CNX-NIFTY-A TECHNICAL VIEW FOR—27-6-2016

CNX-NIFTY

Closed at 8088.60 on 24-6-2016 (Open-8029.10/High-8100.70/Low-7927.05)

Support: -8063.90/8055/7992/ 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: -8153.25/8188.30/8213.60/8245/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened with a huge down gap of more than 240 points after the Brexit outcome and went down further and hit the perceived range of 8010—7946---7930 where long trade was suggested ( see my post of 23-6-2016 and earlier post), it respected that range and bounced back and closed reasonably above that range. However this down move has upset the rhythm of the market.

It is important to mention here that the gap it created today is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time, if it does then it can come up to 8189 level. But it is likely to show strength only if it closes above 8245 and sustain, which may be kept in mind. 

Kindly note that today’s down move was a big jolt to the on-going up move and it has broken few important trend line  support level also in the process , therefore how it will behave in next few days time has to be seen. But technically as long as it holds the range of 7992—7972—7946—7906 the uptrend may be in place, sustained break below 7906(it changes every day) will threaten the uptrend and sustained break below 7718(it changes every day) will possibly end the uptrend and then a fresh down move may begin. Similarly to regain the up momentum again it has to close above 8245 and sustain. The broad range for it now is between 8245—7992—7906.

In view of today’s devastating down move it is suggested not to hurry for long trade now because it may go down further and break  today’s low, therefore  see whether it holds the 7992--7946—7906 range in next 3-4 days time or not, if it does hold this range then take long call. Avoid long call for sure if it sustains below 7906 till it moves and sustain above 7947 again. It  witnessed huge volatility today and if it continues then it may provide both side trading opportunity for day traders during the day till it breaks out on either side of its important range  of 8245—7906. Therefore traders can take their trading call keeping the said range in mind(take help of support and resistance level also mentioned above for entry, exit and trailing stop losses), but I caution that long trade could be highly risky at this point of time, therefore traders should get alerted below 7992 in long trade and exit trade below 7906. Short call seems a safer bet as of now if price movement permits. 

                            TRADING OPTION FOR-27-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 8105 for some time with a stop loss of below 8063 for a target of 8145/8153/8188.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 8063 with a stop loss of above 8105 for a target of 7992/7972/7946/7927/7906 or sell on the rise near 8190--8205 but not above 8205 with a stop loss of above 8250.

4. Long call can be attempted if it comes again near the lower band of the range of 8010—7946 with a strict stop loss of below 7900.

Remark: - The trend is up now. But today’s move has upset the up momentum and this correction may continue, therefore it is suggested to wait and watch for a day or two to initiate fresh long call. Instead short call seems to be a better bet now if price movement supports. 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—27-6-2016

CNX--BANK NIFTY

Closed at 17426.05 on 24-6-2016(Open-17213.85/High-17459.20/Low-16946.35)

Support: 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17611/17666.05/17671/17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened with a huge down gap of more than 670 points after the Brexit outcome and went down further and hit the perceived range of 17067--16922 where long trade was suggested (see my post of 23-6-2016 and earlier post), it respected that range and smartly bounced back and closed way above the range. However this down move has upset the rhythm of the market.

It is important to mention here that the gap it created today is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time, if it does then it can come up to 17611 level. But it will regain up momentum if it closes above 18045 and sustain, which may be kept in mind. 

Kindly note that today’s down move was a big jolt to the on-going up move  and it has broken few important trend line  support level also in the process , therefore how it will behave in next few days time has to be seen. But technically as long as it holds the range of 17067--16922 the uptrend may be in place, sustained break below 16922 will threaten the uptrend and sustained break below 16797(it changes every day) will possibly put the break on the uptrend and finally sustained break below 16225(it changes every day) may end this uptrend and then a fresh down move may begin. Similarly to regain the up momentum again it has to close above 18045 and sustain. The broad range for it now is between 18045--16922.

In view of today’s devastating down move it is suggested not to hurry for long trade now because it may go down further and break today’s low, therefore see whether it holds the range 17200—17067--16922 in next 3-4 days time, if it does hold this range then take long call. Avoid long call for sure if it sustains below 16922 till it moves and sustain above 16940 again. It  witnessed huge volatility today and if it continues then it may provide both side trading opportunity for day traders during the day till it breaks out on the either side of its important range of 18045—16922. Therefore traders can take their trading call keeping the said range in mind(take help of support and resistance level also mentioned above for entry, exit and trailing stop losses), but I caution that long trade could be highly risky at this point of time therefore traders should get alerted below 17029 in long trade and exit below 16900. Short trade seems a safer bet as of now if price movement permits. 

