR—10-5-2016

CNX-NIFTY

Closed at 7866.05 on 9-5-2016 (Open-7755.25/High-7873.65/Low-7753.55)

Support: - 7849.80/7822.70/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

 A reasonable up move was expected but this robust up rally was beyond expectation. It opened with an up gap and it did not make an attempt to fill the gap and steadily moved up and closed near the high of the day with a huge gain of 132.60 points, which shows good strength. Please note that from the recent top of 7992 it took seven days to make a bottom at 7678.35 but it retraced  more than 61.8% of  the total fall in just one day, furthermore it decisively moved above its short term and long term moving averages  except for one long term moving average which is at 7882(it changes every day) ,therefore today’s up rally seems to be an impulse move and if it is so than this rally may last for few more days and in this run it may surpass its recent top of 7992  provided it crosses its last long term moving average  at 7882 and the recent top of 7890.25 on the bar chart and sustain otherwise this move  may end here also. Since it is making higher top and bottom on the line chart therefore long trade can be tried on dip but not below 7820 or try above 7891. Avoid short call for now.

                                       TRADING OPTION FOR-10-5-2016

1. Long trade can be tried on dip but not below 7820 with a stop loss of below 7770.

2. It would be safe to try long trade if it moves and sustain above 7891 with a stop loss of below 7860.

 Remark: - In view of today's robust up move long call can be tried on dip as suggested above but it would be safe to try long call  above 7891.Short call should be avoided now. Please initiate your trade after watching the market for at least 30 minutes.   

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 – 10-5-2016

CNX--BANK NIFTY

Closed at 16686.10 on 9-5-2016(Open-16357/High-16712.90/Low-16357)

Support: 16648.30/16587.25/16526/16386/16349/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

As anticipated it gave an up move but it was a robust one which was not expected. It opened with a small up gap and it did not make an attempt to fill the gap and steadily moved up and closed near the high of the day with a huge gain of 389.50 points, which shows good strength. Please note that from the recent top of 17029.85 it took eight days to make a bottom at 16186.25 but it retraced more than 61.8% of the total fall in just one day, furthermore it decisively moved above its short term and long term moving averages except for one long term moving average which is at 16787(it changes every day), therefore today’s up rally seems to be an impulse move and if it is so than this rally may last for few more days and in this run it may surpass its recent top of 17029.85 provided it crosses its last long term moving average at 16787 and recent top of 16795 on the line chart and sustain otherwise this move  may end here also. Since it is still making lower top and bottom on the line chart till it crosses 16795, it is therefore suggested that long trade can only be tried above 16720. Avoid short call for now.

  

   TRADING OPTION FOR-10-5-2016

1. Long trade can be tried if it maintains above 16720 but not below it and get alerted below 16680 and exit trade below 16600 for a target of 16787/16795/16830/16935/17030.

2. It would be safe to try long call if it moves and sustain above 16795 with a stop loss of below 16700.

 Remark: - In view of today's robust up move long call can be tried as suggested above but it would be safe to try long call above 16795.Short call should be avoided now. Please initiate your trade after watching the market for at least 30 minutes.   

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—9-5-2016

CNX-NIFTY

Closed at 7733.45 on 6-5-2016 (Open-7717.65/High-7738.90/Low-7678.35)

Support: - 7723.85/7714/7706.55/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7777.60/7822.55/78/7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

As expected in early trade it gave an impression that yesterday up move may fizzle out, but later in the day it recovered and closed the day with a meager loss of 2.04 points. Its technical  setup is weak but not that bad but it is  not good either as it is running below its short term and few long term moving averages but the good point is that it respected its strong support range of 7692—7627(it changes every day) and bounced back, furthermore its recent bottom of 7706.55 on the line chart is intact, so as long as it holds this bottom on closing basis, chances are that it may  move up from here and if it does move up how long it  will last has to be seen because moving up it will face very stiff resistance from its tops, bottoms and from short, medium and long term moving averages which are in the range of 7771—7825--7890(it changes every day) and from its Fibonacci retracements points at 7753/7799/7836/7872/7918. Therefore it seems that the up journey may not be smooth and it can abruptly end also at any of these points, so be watchful and alert in long trade at least. In view of the above observation it is suggested to avoid short trade if it moves and sustain above 7736 but since the overall technical setup is slightly weak now therefore short trade can still be tried on the rise at strong resistance points with proper stop losses or can be tried if it moves and sustain below 7700. In view of the stiff resistance range ahead, it would be safe to try long call above 7890 but day trader can even try if it maintains above 7736.      

