CNX-NIFTY- A TECHNICAL VIEW -18-1-2017

CNX-NIFTY

Open-8415.05—High-8440.90---Low—8378.30—Close—8398 on

17-1-2017

Support:-/8380/8350/ 8330/8306.85/8294.95/8274.95/8259.35/8243.80/8230.65/8210.10/8185.

Resistance: -8400.35/ 8425/8433/8476.70/8506/8518/8558/8598.45/8678.75.

It opened on a flat to positive note and moved up further and made a high of 8440.90 for the day but could not sustain at the upper level and slipped down and closed below its recent top of 8407.20 and bottom of 8400.35 on the line chart, so the higher top and bottom chain which started from the bottom of 7908.25 is broken on the line chart, which is a weak sign and if it does not move and close reasonably above 8413 in a day or two the down correction may deepen. Furthermore in last three trading session it  also moved above its last long term moving average intraday which is placed at 8424.38 or say 8425 (it changes every day) for 18-1-2017 but could not sustain above it on the closing basis is also a weak sign. However as long as it is holding the level of 8373 on the bar chart or if it close above 8413 and then move and sustain above 8425 in a day or two then it could still continue the up move, but break below 8373 mark may accelerate down correction for a while before it could resume the up move again. It is therefore suggested, to be highly vigilant and cautious in the long trade at this point of time because today’s move indicates that there is good chance that it could slip into deep corrective mode.

It is important to mention here  that as long as it is above its benchmark points of 8210.10 & 8185.80 for the year 2017 there is no serious threat to the uptrend.

                                             TRADING STRATEGY

1. Long call can be tried above 8413 but it would be relatively safe to try long call if it moves and sustains above 8425 for some time with a stop loss of below 8390. The upside target could be 8442/8461/8477/8506—8538/8558/8598.45.  

2. Aggressive trader can try long call on decline at appropriate points  but not below 8294 with a stop loss of below 8230, it could be a risky trade but with even chances.

3.  Since it may slip into correction from here, so short call can be tried on the rise near but not above 8430 with a stop loss of above 8445 or sell below 8373 with a stop loss of above 8413 for a target of 8350/8330/8306/8275. It could be a risky trade but worth trying.

Remark: - As of now it is a buy on dip market. But today it has broken its recent top and bottom on the line chart, so it may slip into deep correction if it does not make a higher top now i.e. closes above 8413 and then move above 8425 and sustain. It is therefore suggested to try long call above 8425 only. I would personally prefer to avoid long call till it closes above 8425 or else try it after a reasonable decline. Instead I will try sell call as suggested above.

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

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 18-1-2017

TRADING CALLS

1. APOLLO HOSPITAL.

Sell below -1160, S/L-1169, Target-1142/1130/1111.

2. ASIAN PAINTS.

Buy above -964, S/L-960, Target-975/1006/1025. 

3. BANK OF BARODA.

Sell below -158.35, S/L-159.50, Target-156.70/153.25/151.25.                                             

4. BHARAT ELECTRONIC.

Sell below -1507, S/L-1515, Target-1488/1470/1463.

5. BRITANIA.

Buy above-3021, S/L-3010, Target-3082/3100/3125.   

6. CAIRN INDIA.

Sell below -260.65, S/L-262, Target-256/252/249.

                                  

7. VEDANTA.

Sell below -235.20, S/L-236.30, Target-229/226/222.

                                       

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--BANK NIFTY-A TECHNICAL VIEW 18-1-2017

CNX--BANK NIFTY

Closed at 19067.05 on 17-1-2017(Open-19128.15/High-19202.25/Low-18981.85)

Support:-19059/18966.30/18824.40/17739.65/18713.60/18551/18537/18532/18443.65/ 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60.

Resistance:- 19096.70/19125/19158/19203/19278/19493.50/19672.

At last it gave a small down correction today but overall it is exhibiting good strength technically. But if it consistently starts trading below 19059 it could correct further and moving down it will find very good support from its long term moving average which is placed at 18880.62(it changes every day) for 18-1-2017 and then at 18781.25(recent bottom on the bar chart) and 18739.65(breakout top on the bar chart) and it may bounce back from any of these points and may resume the uptrend, but if it breaks 18880.62(long term moving average) and sustain below it for few days then the fall may accelerate. It is therefore suggested that as of now long call can only be tried if it moves and sustain above 19100 with a short stop loss of below 19059.  

