CNX-NIFTY-A TECHNICAL VIEW FOR—10-6-2016

CNX-NIFTY

Closed at 8203.60 on 9-6-2016 (Open-8273.35/High-8273.35/Low-8184.60)

Support: -8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8213.60/8245/8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

As perceived (see my post for 8-6-2016) it corrected today and went below its critical point of 8245 and also below its recent bottom of 8201 on the line chart intra-day but managed to close just above it, since it did not break the recent bottom of 8201 on the closing basis so the on-going up move may not have fully exhausted as yet, but it showed some weakness today, therefore looking at today’s move fresh long trade should only be attempted either if it moves and sustain above 8275 or after the reasonable decline in the range of 8040—7992 but not below 7992 because sustained break below 7992 & 7972 and finally 7938 will threaten the uptrend and sustained break below 7870(it changes every day) may put the break on up move and fresh down move may begin, which may please be noted.

 In view of the above observation it seems that it may correct further from here and moving down it will find good support at 8195/8172/8158/8134/8070/8005/7992/7972/7938/7852 and it may complete correction at any of these points possibly in the range of 8070—7992 if this up move has to continue, because sustained break below 7992 & 7972 and finally 7938 will give potential threat to the uptrend. Therefore on decline long call can be tried either near 8040-7992 range or wherever it gives visible indication of correction completion. Short call can be tried now below 8201 or below 8184 for taking advantage of the down correction.  

It is important to mention here that sustained break below 8134 can drag it down faster.

TRADING OPTION FOR-10-6-2016

1. Short call can be tried for corrective move if it breaks and sustains below 8201 and can add on position below 8184 with a stop loss of above 8245 and stop loss of above 8220 for the added short position, for a target of 8172/8158/8134/8134/8073.

2. Long call can be tried on dip within the range of 8040—7992 with a strict stop loss of below 7938 or if it moves and sustain above 8275 with a stop loss of below 8245.

Remark: - The trend is up. But since it corrected today, it has to be seen how it pans out in a day or two, therefore it would be sensible to avoid long call on 10-6-2016.Short call can be attempted as suggested above. Please initiate your trade after watching the market for some time.   

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—10-6-2016

CNX--BANK NIFTY

Closed at 17887.70 on 9-6-2016(Open-17955.80/High-17986.15/Low-17801.55)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

As perceived (see my post for 8-6-2016) it corrected today and closed with a loss of 59.10 points. But it is still not showing desired weakness for a reasonable down correction after the good up move. Although its looks better in comparison with nifty but today’s move gave an alert signal that it may witness further down correction from here before it looks up again. Therefore it is suggested to avoid long call now and should only be attempted if it moves and sustain above 17950 or near 17670 but not below this. Please note that attempting long call near 17670 could be a risky proposition at this point of time.

Please note that close below 17670 will signal the end of the on-going up move and then it may correct further before moving up again. Going down it will find support at 17752/17675/17600/17500/17400/17350, it may bounce back from any of these points but if it moves below 17350 and sustain then it can trigger fresh fall which can drag it down to 17184/16991/16753.

It is important to mention here that break below 17067 & 17029 and finally 16920 will threaten the uptrend, therefore long call should be avoided below 17029 and below 16920 for sure. The bias is up now but it can severely correct from here therefore I once again repeat that long call should only be tried if it maintains above 17950 or around the range of 17067--16940. 

  

TRADING OPTION FOR-10-6-2016

1. Long call can be tried if it sustain above 17950 with a stop loss of below 17850 for a target of 18045/18250. 

2.  Long call can be tried on dip within the range of 17067—16940 with a strict stop loss of below 16880.

3. Contrarian trader can try short call for correction only if it moves and sustains below 17880 with a stop loss of above 17960 for a target of 17762/17670/17587/17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

4. Aggressive trader can try short call on the rise near 17950 but not above it with a stop loss of above 18010. It could be a highly risky trade but worth trying if one get a chance.

 Remark: - The trend is up but long call should only be attempted if it moves and sustain above 17950.  Please initiate your trade after watching the market for some time.  

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—9-6-2016

CNX-NIFTY

Closed at 8273.05 on 8-6-2016 (Open-8285.50/High-8288.90/Low-8252.05)

Support: - 8245/8213.60/8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

It moved in a very short range today but still above its critical resistance point of 8245.

The observation posted for 8-6-2016 is valid for 9-6-2016 also except for that the long trade should only be tried if it maintains above 8275 but with extreme caution. Avoid long call below 8275.

