CNX-NIFTY- A TECHNICAL VIEW -28-12-2016

CNX-NIFTY

Open-7915.05—High-8044.65---Low—7903.70—Close—8032.85 on

27-12-2016

Support:-8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a steady note and since it did not break its critical point of 7897.25 it gradually firmed up and gave sustained and robust rise and closed near the high of the day. In today’s up move it crossed its recent top of 7985.75 on the line chart decisively which indicates that a  bottom is in place at 7908.25, therefore it is expected that this up move may continue for few days provided it holds its bottom of 7908.25 on the closing basis and finally the level of 7897.25. Therefore  to take advantage of this pullback rally  long call can be tried above 8045 or on decline but not below 7974 with a stop loss of below 7940. Moving up it would face stiff resistance at 8056.86/8085/8130/8185/8199 and the up move may get exhausted at any of these points. It is therefore suggested to be vigilant and cautious in long trade.

Please note that it is in downtrend and today’s rise was an up move within the down trend and may continue for another 3-4 days or more before it resumes down journey  again, therefore  avoid short call now and look out for signal and price pattern to initiate fresh short trade. However the aforesaid resistance points could be the potential sell points also, so watch out. Sell call can surely be tried if it breaks and sustain below 7940 with a stop loss of above 7992.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. But in view of the above observation it seems that the up move  may last for few days therefore long call can be tried as suggested above and short call be avoided now, but  can be tried below 7940  with a stop loss of above 7992. The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 28-12-2016

CNX--BANK NIFTY

Closed at 17879.55 on 27-12-2016(Open-17677.70/High-17907.35/Low-17616.10)

Support:- 17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It opened on a positive note and moved in a very short range for quite some time but later in the day it gradually started moving up and closed with a gain of 224 points and near the high of the day. Although it closed with a good gain today and also moved above its critical point of 17672 and 17819.25(for the week) but did not showed the required strength which Nifty has shown. However the up move may be carried forward if it moves and sustain above 17884 but it will gain some strength only if it moves and sustain above 17971 and then closes above 18085. Please note that close above 18085 will make sure that this up move may last for few days. However looking at today’s move long call can be tried if it maintains above 17884 with a stop loss of below 17819 .Similarly short call can be tried below 17819 with a stop loss of above 17884.

Remark: - The uptrend is severely threatened and downtrend is on. It had an up day today and it moved above some of its important points also, so this up move may continue therefore long call can be tried as suggested above. Short call can only be tried below 17819.The trend is bearish as of now.  

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.

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.

                                                                                      

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

CNX--BANK NIFTY-A TECHNICAL VIEW 27-12-2016

CNX--BANK NIFTY

Closed at 17655.55 on 26-12-2016(Open-17825.50/High-17860.65/Low-17606.90)

Support:- 17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17819.75/17825.50/17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It is exhibiting tremendous weakness as it broke its previous week low of 17819.75 effortlessly and also broke its critical point of 17672 today and closed below it which is a bad sign. As mentioned in my post of 26-12-2016 short call is suggested below 17819.25 for the entire on-going week and similarly long call should be avoided below it, however if it moves above 17672 level and sustain for some time aggressive trader can try long call for a possible short up move with a stop loss of below 17600 for the day but it could be a risky trade mind you. Similarly if it sustain below 17655 try short call with a stop loss of above 17740 or on the rise at appropriate point but not above 17819.25. The trend is bearish.

Remark: - The uptrend is severely threatened and it is already in downtrend. The trend is down therefore I would prefer to avoid long call instead  wait for the opportunity to try short call . The trend is bearish as of now.  

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.

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.

                                                                                     

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

CNX-NIFTY- A TECHNICAL VIEW -27-12-2016

CNX-NIFTY

Open-7965.10—High-7970.05---Low—7893.80—Close—7908.25 on

26-12-2016

Support:- 7897/7859/7807/7735-7714/7644.