TRADING OPTION FOR-27-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 17460 for some time with a stop loss of below 17350 for a target of 17565/17611/17650.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 17420 with a stop loss of above 17490, can add on position if it sustains below 17350 with a stop loss of above 17430 for a target of 17200/17067/17029/16962/16946 or sell on the rise near 17611--17680 but not above 17680 with a stop loss of above 17720.

4. Long call can be attempted if it comes again near the lower band of the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. But today’s down move has upset the up momentum and this correction may continue, therefore it is suggested to wait and watch for a day or two to initiate fresh long call. Instead short call seems to be a better bet now if price movement supports. 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.

DAY TRADING CALLS FOR 23-6-2016

TRADING CALLS

1. ASHOK LEYLAND.

Sell below -99.55, S/L-100.10, Target-98/97.35/95.

2. AXIS BANK.

Sell below -516, S/L-518, Target-509/506.75/499.

3. BHARAT FORGE.

Sell below -736, S/L-739, Target-733/725.55/713/704.

4. COAL INDIA.

Buy above -318.40, S/L-316, Target-326/333.

5. DLF.

Buy above -141.20, S/L-140, Target-143/145.20/147/149.

6. GLENMARK PHARMA.

Buy above -780, S/L-777, Target-785/804/812.

7. ICICI BANK.

Sell near and below -243, S/L-244.50, Target-237.60/235.80/233.65/226.

                                        

 NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK. WATCH THE MARKET    FOR 10-15 MINUTES BEFORE INTIATING TRADE.

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW FOR—23-6-2016

CNX-NIFTY

Closed at 8203.70 on 22-6-2016 (Open-8213.65/High-8238.35/Low-8153.25)

Support: -8180/8160/8063.90/8055/7992/ 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: -8213.60/8245/8257.25/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It had a down day today and again it closed with a small loss of 16.20 points. It came near its important support point of 8140 (see my post for 22-6-2016) and then bounced back but finally closed below one of its higher top of 8206.60 on the line chart, which is concerning. Please note that now if it fails to close above 8238.50 and then move above 8245 & 8258 in next 2-3 days time then it can go in for down correction again and if it does then this time it could be deeper and it may not hold the immediate support level in the range of 8160—8140 and may hit its very strong support area in the range of 8010—7946. Therefore buy on dip strategy should be put on hold now and long call should only be attempted if it closes above 8238.50 or if it moves and sustain above 8245 for some time intra-day.

Please note that in case of down move again long call should only be attempted around, near or within the range of 8010—7946 but not below 7930 because sustained break below 7930 may put a break on the uptrend. Although the trend is up but looking at today’s close it seems that it can correct again, therefore short call can also be tried if it moves and sustain below 8170 or on the rise but not above 8239 for taking advantage of the expected down correction again.  

TRADING OPTION FOR-23-6-2016

1. Long call can only be tried if it closes above 8238.50 or if it moves and sustain above 8245 for some time intra-day with a stop loss of below 8175 for a target of 8258/ 8295/8317/8336.

2. Aggressive trader can try long call if it moves and sustain above 8213.60 for some time with a stop loss of below 8175.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 8170 with a stop loss of above 8215 or sell on the rise but not above 8239 with a stop loss of above 8260.It could be a risky trade but worth trying

4. Long call can be attempted on decline but within the range of 8010—7946 with a strict stop loss of below 7900.

Remark: - The trend is up now. But today’s close below its recent higher top of 8206.60 on the line chart indicates that it could go in for correction again. It is therefore suggested to try long call if it moves and sustain above 8245 or on decline in the range of 8010--7946. 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—23-6-2016

CNX--BANK NIFTY

Closed at 17626 on 21-6-2016(Open-17610.10/High-17755.25/Low-17518.15)

Support: 17620.90/17527.55/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17666.05/17671/17719/17844/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It seems that the down correction is still on therefore the views posted for 22-6-2016 will be relevant for 23-6-2016 also. However, I once again repeat that that long call should only be attempted once it closes above 17718.60 or near its very important support range of  17067---16922.