Please note that it will give alert signal below 8245 & 8220 and close below 8201 may take it down for deeper correction. Therefore fresh long call should be avoided below 8245 and below 8201 for sure as of now.  Avoid buy on dip strategy at least for 9-6-2016.

 

TRADING OPTION FOR-9-6-2016

1. Long call can be tried if it sustain above 8275 with a short stop loss of below 8245 for a target of 8295/8336/8375.The authentic stop loss for long trade would be below 8201. 

2. Contrarian trader can try short call for correction only if it sustains below 8245 with a stop loss of above 8295 for a target of 8220/8201/8178/8160/8134. It could be a risky trade but worth trying.

Remark: - The trend is up. It is above its critical resistance point of 8245 but long call can only be tried if it maintains above 8275   with extreme caution. Please initiate your trade after watching the market for some time.   

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—9-6-2016

CNX--BANK NIFTY

Closed at 17946.80 on 8-6-2016(Open-17976.25/High-17995.80/Low-17855.20)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

It moved in a short range today but still below its critical resistance point of 18045.

The observation posted for 8-6-2016 is valid for 9-6-2016 also except for that the long trade should only be tried if it maintains above 17950 but with extreme caution. Avoid long call below 17950 for sure on 9-6-2016.

Please note that it will give alert signal below 17796 & 17719 and close below 17671.40 may take it down for deeper correction. Therefore fresh long call should be avoided below 17796 and below 17670 for sure as of now. Avoid buy on dip strategy at least for 9-6-2016.

TRADING OPTION FOR-9-6-2016

1. Long call can be tried if it sustain above 17950 with a short stop loss of below 17850 for a target of 18045/18250 .The authentic stop loss for long trade would be below 17670. 

2. Contrarian trader can try short call for correction only if it moves and sustains below 17850 with a stop loss of above 17960 for a target of 17762/17670/17587/17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up but long call should only be attempted if it moves and sustain above 17950. Please initiate your trade after watching the market for some time.  

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—8-6-2016

CNX--BANK NIFTY

Closed at 17943.35 on 7-6-2016(Open-17796.55/High-18000.95/Low-17713.35)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

It is showing good strength and today it came near the vicinity of 61.8% retracement point of 18042.43 but could not cross it, however it is still on a sound technical footing, but it will catch up fresh momentum if it moves and sustain above 18045 only, which may be kept in mind.  It is important to mention here that the uptrend is intact but it seems that on the line chart the recent up move it started from 16368 is slightly getting heavy  and may be near  the culmination point and  it may possibly exhaust at the 18045/18250 levels and then may reasonably correct before resuming the up move again. It is very close to the first point, therefore in view of the above observation long trade should be handled with extreme caution and care. However technically there is no weakness in it as yet therefore long call can be tried if it maintains above 17945 with an alert point at 17796 and exit point is close below 17670.Avoid fresh long call below 17620 for sure as of now.  

TRADING OPTION FOR-8-6-2016

1. Long call can be tried if it sustain above 17945 with an alert point at 17796 and stop loss of below 17670 for a target of 18045/18250.It could be a risky trade. 

2. Long call can be tried on decline near 17671 but not below it as of now with a stop loss of below 17620.

3. Contrarian trader can try short call for correction only if it sustains below 17671 with a stop loss of above 17800 for a target of 17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up but it near its critical resistance point of 18045 therefore it is suggested that fresh long call should only be attempted once its closes above 18045, although there is no technical weakness  but long trade could be risky here or take your trading call as suggested above. Please initiate your trade after watching the market for some time.  

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—8-6-2016

CNX-NIFTY

Closed at 8266.35 on 7-6-2016 (Open-8235.55/High-8294.95/Low-8216.40)

Support: - 8245/8213.60/8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

 It is showing tremendous strength and today it closed above its very critical resistance point of 8245(see my post for 6-6-2016) which is a good sign. It is important to mention here that the uptrend is intact but it seems that on the line chart the up move it started from 7731 on 24.5.2016 is slightly getting heavy  and may be near  the culmination point and  it may possibly exhaust at the 8336-8375/8490/8562 levels and then may reasonably correct before resuming the up move again. It is pretty close to the first point, therefore in view of the above observation long trade should be handled with extreme caution and care. However technically there is no weakness in it as yet therefore long call can be tried if it maintains above 8267 with an alert point at 8245 and the 8220 and exit point is close below 8201.Avoid fresh long call below 8245 and below 8220 for sure as of now.   