Resistance:- 7916.40/7927.7938/7946/7988/7992/8002.25/8021/8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened with a negative bias and broke its critical range of 7916.40—7897.25(see my post for 26-12-16) in no time and hit a low of 7893.80 but recovered immediately and started trading above 7916.40 but not very comfortably and gave whip saw around it throughout the day and finally closed within the aforesaid range at 7908.25, which indicates gross weakness in it. The technical setup is terribly weak and the down move is on, therefore it is suggested to avoid long call in general but it can be tried if it moves and sustain above 7943 , but it would be safe to try long call only if it moves and sustain above 7992,  since it has closed just above the lower band of its critical point of 7897, therefore if it holds this level for some time aggressive trader can try long call above 7897 or even near 7965 but not below this level with a stop loss of below 7855, but it could be a risky trade mind you. The trend is down therefore short call seems a safer bet and it can be tried if it breaks and sustain below 7897 with a stop loss of above 7932. 

Remark: - The uptrend is severely threatened and it is already in the downtrend now. It has just closed above its critical point of 7897, so now both side trades can be tried depending on the price movement. But please note that sustain break below 7897 may accelerate the fall therefore long call should be handled with extreme caution. Since the trend is down therefore short call seems a better option. The overall technical setup is hugely bearish now.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 27-12-2016

TRADING CALLS

1. AUROBINDO PHARMA.

Sell below -620, S/L-625, Target-604/588/582.

      

2. CADILA HEALTCARE.

Sell below -336, S/L-340, Target-328.80/315/308/304.   

3. CIPLA.

Sell below -552, S/L-556, Target-545/528/510.

                                       

4. HERO MOTOR CORP.

Sell below -2998, S/L-3012, Target-2983/2973/2954/2900.

                                        

5. LUPIN.

Sell below -1397, S/L-1405, Target-1390/1382/1365/1280.   

                                 

6. SUN PHARMA.

Sell below-608, S/L-612, Target-593/581/572.

7. TCS

Sell below -2288, S/L-2297, Target-2266/2252/2202.

                            

                      Note: Price stated here is of spot market.

                         

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.

                        

                             

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY- A TECHNICAL VIEW -26-12-2016

CNX-NIFTY

Open-7972.50—High-8022.60---Low—7942.05—Close—7985.75 on

23-12-2016

Support:- 7952.55/7946/7938/7927/7916.40/7897/7859/7807/7735-7714.

Resistance:- 7988/7992/8002.25/8021/8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

As envisaged it made a recovery after hitting a low of 7942.05 and went up to make a high of 8022.60 for the day before closing positive but merely by 6.64 points and that too after seven days of fall, which shows gross weakness in it. However this relief rally may continue for few days provided it holds 7979 level on the closing basis. Moving up the relief rally may get exhausted at any of the following points 8021/8070/8109/8148/8197; use these points as the trailing stop loss in both side trades. It is needles to mention here that the relief or pullback rallies are treacherous in nature and can end abruptly therefore traders should be very careful in long trades because they may get trapped at higher levels. Please note that close below 7979 may trigger fresh fall but since it has strong support in the range of 7952.55---7897.25 therefore fall will only accelerate if it sustains below 7897.25 level. It is therefore suggested to stay neutral in the range of 7916—7897 and take action with the market movement at that point of time.

The trend is down therefore it is suggested to avoid long call in general but in view of the above observation  those traders who want to take advantage of the expected continuation of today’s short up move , can try long call if it sustain above 7992 with a stop loss of below 7970 for a target of 8021/8057/8077. Similarly short call can be tried if it trades below 7979 for some time with a stop loss of above 8003 for a target of 7942/7927/7916/7897/7859/7829.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. After seven days of straight fall it had a very short up day today and it may continue for another 2-3 days, but the overall technical setup is very weak, therefore it is suggested to avoid long trade in general. But now it is in midst of such a situation therefore at this point of time both side trade can be tried depending upon market movement and as suggested above. The overall technical setup is hugely bearish now.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 26-12-2016

CNX--BANK NIFTY

Closed at 17884 on 23-12-2016(Open-17849.25/High-17962.30/Low-17819.75)