  

Please note that the range for the week starting from 9-5-2016 is between 7890.25---7678.35 and the either side breakout will decide which way it will move else it will move within the range. It is therefore suggested to structure your trade keeping the above range in mind. The bias is on the downside as of now but today’s move created some hope that it can still move up , therefore traders can try both side trade depending on the price movement and considering the above range.

                                     TRADING OPTION FOR-9-5-2016

1. Long trade can be tried if it maintains above 7736 with a stop loss of below 7700 for a target of 7778/7825/7850/7890. But in light of stiff resistance range of 7771---7890 ahead, it would be safe to try long trade above 7890.

2. Sell if it moves and sustain below 7700 with a stop loss of above 7750 for a target of 7680/7663/7630/7587 and can add on position if it moves and sustain below 7678 with a stop loss of above 7710.

  

3. In view of the huge resistance range of 7771—7890 ahead short call can be attempted on the rise but not above 7835 and the possible sell points could be at 7790/ 7835 with a stop loss of above 7875. It could be a risky trade but worth trying.

 Remark: - In view of today’s move long call can be attempted above 7736 but should be handled with extreme caution because of tough resistance ahead. Short call can be attempted if it moves and sustain below 7700. Please initiate your trade after watching the market for at least 30-45 minutes.   

 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 – 9-5-2016

CNX--BANK NIFTY

Closed at 16296.60 on 6-5-2016(Open-16264.45/High-16346.25/Low-16186.25)

Support: 16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: 16349.70/16386/16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

As expected in early trade it gave an impression that yesterday up move may fizzle out but later in the day it recovered and recouped the losses and closed with a small gain of 15.59 points.  Its technical  setup is weak but not that bad but it is  not good either as it is running below its short term and few long term moving averages but the good point is that it respected its strong support range of 16242---16071--15950 (it changes every day) and bounced back, furthermore its recent bottom of 16274.25 on the line chart is intact, so as long as it holds this bottom on closing basis, chances are that it may  move up further from here and if it does move up how long it will last has to be seen because moving up it will face very stiff resistance from its tops, bottoms and from short, medium and long term moving averages which are in the range of 16400---16530---16650--16800(it changes every day) and from its Fibonacci retracements points at 16386/16509/16608/16708/16830. Therefore it seems that the up journey may not be smooth and it can abruptly end also at any of these points, so be watchful and alert in long trade at least. In view of the above observation it is suggested to avoid short trade if it moves and sustain above 16297 but since the overall technical setup is slightly weak now therefore short trade can still be tried on the rise at strong resistance points with proper stop losses or can be tried if it moves and sustain below 16240. In view of the stiff resistance range ahead, it would be safe to try long call above 16800 but day trader can even try if it maintains above 16297.       

Please note that the range for the week starting from 9-5-2016 is between 16719.40---16186.25 and either side breakout will decide which way it will move or else it will move in this range. It is therefore suggested to structure your trade keeping the above range in mind. The bias is on the downside as of now but today’s move created some hope that it can still move up , therefore traders can try both side trade depending on the price movement and considering the above range .

                                    TRADING OPTION FOR-9-5-2016

1. Long trade can be tried if it maintains above 16297 with a stop loss of below 16240 for a target of 16450/16560/16650. But in light of stiff resistance range of 16400---16530---16650--16800 ahead, it would be safe to try long trade above 16800.

2. Sell if it moves and sustain below 16240 with a stop loss of above 16300 for a target of 16186/16071/15950/15850 and can add on position if it moves and sustain below 16186 with a stop loss of above 16240.

3. In view of the huge resistance range of 16400---16530---16650--16800 ahead short call can be attempted on the rise but not above 16610 and the possible sell points could be at 16510/16610 with a stop loss of above 16720. It could be a risky trade but worth trying.

 Remark: - In view of today’s move long call can be attempted above 16297 but should be handled with extreme caution because of tough resistance ahead. Short call can be attempted if it moves and sustain below 16240. Please initiate your trade after watching the market for at least 30-45 minutes.  

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—6-5-2016

CNX-NIFTY

Closed at 7735.50 on 5-5-2016 (Open-7731/High-7777.55/Low-7706.85)

Support: - 7723.85/7714/7706.55/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7772/7777.30/7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

As perceived it took a breather today and gave an up move and closed with a gain of 28.95 points. After the fall from 7992 level it gave two up moves on the closing basis the first one was terribly weak and the move it gave today was also was feeble in nature, furthermore the overall technical setup has turned weak and indicates that further fall is in the offing as of now, so it seems that today’s up move is not going to last long and may fizzle out tomorrow itself or may be a day later. Therefore long call should be completely avoided for now instead sell on rise strategy should be followed till it closes above 7850.