 

TRADING OPTION FOR-8-6-2016

1. Long call can be tried if it sustain above 8267 with an alert point at 8245 & 8220 and stop loss of below 8200 for a target of 8295/8336/8375. 

2. Long call can be tried on decline near 8201 but not below it as of now with a stop loss of below 8175.

3. Contrarian trader can try short call for correction only if it sustains below 8201 with a stop loss of above 8245 for a target of 8178/8160/8134. It could be a risky trade but worth trying .

Remark: - The trend is up. Since   it closed above its critical resistance point of 8245 today, therefore long call can be tried as long as it holds 8245 but with extreme caution. Please initiate your trade after watching the market for some time.   

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—6-6-2016

CNX-NIFTY

Closed at 8220.80 on 3-6-2016 (Open-8246.20/High-8262/Low-8209.85)

Support: - 8213.60/8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8245/8336/8375/8489.55/8530/8550-8600/8621.

                      

Technically it is showing good strength and up move seems to be intact.  But it is important to mention here that 8243.12 or say 8245 which is 61.80% and the last theoretical retracement point of the total fall from the all time top of 9119.20 and recent bottom of 6825.80 is a very critical resistance, therefore till it gives close above it and sustain, further up journey may not be easy and if it fails to cross this level soon then it may give sharp down correction from here before resuming the up move again. Today it maintained above 8243.12 level for almost the entire day but in last 50 minutes of trade it came into negative territory and closed at the lowest in real time trade but the adjusted close was with a meager gain of 1.84 points. It showed some sign of exhaustion today. It is therefore suggested to wait for close above 8245 for initiating fresh long trade.  The range for the week starting from 6-6-2016 is between 8262—8245—8213.60—8160. However day trader can still try long call above 8221 with an alert point at 8213 & 8178 and exit point below 8160(it could be a risky trade )or try on decline but not below 8160 because close below 8160 can take it down for a deeper correction to the level of 8055—8020—7992. In view of the above observation for safe traders it would be prudent to give a day’s trading break before deciding to take fresh long call.   

It is important to mention here that the up-move will only be threatened if it breaks 7992--7972 and finally 7938 and sustain below these levels. Therefore if it corrects then fresh long call should surely be attempted in the range of 8050—7992 with a stop loss of below 7930 .The bias is up as of now.

 

TRADING OPTION FOR-6-6-2016

1. Long call can be tried if it sustain above 8221 with an alert point at 8213 and short stop loss of below 8200 for a target of 8245/8336/8375. Please note that the authentic stop loss for long trade would be close below 8160. It could be a risky trade at this point of time.

2. Long call can be tried on decline near 8160 but not below it as of now with a stop loss of below 8130.

3. Contrarian trader can try short call for correction only if it sustains below 8209 with a stop loss of above 8245 for a target of 8178/8160/8134. It could be a risky trade but worth trying.

NOTE: - It would be safe to try long call once it closes above 8245.

Remark: - The trend is up but it is near its critical resistance point and today’s move  showed some sign of fatigue, therefore it is suggested to take fresh long call once it closes above 8245 or otherwise take your trading call as suggested above . Please initiate your trade after watching the market for some time.   

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—6-6-2016

CNX--BANK NIFTY

Closed at 17680.80 on 3-6-2016(Open-17657.20/High-17762.05/Low-17649.05)

Support: 17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 17719/17762.05/18029.05/18226/18580.65/18662/19030.

It is showing good strength on the technical chart and the up move seems to be intact. But it is important to mention here that it has retraced more than 58% fall from the all time top of 20907.55 and recent bottom of 13407.25 and theoretically the last retracement point of 61.8% is at 18042.43 or say 18045. It is not far away from this point, please note that it will catch up fresh up momentum only if it moves and sustain above this mark and if it fails to do that soon, it may correct sharply from here before resuming the up move again.

Although it is not showing any sign of fatigue as yet ,but today’s small range movement indicates that it is bracing for a big move in a day or two on the either side and in view of its recent vertical rise chances are that it could head down. So for 6-6-2016, 17762.05 and 17620 are the decider levels. Please note that break below 17620 can bring it down to 17423/17350 and sustained break below 17350 can drag it down for a deeper correction to the level of 17157/17067/17029/17962. Similarly break above 17762.05 can take it to the level of 17842/18023/18045/18226.It is therefore suggested to take your trading call after the breakout and not within the range of 17762.05---17620. Contrarian trader can try short call also for correction if it sustains below 17620.