Support:-17819.75/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740

 It is in downtrend and the overall technical setup is very weak, apart from making lower lows; it is also running below its all short and long term moving averages and the last long term moving average is placed at 17944(it changes every day and it is increasing now by 18-20 points every day, so derive the fresh count every morning by adding the said points to previous level for trade convenience) for 26-12-16. The down move is on therefore sell on the rise strategy should be adopted, but it can also have an up day in between  and since it is below its last long term moving average therefore long call can only be tried on 26-12-16 if it sustain above 17944 for some time with a stop loss of below 17870 or else try long call after a reasonable decline, but be aware that in down trend short up move or relief rally are treacherous in nature and can end abruptly therefore it can trap you. So short call seems a safer bet near but below 17944 with a stop loss of above 17970 or sell for sure if it breaks below 17819 and sustain then one can sell for the entire week starting from 26-12-2016 with a stop loss of above 17870.  Moving down it has good support in the range of 17869—17802 and then at 17672/17402/17222/17064, but if it gives a sustain break below 17672 then it is likely to break 17000 mark. Furthermore certain technical indicators are also pointing towards it that it may seek much lower levels from here and may break not only 17000 mark but breaking 16000 level is also likely in coming days/weeks and months as of now. It is therefore suggested that long call should be handled with extreme caution and care.

Remark: - The uptrend is severely threatened and it is already in downtrend. Long call should be avoided for sure below 17944; short call seems better idea below it with suggested stop loss. The trend is bearish as of now.  

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.

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.

                                                                                     

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

TRADING CALLS FOR 26-12-2016

TRADING CALLS

1. APOLLO HOSPITAL.

Sell below -1130, S/L-1140, Target-1088/1079/1062/1016.

2. AUROBINDO PHARMA.

Sell below -645, S/L-650, Target-620/604/588/582.

      

3. AXIS BANK.

Sell below -436, S/L-440, Target-419.50/417.50/407/380.   

4. BAJAJ AUTO.

Buy above -2619, S/L-2605, Target-2635/2665/2685.                                            

                                   

5. BANK OF BARODA.

Sell below -152.60, S/L-154.50, Target-146/144.50/141.30.

6. DABUR (I).

Sell below -261.50, S/L-263, Target-252.70/249.50/244.95.                                            

                                

                         

7. HCL TECH.

Sell below -791, S/L-796, Target-785/771/760/750/736.

                                        

 8. HDFC BANK.

Buy above-1190, S/L-1185, Target-1195/1208/1225/1231/1265.

                             

                         

9. ICICI BANK.

Sell below -250, S/L-252, Target-245/243/239.   

                                

10. IDEA CELLULAR.

Sell below -70.50, S/L-71.30, Target-69.10/68.50/65.80.   

11. INFOSYS.

Sell below-984, S/L-990, Target-969/964/958/930.

                               

12. L & T.

Buy above -1342, S/L-1336, Target-1360/1364/1381.     

                                

13. LIC HOUSING FINANCE.

Buy above -542, S/L-538, Target-548/558/569.95.

                             

14. MOTHERSON SUMI

Sell below -307, S/L-312, Target-304.50/299.70/285/278.35/274.

Note: Price stated here is of spot market.

  

                               

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.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY- A TECHNICAL VIEW -23-12-2016

CNX-NIFTY

Open-8043.85—High-8046.45---Low—7964.95—Close—7979.10 on

22-12-2016

Support:- 7952.55/7946/7938/7927/7916.40/7897/7859/7807/7735-7714.