I once again reiterate (see my post for 5-5-2016) that it has bed of supports in the range of 7691—7628(it changes every day) therefore it seems slightly difficult to break this range easily, but certain technical indicators as of now indicates that this range may be taken out and it may hit 7540 level in coming days/weeks. It is therefore suggested to handle your trade very carefully in the said range. It is also important to mention here that sustained close below 7540 level may accelerate the fall. The bias is on the downside now.

                                     TRADING OPTION FOR-6-5-2016

1. Sell on the rise but not above 7800 with a stop loss of above 7850.  

2.  Sell if it moves and sustain below 7700 with a stop loss of above 7750 for a target of 7680/7663/7630/7587.

 Remark: - It is surely a sell on the rise market now till it closes above 7850; therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 6-5-2016

CNX--BANK NIFTY

Closed at 16281 on 5-5-2016(Open-16292.40/High-16398.25/Low-16193.30)

Support: 16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: 16282.75/16349.70/16386/16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

 As perceived it gave an up move but it was feeble in nature and showed gross weakness, however it closed with a meager gain of 6.75 points. The overall technical setup is weak and indicates that it could fall further from here, so it seems that today’s short up move is not going to last long and may fizzle out tomorrow itself or may be a day later. Therefore long call should be completely avoided till visible sign of correction completion emerges, instead sell on rise strategy should be followed till it closes above 16795 as of now but avoid short trade above 16528 on 6-5-2016.

 

I once again reiterate (see my post for 5-5-2016) that it has bed of supports in the range of 16242---16071--15950, (it changes every day) therefore it seems slightly difficult to break this range easily, but certain technical indicators as of now indicates that this range may be taken out in coming days/weeks. It is therefore suggested to handle your trade very carefully in the said range. It is also important to mention here that sustained close below 15950 level may accelerate the fall. The bias is on the downside now.

TRADING OPTION FOR-6-5-2016

1. Sell on the rise but not above 16528 with a stop loss of above 16620. The possible sell point could be at 16465/16526.   

2.  Sell if it moves and sustain below 16270 and below 16237 for sure with a stop loss of above 16300 for a target of 16205/16188/16149/16090. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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—5-5-2016

CNX-NIFTY

Closed at 7706.55 on 4-5-2016 (Open-7724.15/High-7749/Low-7697.25)

Support: - 7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -7714/7723.85/ 7772/7777.30/7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It had a down day today and it moved in a very short range but price weakness continues as it is making new low every day. Technically also it is on a very weak footing now and looking at overall technical setup further fall looks inevitable as of now. But it has huge support in the range of 7691---7629, furthermore it has retraced up to 61.8% level from the top & bottom of 7992 & 7516.85 and the point is at 7698, so before breaking this strong support range it may stage a short relief rally from here, but please note that in all probability it is likely to break the aforesaid range and may hit 7540 level in coming days/weeks, because certain technical parameters are indicating it as of now, so it is a matter of time before it happens. Therefore long trade should not be tried till it gives visible indication of correction completion. It is clearly a sell on the rise market now but not above 7825 on 5-5-2016 but one should be alert in short trade around the above mentioned support range. 

It is important to mention here that it has critical support point at 7539.50 for the year 2016 and sustained close below this mark may accelerate the fall.

                                     TRADING OPTION FOR-5-5-2016

1. Sell on the rise but not above 7825 with a stop loss of above 7850. The possible sell point could be at 7788/7825.

2.  Can try sell trade if sustain below 7691 for some time with a stop loss of above 7750 for a target of 7680/7663/7630/7587. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above and be alert in short trade in the range of 7691—7629 as it may stage a short relief rally from these level on5-5-2016. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 5-5-2016

CNX--BANK NIFTY

Closed at 16274.25 on 4-5-2016(Open-16320.20/High-16465.60/Low-16250.50)

Support: 16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: 16282.75/16349.70/16386/16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a down day today and it closed with a loss of 114.44 points. It is exhibiting gross weakness as it is making new low every day. Its overall technical setup is also weakening therefore further fall looks inevitable in coming days/weeks as of now. But it has huge support in the range of 16241---16145—16071--15950, furthermore it has almost retraced up to 50% level from the top & bottom of 17029.85 & 15440 and the point is at 16234, so before breaking this strong support range it may stage a short relief rally from here, but please note that in all probability it is likely to break the aforesaid range in coming days/weeks, because certain technical parameters are indicating it as of now. Therefore long trade should not be tried till it gives visible indication of correction completion. It is clearly a sell on the rise market now but not above 16528 on 5-5-2016 but one should be alert in short trade around the above mentioned support range. 