TRADING OPTION FOR-23-6-2016

1. It is suggested to avoid long call till it closes above 17718.60.

2. However aggressive day trader can try long call if it moves and sustain above 17630 for some time with a stop loss of below 17580 for a target of 17720/17790/17842.It could be a risky trade.

3. Sell if it maintains below 17619 with a stop loss of above 17730 for a target of 17593/17527/17425/17350/17209/17067/16962 or sell on the rise near but not above 17720 with a stop loss of above 17765.

4. Long call can be attempted on decline but within the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. But it is still in down correction therefore long call should be avoided till it closes above 17718.60, instead short call can be attempted if price movement supports. 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.

DAY TRADING CALLS FOR 22-6-2016

TRADING CALLS

1. ADANI PORT.

Sell below -203, S/L-204.50 Target-201/197.70/196/192.50/186.

2. ASIAN PAINTS

Sell below -978, S/L-983, Target-972/960/954/946/941.50.

3. AUROBINDO PHARMA

Sell below -718.80, S/L-722, Target-712.50/708.70/698.85/657.

                                         

 NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK. WATCH THE MARKET FOR 10-15 MINUTES BEFORE INTIATING TRADE.

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW FOR—22-6-2016

CNX-NIFTY

Closed at 8219.90 on 21-6-2016 (Open-8255.40/High-8257.25/Low-8202.15)

Support: -8213.60/8180/8160/8063.90/8055/7992/ 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: -8245/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

After giving robust up move yesterday, it moved in a short range toady which was not expected and finally closed with a meager loss of 18.59 points, which is slightly disturbing. However the higher top and bottom on the line chart is still intact, therefore long trade can be attempted on decline but avoid fresh long trade below 8206 because break below this level may drag it down to 8140 level, if it does then try long call near 8140 with an exit point below 8100 or if it moves above 8213.60 again and sustain. But at this point of time it is suggested and would be better and safe to try long call if it moves and maintain above 8245 because if it does not cross this mark in next 3-4 days time then it may go in for down correction again. Therefore long call should be handled with due caution.   

It is important to mention here that in case if it goes into down correction again then long call should be attempted around or within the range of 8010—7946  because it is very strong support area but not below 7930 because sustained break below 7930 may put a break on the uptrend. (see my earlier post)

TRADING OPTION FOR-22-6-2016

1. Long call can be tried on dip but avoid below 8206 and then try near 8140 with a stop loss of below 8100.It could be a risky trade.

2. It would be safe to try long call if it maintains above 8245 with a stop loss of below 8200 for a target of 8258/ 8295/8317/8336.

Remark: - The trend is up now. The higher top and bottom on the line chart is intact but today’s move was slightly disturbing, therefore it would be safe to try long call if it moves and sustain above 8245. 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—22-6-2016

CNX--BANK NIFTY

Closed at 17619.10 on 21-6-2016(Open-17761.65/High-17763.30/Low-17585.65)

Support: 17527.55/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17620.90/17671/17719/17844/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

As perceived (see my post for 21-6-2016) the correction is still on, it has broken its recent higher bottom of 17671.30 on the line chart thereby making lower top and bottom again, it is already making lower top and bottom on the bar chart. Please note that to give first sign of correction completion on the line chart it has to close above 17718.60 and on the bar chart to hold the recent lower bottom of 17425.80, therefore it is suggested to avoid fresh long call till it closes above 17718.60. Instead short call can be tried now below 17619 or on the rise but not above 17720 for 22-6-2016 for taking advantage of the down correction.

Moving down it will find good support at 17527/17425/ 17350 but sustained break below 17350 can drag to down to 17067—16922 levels which a very crucial and make or break support range, it is worth trying long call around or within this range but not below 16922 because sustained break below this mark may put a break on the uptrend and fresh down move may begin which may please be noted.

  

TRADING OPTION FOR-22-6-2016

1. It is suggested to avoid long call till it closes above 17718.60.

2. However aggressive day trader can try long call if it moves and sustain above 17671 for some time with a stop loss of below 17590 for a target of 17720/17790/17842.It could be a risky trade.

3. Sell if it maintains below 17619 with a stop loss of above 17730 for a target of 17593/17527/17425/17350/17209/17067/16962 or sell on the rise but not above 17720 with a stop loss of above 17765.

4. Long call can be attempted on decline but within the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. But it is still in down correction therefore long call should be avoided till it closes above 17718.60, instead short call can be attempted if price movement supports. 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.