It is important to mention here that the up-move will only be threatened if it breaks 17067 & 17029 and finally 16920 and sustain below it. Therefore if it corrects then fresh long call should surely be attempted in the range of 17067---16962 with a stop loss of below 16920 .The bias is up as of now.

                            TRADING OPTION FOR-6-6-2016

1. Long call can be tried above 17681 with a stop loss of below 17620 for a target of 17762/17842/18030/18045. It could be risky trade.

2. It would be safe to try long call if it moves and maintains above 17762.05 with a stop loss of below 17660.

3. Contrarian trader can try short call for correction only if it sustains below 17620 with a stop loss of above 17685 for a target of 17423/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up and it is indicating that a big move on the either side is ahead, therefore one can try both side trade depending on the breakout from 17762.05 and 17620 point. Try long trade above 17762.05 and can try short call as well below 17620 for correction only. Please initiate your trade after watching the market for some time.  

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—3-6-2016

CNX-NIFTY

Closed at 8218.95 on 2-6-2016 (Open-8156.90/High-8229.50/Low-8154.75)

Support: - 8213.60/8180/8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8245/8336/8375/8550-8600.

                      

It opened on a weak note and traded in a short range before picking the up momentum in last 45 minutes trade and closed near the high of the day. It is exhibiting tremendous strength and it seems that the correction on the closing basis may be over, as it has made higher bottom of 8160.10 and crossed recent top of 8178.50 on the line chart. Therefore long call can be tried now or on decline but not below the recent bottom of 8160 on the closing basis because break below this level may drag it down to 8050—8000 range where one should attempt long trade for sure. The up-move will only be threatened if it breaks 7992--7972 and finally 7938 and sustain below these levels.   Moving up it will face stiff resistance at 8245---8336---8380---8560—8700---8821.

TRADING OPTION FOR-3-6-2016

1. Long call can be tried if it sustain above 8213.60 with a stop loss of close below 8160 for a target of 8245/8336/8375.

2.  It is suggested to try long trade on decline but not below 8160 as of now with a stop loss of below 8130.

Remark: - The trend is up but and looking at the higher top and bottom on the line chart it seems that the correction on the closing basis may be over. So long call can be tried as suggested above. Please initiate your trade after watching the market for some time.   

  

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—3-6-2016

CNX--BANK NIFTY

Closed at 17567.80 on 2-6-2016(Open-17405.15/High-17596.40/Low-17350.45)

Support: 17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17670.85/17719/18029.05/18226/18580.65/18662/19030.

It opened on a weak note and traded in a short range before picking up momentum in last 1 hour trade and closed near the high of the day. It is exhibiting good strength and partly indicating that the correction on the closing basis may be over, as it has made higher bottom of 17423.55 but yet to cross the recent top of 17620.90 on the line chart. However long call can still be tried if it move and maintain above 17581 but it would be safe to try long call if it moves and sustain above its recent closing top of 17621. Please avoid long call below 17581 and below 17423.55 for sure because break below 17423 levels may drag it down to 17270---17157 — 17067--17029 ranges. The up-move will only be threatened if it breaks 17067 & 17029 and finally 16920 and sustain below it.   Moving up it will face stiff resistance at 17671/17842/18043/18226/18580.65/18662/19030.

                           TRADING OPTION FOR-3-6-2016

1.  Long call can be tried above 17581 with a stop loss of below 17500.

2. It would be safe to try long call if it moves and maintains above 17621 with a stop loss of below 17540, can add on position if it sustains above 17671 for a target of 17750/17842.

 Remark: - The trend is up and it is  indicating that correction on the closing basis may be over; therefore long call can be tried as suggested above. Please initiate your trade after watching the market for some time.  

 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—2-6-2016

CNX-NIFTY

Closed at 8179.95 on 1-6-2016 (Open-8179.20/High-8215.35/Low-8171.05)

Support: - 8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8180.20/8195.65/8215.35/8244/8336/8375/8550-8600.

                      

The trend is up and technically it is looking good but the range of 8200--8245 is highly vulnerable for correction. The up-move will only be threatened if it breaks 7972 and finally 7938 and sustain below these levels. Therefore long call is suggested but on decline and not below 7972 or if it moves and sustain above 8216.  When I wrote last (see my post for 27-5-2016) I had suggested booking profit in the long trade on the rise and re-entering long trade again on decline. I had also suggested to try short call in the range of 8176—8195 with a stop loss of above 8220 for a down correction and the said stop loss for short trade is still not triggered.