TRADING OPTION FOR-5-5-2016

1. Sell on the rise but not above 16528 with a stop loss of above 16620. The possible sell point could be at 16465/16526.   

2.  Can try sell trade if it maintains below 16240 with a stop loss of above 16300 for a target of 16205/16188/16149/16090. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above and be alert in short trade in the range of 16241—16071 as it may stage a short relief rally from these level. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 4-5-2016

CNX--BANK NIFTY

Closed at 16388.70 on 3-5-2016(Open-16570.75/High-16719.40/Low-16358.40)

Support: 16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: 16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a hugely volatile move today but at the end of the day, it showed extreme weakness. I once again repeat that it has fallen inside its down trend line, making lower top & bottom and running below its all short term moving averages and breaking its long term moving average layer every day (see my post for 3-4-2016) and the last such average is being at 15960(it changes every day). Therefore in all probability it is likely to go down further from here, however in between short up move cannot be ruled out. It is therefore definitely a sell on the rise market now till it closes above 16795 as of now. Moving down it will find support from its long term moving averages at 16385/16240/16100/15960 (it changes every day) and from its Fibonacci retracement point’s at 16234/16046/15815. It may stage a relief rally from any of these points, so be vigilant.  Long trade should be avoided till it gives visible indication of correction completion. Please note that It has a strong bed of support in the range of 16245—16220, so it may take a breather here before falling further, so be watchful. The bias is down for sure as of now.

Please note that the range for the on-going week is between 17030—16526. Since it is has broken the range downside therefore long trade is ruled out and short call can be safely tried below 16526. The short range for the day is 16526----16220, so structure your trade keeping this range in mind.

TRADING OPTION FOR-4-5-2016

1. Sell on the rise but not above 16795 with a stop loss of above 16840. The possible sell point could be at 16526/16614/16685/16795.   

2. Sell below 16358 with a stop loss of above 16410 for a target of 16349/16282/16205. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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—4-5-2016

CNX-NIFTY

Closed at 7747 on 3-5-2016 (Open-7824.80/High-7890.25/Low-7735.15)

Support: - 7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7772/7777.30/7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It opened on a firm note then after sometime moved up sharply and made a high of 7890.25 for the day, but could not sustain for long at the upper level and plunged down to hit a low of 7735.15 and closed near the low of the day. It is showing gross weakness as it has already broken short term rising trend line, making lower top & bottom and running below its all short term moving averages and breaking its long term moving average layer every day (see my post for 3-4-2016) and the last such average is being at 7630(it changes every day). Therefore in all probability it is likely to go down further from here, however in between short up move cannot be ruled out. It is therefore definitely a sell on the rise market now till it closes above 7849.80. Moving down it will find support from its long term moving averages at 7728/7680/7630(it changes every day) and from its Fibonacci retracement points at 7698/7629. It may stage a relief rally from any of these points, so be vigilant.  Long trade should be avoided till it gives visible indication of correction completion. Please note that It has a strong bed of support in the range of 7728—7714, so it may take a breather here before falling further, so be watchful. The bias is down for sure as of now.

 

Please note that the range for the on-going week is between 7992—7849.80---7788.70. Since it is has broken the range downside therefore long trade is ruled out and short call can be safely tried below 7788.70. The short range for the day is 7714----7788.70---7823, so structure your trade keeping this range in mind.

                                   TRADING OPTION FOR-4-5-2016

1. Sell on the rise but not above 7850 with a stop loss of above 7900. The possible sell point could be at 7788/7820/7832/7850

2. Sell below 7714 with a stop loss of above 7750 for a target of 7680/7663/7630/7587.

Remark: - It is surely a sell on the rise market now, therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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—3-5-2016

CNX-NIFTY

Closed at 7805.90 on 2-5-2016 (Open-7822.70/High-7829.80/Low-7777.30)

Support: - 7777.30/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It had a down day today and it closed with a loss of 43.89 points.It is making lower top and bottom on the line chart and broken bottom on the bar chart, it has broken its short term rising trend line also which was at 7820 for today and would be at 7845 for 3-5-2016 and it is running below its short term moving averages and few long term moving averages also. Overall it is showing weakness and it is correcting now and looking at the present technical setup it seems that the on-going correction may deepen further, therefore it is definitely a sell on the rise market till it closes above its recent top of 7849.80. So be alert in short trade if it closes above 7849.80. But please note that it will resume the up momentum only if it moves and sustain above its long term moving average upper band which is placed at 7898 now (it changes every day) and then finally if it crosses the recent top of 7992. Moving down it will find support from its long term moving averages at 7777/7728/7680/7630(it changes every day) and from its Fibonacci retracement points at 7754.42/7698/7629. It may stage a relief rally from any of these points, so watch out.  Long trade should be avoided till it gives visible indication of correction completion.