DAY TRADING CALLS FOR 21-6-2016

 TRADING CALLS

1. ACC.

Buy above -1575, S/L-1569, Target-1595/1620/1645/1665.

2. AMBUJA CEMENTS.

Buy above -243, S/L-241, Target-253/257

3. ASIAN PAINTS

Sell below -986, S/L-992, Target-978/960/952/944.

4. BAJAJ AUTO

Buy above -2625, S/L-2617 Target-2638/2660/2695

5. HINDUSTAN ZINC.

Buy above -177.30, S/L-176, Target-180.20/192/198.

6.  TATA MOTORS.

Buy above -484.50, S/L-481.50, Target-491/504/509.

 7. TECH MAHINDRA.

Buy above -545, S/L-542.50, Target-557/564/568.50.

                                        

 NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK. WATCH THE MARKET FOR 10-15 MINUTES BEFORE INTIATING TRADE.

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW FOR—21-6-2016

CNX-NIFTY

Closed at 8238.50 on 20-6-2016 (Open-8115.75/High-8244.15/Low-8107.35)

Support: -8213.60/8180/8160/8063.90/8055/7992/ 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: -8245/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It closed above 8206.40 and moved reasonably above 8213.60 today. It is making higher top and bottom again on the line chart and bar chart also, therefore it seems that the on-going correction may be over and it is ripe for up move again(see my post for 20-6-2016). It is therefore suggested to adopt buy on dip strategy but avoid fresh long call if it maintains below 8206 because then one may get it at a lower rate but avoid fresh long trade below 8140 and exit long trade if it consistently trades below 8108 or try long trade for sure above 8245. It would be safe to try long call above 8245.

TRADING OPTION FOR-21-6-2016

1. Long call can be tried now or on dip but avoid below 8206 and then try near 8140 with a stop loss of below 8108.

2. Try long call above 8245 for sure with a stop loss of below 8200 for a target of 8295/8317/8336/8375.

Remark: - The trend is up now. It seems that correction 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--BANK NIFTY -A TECHNICAL VIEW FOR—21-6-2016

CNX--BANK NIFTY

Closed at 17718.60 on 20-6-2016(Open-17425.80/High-17779/Low-17425.80)

Support: 17671/17620.90/17527.55/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17719/17844/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It has not given correction completion confirmation as Nifty has given. In fact it broke its recent bottom of 17527.55 on the bar chart intra day thereby making lower bottom, broke its recent higher bottom of 17671.20 on the line chart intra day but managed to close above it. So it is making lower top and bottom on the bar chart, made higher bottom again on the line chart but yet to make higher top therefore it seems that correction is still on. In this regard please note that as of now close above 17917.90 and then sustained move above 17943.65 is important for correction completion confirmation and both these levels are far away as this point of time. Similarly close below 17671.30 and then sustained break below 17620 will indicate that this correction may continue and it could head lower before resuming the up move again.

In this regard please note that as mentioned in my post for 20-6-2016 that it could hit 17400 level, it almost hit this level today, but it is important to mention here that  technical parameter  indicates that it could still close below 17423 once , if it fails to cross 17944 in next 2-3 days time.  

In view of the above observation it would be safe to try long call if it moves and sustain above 17943.65, however aggressive day trader can try long call if it sustain above 17790 but long trades should be handled with extreme caution. Please note that short call can also be attempted only if it moves and sustains below 17660 for some time.  

In case the correction continues and deepen, even then long call can be attempted in the range of 17067--16962 since it is a very strong support area but avoid long call below 16920 for sure, because sustained break below this mark may put a break on the uptrend which may please be noted.

 

TRADING OPTION FOR-21-6-2016

1. Aggressive day trader can try long call if it moves and sustain above 17790 for some time with a stop loss of below 17670 for a target of 17845/17945/18029/18052.It could be a risky trade.

2. It would be safe to try long call if it moves and sustain above 17944 with a stop loss of below 17850.

3. Sell if it maintains below 17660 with a stop loss of above 17730 for a target of 17593/17527/17408/17350/17209/17067/16962

4. Long call can be attempted on decline but within the range of 17067---16962 with a strict stop loss of below 16920.

Remark: - The trend is up now. It seems that down correction may extend therefore be careful in long trade at this point of time. It is suggested to take your trading call according to the price movement and 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.