TRADING STRATEGY

1. Long call can be tried above 19100 with a short stop loss of below 19059 but the authentic stop loss would be below 18880. The upside target could be 19135/19158/1920319278/19494/19516/19595.

2. Aggressive trader can try long call on decline at appropriate points but not below 18781 with a stop loss of below 18700.

3. Contrarian short call can be tried below 18965 with a stop loss of above 19070 for a target of 18912/18880/18824/18740/18630.It could be a risky trade but worth trying.

Remark: - As of now it is a buy on dip market, It gave small down correction today and it may correct further from here therefore long call  should only be tried if it moves and sustain above 19100 or else after a reasonable decline.

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 17-1-2017

CNX--BANK NIFTY

Closed at 19096.45on 16-1-2017(Open-18899.70/High-19134.50/Low-18865.25)

Support:-19059/18966.30/18824.40/17739.65/18713.60/18551/18537/18532/18443.65/ 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60.

Resistance:- 19096.70/19125/19158/19278/19493.50/19672.

The broad observations remains the same (refer my post of 16-1-2017). The technical setup is ok but the unabated vertical rise is concerning as it has climbed up for the eighth straight day. Please note that it is showing good strength and refuses to budge down, it may rise for next few days also but after 8 days of rise it enters into the highly vulnerable zone technically and down correction could step in any moment, therefore one should extremely vigilant and cautious in the long trade at this point of time.

Furthermore moving up the range of 19060—19200--19280 and then from 19516-19593—19645--19745 will pose a very stiff resistance to it, so be watchful in you trade around these range.

TRADING STRATEGY

1. Long call can be tried now above 19100 with a short stop loss of below 18960 but the authentic stop loss would be below 18870. The upside target could be 19135/19158/19278/19494/19516/19595.

2. Aggressive trader can try long call on decline at appropriate points but not below 18870 with a stop loss of below 18735.

3. Contrarian short call can be tried, near but not above 19230 with a stop loss of above 19290 for a target of 19134/19096/18966/18912/18870/18824/18740/18630.It could be a risky trade but worth trying.

Remark: - As of now it is a buy on dip market, It enters into highly vulnerable zone for a corrective move but showing no sign of weakness ,therefore long call can still be tried as suggested above but should be handled with extreme care. I would personally prefer to avoid long call now instead look for an opportunity to try short call for taking advantage of a possible down correction although it is not a shorting market 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 -17-1-2017

CNX-NIFTY

Open-8390.95—High-8426.70---Low—8374.40—Close—8412.80 on

16-1-2017

Support:-8400.25/8380/8350/ 8330/8306.85/8294.95/8274.95/8259.35/8243.80/8230.65/8210.10/8185.

Resistance: - 8424/8433/8476.70/8506/8518/8558/8598.45/8678.75.

The broad observation remains the same (refer the post of 16-1-2017) with slight change in the figures. Its long term moving average is placed at 8423.37(it changes every day) for 17-1-2017 and as long as it holds 8400 level on the closing basis and then holds the level of 8373 the up move may continue, but close below 8400 and then break below 8373 may start the down correction. Since the up momentum is expected to accelerate only if it sustains above its last long term moving average I .e 8423.37. Therefore it is suggested to try long call above 8424 with a short stop loss of below 8390 but the authentic stop loss for long trade would be below 8373.  

TRADING STRATEGY

1. Long call can be tried now but not below 8400 but it would be relatively safe to try long call if it moves and sustains above 8424 for some time with a stop loss of below 8373. The upside target could be 8442/8461/8477/8506—8538/8558/8598.45.  

2. Aggressive trader can try long call on decline at appropriate points  but not below 8294 with a stop loss of below 8230, it could be a risky trade but with even chances.

3. Short call can only be tried below 8373 with a stop loss of above 8413 for a target of 8350/8330/8306/8275. It could be a risky trade.