   

Please note that the range for the on-going week is between 7992—7849.80---7788.70. It did break the lower band of the range today but managed to close above it. Please note that if it breaks the 7788.70 level again and sustain then long trade should be avoided for the entire week, instead short call should be tried for sure.

                                  TRADING OPTION FOR-3-5-2016

1. Sell on the rise but not above 7850 with a stop loss of above 7900.

2. Sell below 7777 with a stop loss of above 7830 for a target of 7777/7772/7723/7714.

Remark: - It seems that it is sell on the rise market now, therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 3-5-2016

CNX--BANK NIFTY

Closed at 16543 on 2-5-2016(Open-16614/High-16674.15/Low-16519.55)

Support: 16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: 16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It exhibited gross weakness today, it made lower top and broken recent bottom and is in the making of lower bottom on the line chart, it closed below its bear market threshold point of 16726 and it is running below its short term and some of its long term moving averages also which is a bad sign and indicates that the on-going down move may deepen further from here. Furthermore since it is making lower top and bottom therefore as of now it is clearly a sell on the rise market till it closes above 16795, but one should be alert in short trade above it. Please note that even if it closes above 16795 it will gather momentum only once it crosses the range of 16850----16940---17030---17068. In view of the above observation long trade should be avoided below 16850. Moving down it will find support from its long term moving averages at 16385/16240/16100/15960 and from its Fibonacci retracement points at 16422/16234/16046/15815. It may stage a relief rally from any of these points, so watch out.

Please note that the range for the on-going week is between 17030—16526. It did break the lower band of the range today but managed to close above it. Please note that if it breaks the lower band of 16526 again and sustain then long trade should be avoided for the entire week, instead short call should be tried for sure.

  

TRADING OPTION FOR-3-5-2016

 1. Sell on the rise but not above 16795 with a stop loss of above 16850.    

3. Sell below 16526 for sure with a stop loss of above 16630 for a target of 16386/16349/16282/16205.

Remark: - Since it is making lower top and bottom on the line chart long trade is ruled out for now, instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.  

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.

S &P—500 INDEX A TECHNICAL VIEW-2-5--2016

S &P—500 INDEX

CLOSED AT 2065.30 ON -29-4-2016.

                                                                           

SUPPORT:-2043.94/2038.20/2033.80/2022.49/2019.39/1993.26/1990/1969.25/1947/1904.78/1891/1871.91/1867.01/1820.66/1812.20/1810.10.

RESISTANCE:-2075.07/ 2099.89/2103.47/2111.05/2116.48/2119.59/2129.87/2132.82/ 2134.82.

(Figures in bold are important)

It is still looking good on the weekly and monthly chart but turned weak on the daily chart.  It had a vertical rise of 11 weeks from 1810.10 to 2111.05 but now it is correcting and showing weakness on the daily chart therefore further down correction from here looks imminent. Moving down, it will find support from its critical points for the year 2016 which are at 2043.94 & 2038.20 and then from its long term moving averages which are in the range of 2029.30---1995 on the daily chart as of now (it changes every day).Therefore as long as it holds 1995 on the closing basis the up move may be in place but one should get alerted below 2029.30. Please note that  sustained close below 1995 will trigger further fall and then it may find the next potential support from its long term moving averages on the weekly chart which are in the range of 1972---1801(it changes every day). So 1801 is a very solid support point and sustained close below it may trigger panic button which can take it to much lower levels.

It is important to mention here that, it made an all time high of 2134.72 on 20-5-2015 and thereafter in last eleven months it made five attempts to cross this high but every time it made a lower top at 2132.82/2129.87/2119.59/2116.48 and the recent top was made at 2111.05 on 20-4-2016 and it slipped from there, this was the fifth failed attempt, so it seems that it may have topped out for now and the on-going correction may be much deeper this time, so be alert and watchful and structure your trade keeping the points and range mentioned in the foregoing paragraph. Please note that to regain up momentum it has go beyond 2134.72 and sustain but even then the up journey may not be smooth because it will encounter huge resistance at 2169/2203 & 2230(it changes every day)points.

   

REMARKS:-The trend is up. But it is in correction mode now therefore long call should be avoided till it gives visible indication of correction completion.

  

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.