Resistance:- 7988/7992/8002.25/8056.86/8077.50/8121.95/8126/8139.45/8224.50/8230.65/8244/8257.42/8261.75/8274.95

As expected it continued its down journey today and it not only broke its recent important bottom of 8056.85 decisively but also broke its next important support level of 7988(see my post for 22-12-16) which indicates gross weakness in it ,therefore it seems that the on-going fall may continue. However today was the seventh straight day of the fall and tomorrow is the eighth day which is a Fibonacci number also, furthermore it has very strong cluster of support in the range of 7952.55—7897.25(see my earlier post), therefore there may be a faint chance  that it may stage a short relief rally from here or after visiting  the range, before finally breaking the said range, which is very likely to happen because the technical setup is terribly weak and certain technical indicators as of now indicates that it may seek much lower levels then the said range in coming days/weeks. But since the trend is down, therefore it is suggested not to try long call to take advantage of an expected short relief rally, however those who wish to take contrarian bet can try long call either above 7992 or near 7916.40 with a stop loss of below 7960 and 7890 respectively. Although it is sell on the rise market now but one should be careful in short call in the range of 7952.55—7897.25 and it should be tried on the rise at appropriate levels but aggressive trader can try short call below 7988 with a short stop loss of above 8020. Short call can be tried aggressively if it breaks and sustain below 7897 for some time.

In view of the above it is important to stay neutral in the range of 7916.40---7897.25 and take action with the market movement as suggested above.  

 Remark: - The uptrend is severely threatened and it is already in the downtrend now. The strong support range is very near therefore it is suggested to structure both side trade considering the above range of 7952.55--7897.25, but since down move is on therefore it is suggested to avoid long call else try as suggested above. It is better to move with the trend therefore sell call could be a better option and can be tried as suggested above. The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 23-12-2016

TRADING CALLS

1. APOLLO HOSPITAL.

Sell below -1155, S/L-1162, Target-1142/1130/1079.

                                     Or

Sell in the range of 1170-1175 but not above 1175, S/L-1180, Target-1155/1150/1142/1130/1079.

2. ASHOK LEYLAND.

Sell below -76.85, S/L-77.50, Target-76.55/76.05/74.85/74.30/73.50.

                                     Or

Sell in the range of 78.35—79 but not above 79, S/L-79.80, Target-77.10/76.85/76.55/76.05/74.85/74.30/73.50.

                                    

3. MOTHERSON SUMI

Sell below -318.95, S/L-322.75, Target-315/304.50/299.70/285.

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.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY- A TECHNICAL OBSERVATION -22-12-2016

CNX-NIFTY

Open-8105.85—High-8112.55---Low—8053.25—Close—8061.30 on

21-12-2016

Support:- 8056.85/8002.25/7992/7952.55/7946/7935/7927/7916.40/7897/7859/7807/7735-7714.

Resistance:- 8121.95/8126/8139.45/8224.50/8230.65/8244/8257.42/8261.75/8274.95/8300/8337.90/8371/8402/8445/8476.70/8489/8506/8518/8540-8555/8598.45.

It violated its recent important bottom of 8056.85 intraday, but managed to close shade above it. It has been falling continuously for last six days and today’s move indicate that fall may still continue before it makes a short to moderate up move and the possible point from where it can make a short bounce could be 7988, but sustain break below this point can break its recent major bottom of 7916.40 fast which may please be noted. The overall technical setup is weak and indicates that further fall is imminent in coming days/weeks as of now; therefore one should be extremely cautious in long trade at least.

In view of the above observation, it is suggested to avoid long call in general and below 8050 for sure and can only be tried if it holds the range of 8000- 7988 for a short bounce back only because the trend is down. But since it has been falling for last six days it could give short bounce back any time also therefore aggressive trader can try long call if it sustain above 8065 with a stop loss of below 8050 but mind you it could be a risky trade. Please note that it is clearly sell on the rise market now therefore short call could be a safer bet and can be tried below 8050 with a stop loss of above 8092 for a target of 8000/7992/7988/7952 or on the rise  but not above 8121.95 with a stop loss of above 8140.

 I once again reiterate (see my earlier post) that it will gather down momentum below 8056 and fall will accelerate once it breaks it’s very important support range of 7946.35 to 7897.28(see my post of 26-11-2016 & 7-12-2016), which is likely to happen in coming days/weeks/months and in that case it will find next strong support in the range of 7714—7644 and then at 7331-7254.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. It is therefore suggested to avoid long call completely  as it is sell on the rise market now, therefore sell call could be a better option and can be tried as suggested above. The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.