 Please note that it is still moving around the said range for the last three days and if it fails to cross 7216 and then 8245 soon the chances are that it may correct from here before resuming the up move again. It is therefore suggested that long call can be tried  but only if it moves and sustain above 8216 else on a reasonable decline, but it should be surely avoided if it consistently starts trading below 8160 because then it could correct sharply and moving down it will find support at 8134/8090/8055/8024/7972 . The fall may be arrested at any of these points and it may resume the up-move again, so long call can be attempted on decline at proper points but not below 7972 till it bounces back above 8000 again. Please note that to take advantage of the expected down correction short call can also be tried if it consistently trades below 8160.The bias is up now.

TRADING OPTION FOR-2-6-2016

1.  It is suggested to try long trade on decline at proper points but not below 7972 with a stop loss of below 7920.

2. Long call can be tried if it moves and sustain above 8216 with a stop loss of below 8150 for a target of 8245/8336/8375.

3. Correction looks imminent therefore sell trade can also be tried if it trades below 8160 with a stop loss of above 8190 for a correction only for a target of 8134/8088/8055/8024.

 Remark: - The trend is up but it is in the highly vulnerable zone therefore long call should be tried on decline. Short call can be attempted for down correction as suggested above. Please initiate your trade after watching the market for some time.   

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—27-5-2016

CNX--BANK NIFTY

Closed at 17359.30 on 26-5-2016(Open-17037.60/High-17424.05/Low-16971.35)

Support: 17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17498.35/17502.45/17719/18029.05/18226/18580.65.

It has vertically moved up in last two days giving a gain of more than 1000 points intra- day and more than 900 points on the closing basis, which is phenomenal. It is exhibiting tremendous strength but gap up open then unfilled gap and vertical rise is not good for a steady up move because vertical rise may have vertical fall too. In this context please note that it opened with an up gap in last two, it filled today gap but yesterdays gap still exist as it is which is concerning because if it makes an attempt to fill this gap in next 2-3 days time which is theoretically possible then it could come down to 16501.

Please note that technically it is looking good, but in view of last two days vertical rise trying long call here could be slightly risky because it may encounter profit booking here, furthermore moving up it will face resistance at 17503/17760 so the up journey may not be smooth from here, therefore long call can be tried on dip but not below 17029 as of now and finally avoid long call below 16920 for sure till it bounce back above 16940 and sustains.  

                           TRADING OPTION FOR-27-5-2016

1.  It is suggested to try long trade on decline but not below 17029.85 with a stop loss of below 17920.

2. Aggressive day trader can try long call if it moves and maintain above 17425 with a stop loss of below 17340 for a target of 17503/17650/17760. It could be a risky trade.

3. Since it had a vertical rise, contrarian trader can try sell trade in the range of 17650--17760 with a stop loss of above 17830 for a down correction as of now.

 Remark: - In view of two days vertical rise part profit should be booked in existing long trade now and on the rise and fresh long call should only be attempted on decline. Please initiate your trade after watching the market for some time.  

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—27-5-2016

CNX-NIFTY

Closed at 8069.65 on 26-5-2016 (Open-7974.45/High-8083/Low-7948.50)

Support: - 8055/7992/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It opened with an up gap for last two days and then vertically moved up, it tried to fill today’s gap but could not fill it completely therefore it still exist and yesterday’s gap is intact as it is, which is slightly concerning. Although it is exhibiting extra ordinary strength but please note that the gap up open and then unfilled gap and vertical rise is not good for a steady up move because technically vertical rise may have a  vertical fall too. In this context please also note that it has already left two gaps in a row and it opens with an up gap tomorrow say above 8083 and move further then it is very likely that it can witness good correction during the day even otherwise moving up from here may not be easy as it will face stiff resistance in the range of 8091—8120—8170—8195, so be very careful in the long trade around this range. It is therefore suggested to book at least part profit in the existing long trade around the aforesaid range and try fresh long call on decline but not below 7938.

                     TRADING OPTION FOR-27-5-2016

1.  It is suggested to try long trade on decline but not below 7938 with a stop loss of below 7890.

2. Aggressive day trader can try long call above 8083 with a stop loss of below 8050 for a target of 8120/8170/8195. It could be a risky trade.

3. Since it had a vertical rise, contrarian trader can try sell trade in the range of 8176—8195 with a stop loss of above 8220 for a correction only as of now.

 Remark: - In view of two days vertical rise part profit should be booked in existing long trade now and on the rise and fresh long call should only be attempted on decline. Please initiate your trade after watching the market for some time.   

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.