GOLD IN $ TERMS A TECHNICAL UPDATE -19-6-2016

GOLD IN $ TERMS

Gold closed at $1294.80 on 17-6-2016

SUPPORT: - $1287.80/1272/1236.90/12225.40/1206/1201.50/1191.70/1181.60/1167.30/1162.10/1141.60/1130.40/1103.80/1061.50/1060.20/1044.50.

RESISTANCE: - $1306/1307.80/1318.90/1324.30/1346.80/1349/1361.80/1392.60/1434/1487.20/1539.

It has been in the uptrend for last few months (see my earlier post) and technically it is still looking good and the up move is expected to continue with in between down correction. But please note that there are certain important international events lined up for the next week and the outcome of those events could bring in extreme volatility in it for the time being, so handle your trade cautiously.

 Please note that it’s one of the very critical point for the year 2016 is at 1307.80; it crossed this mark on 16-6-2016 intra-day but could not close above it. Kindly note that sustained close above this level could take it to much higher levels but the up journey may not be smooth as it will face series of resistance in the range of 1321—1336—1350—1392—1434—1487—1525—1535 but looking at overall technical setup as of now it is expected to move up steadily once it closes above 1307.80. Similarly in down correction it will find good support at 1274/1260/1246/1229 and it could regain up momentum again from any of these points. Therefore follow buy on dip strategy at proper points or attempt long call   if it sustains above 1307.80 for sure.  

It is important to mention here that the uptrend could be in potential danger only if it fails to hold 1201.50/1191.70 & 1181.60. Chances of breaking these levels look remote at this point of time.

REMARKS:-Trend is up. It is therefore suggested to adopt buy on dip strategy or buy above 1307.80 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-19-6-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 17675.16 ON -17-6-2016.

                                                                           

SUPPORT:-17580.38/17484.23/17471.29/17425.03/17405.48/17399.01/17331.07/17210.43/17124.31/16821.86/16510.40/16165.86/15979.95/15942.37/15803/15503/15450.56/15370.33/15340.69/14760/14719.43/14681/14551.27/14444.03.

RESISTANCE:- 17762.96/17796.76/17899.24/17914.34/17977.85/18016/18167.63/18188.81/18351.36(all time high).

(Figures in bold are important)

The overall technical setup looks good but it has been correcting for last few days and this may continue for some time if it fails to hold 17471.29 level as of now.

Please note that it made its all time high on 19-5-2015 at 18351.36 thereafter it came several times near to it but could not cross it and in fact made lower top all the time and then went down for correction which is concerning. It could be consolidation or distribution but its behavior indicate that it could possibly be distribution at the higher levels because it would not have taken so long time to cross the all time high after coming very close to it several time in last one year time period but it cannot be said convincingly that it is distribution because it is still holding on to its strong support levels only sustained break below the under mentioned support levels will confirm the distribution and then fresh down move may begin. Similarly move above 18351.36 will confirm the consolidation. The following are the support area.

1.     Long term trend line support on the monthly chart is at 17603 for June-2016, at 17732 for July-2016 and at 17862 for Aug-2016. Trend line drawn from bottom of 6649.95 joining the bottom of 10404.50.

     2.   The critical support points for the year-2016 are 17425.03

             &17405.48.

     3.   The long term moving average support in the range of    

           17473---17085(it changes every day).

The first sign of correction to continue or end of the uptrend will be sustained 

break below the trend line of 17603 for the month of June-2016, however as long as it holds the critical levels of 17425.03 & 17405.48 for the year 2016 the up move may be in place, furthermore it will get very good support from its long term moving averages which are in the range of 17473—17085(it changes every day). Therefore it is suggested that be alert in existing long trade if it starts trading below 17603 and avoid fresh long commitments if it starts trading below 17473 and avoid fresh long trade below 17405 for sure till it bounces back above 17425.03 and sustain. Please note that sustained close below 17085(it changes every day) can trigger a bigger fall. The broad range for it now is between 18351.36--- 18167.63----18016— 17603---17473. So trader may take their trading call keeping the said range in mind for safe and productive trade.

In view of the overall observation it seems like distribution at higher levels and if it  is otherwise then it should cross its all time high of 18351.36  soon else it could head downwards in coming days/weeks/months.  It is therefore suggested to be extremely cautious in long trade now.

REMARKS:-The trend is up. But it is in correction mode now so let it give visible indication of correction completion before initiating fresh long trade or take your trading call keeping the above mentioned range in mind but with due 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.