Remark: - As of now it is a buy on dip market. It is showing good strength therefore long call can be tried now but it would be safe to try long call if it moves and sustain above 8424 for some time. Avoid fresh long call below 8400.

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-NIFTY- A TECHNICAL VIEW -16-1-2017

CNX-NIFTY

Open-8457.65—High-8461.05---Low—8373.15—Close—8400.35 on

13-1-2017

Support:-8400.25/8380/8350/ 8330/8306.85/8294.95/8274.95/8259.35/8243.80/8230.65/8210.10/8185.

Resistance:- 8422.50/8433/8476.70/8506/8518/8558/8598.45/8678.75.

It opened with a good up gap but could not sustain at the higher level and closed with a minor loss of 6.85 points. It crossed its last long term moving average intraday which is placed at 8422.50(it changes every day) for 16-1-2017 but could not close above it. Although it closed on a slight negative note today but the overall technical setup is showing good strength and it is moving in a rhythm, as it is still making higher top & bottom on the line chart and higher highs and higher lows on the bar chart, therefore the on-going up move seems to continue as long as it holds 8236 on the closing basis and finally the critical benchmark points of 8210.10 & 8185.80 for the year 2017. So it is definitely  a buy on dip market as of now,  however moving up it may witness short down correction from time to time which would be healthy for a sustained up move. I once again reiterate that sustained close above its last long term moving average i.e. 8422.50(see my earlier post) will further accelerate the up momentum.

 It is also very important to mention here that moving up the range of 8419—8485 and then from 8517—8600 will pose a very stiff resistance, therefore further up journey from here may not be smooth, so be vigilant and watchful in you trade around these range. Please note that on 16-1-2017if it consistently starts trading below 8400 and break 8373 level then it could correct sharply before resuming the up move again. Therefore fresh long call be avoided below 8400 for sure and tried after a reasonable decline or try long call only if it moves and sustain above 8422.50 with a stop loss of below 8395.  

TRADING STRATEGY

1. Long call can be tried if it sustains above 8422.50 for some time with a stop loss of below 8395. The upside target could be 8442/8461/8477/8506—8538/8558/8598.45.  

2. Aggressive trader can try long call on decline at appropriate points  but not below 8294 with a stop loss of below 8230, it could be a risky trade but with even chances.

3. Contrarian short call can be tried, if it consistently trades below 8395 with a stop loss of above 8425 for a target of 8373/8350/8330/8306/8275. It could be a risky trade.

Remark: - As of now it is a buy on dip market. It is showing good strength but long call should only be tried if it moves and sustain above 8422.50 for some time or else wait for reasonable decline to enter the 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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 16-1-2017

TRADING CALLS

1. APOLLO HOSPITAL.

Sell below -1185, S/L-1190, Target-1172/1150/1142/1130.

2. AXIS BANK.

Buy above -475.20, S/L-472, Target-480.70/182.55/498. 

3. BAJAJ AUTO.

Sell below -2707, S/L-2715, Target-2691/2686/2658/2628.                                            

4. BHARAT ELECTRONIC.

Sell below -1525, S/L-1530, Target-1518/1490/1463.

     

5. CAIRN INDIA.

Sell below -262.85, S/L-264.25, Target-261/259/255/252.

                                  

6. DIVIS LAB.

Buy above-747, S/L-743, Target-767/775.   

7. DR.REDDYS LAB.

Sell below -2975, S/L-2980, Target-2960/2951/2943/2925.

     

8. HINDALCO.

Sell below -172, S/L-174, Target-167.50/166/158.

                                        

9. INFOSYS.

Sell below-969, S/L-976, Target-958/955/932.

10. MARUTI

Sell below -5683, S/L-5700, Target-5641/5597/5525.

11. MOTHERSON SUMI

Sell below -324.70, S/L-327, Target-319/315.55/312/304.50.

12. NMDC.

Buy above-144, S/L-142, Target-146.50/149/152.

                              

                       

13. TCS.

Sell below -2237, S/L-2250, Target-2202/2163/2145.

     

 14. YES BANK.

Sell below -1307, S/L-1319, Target-1299/1273/1247/1225.   

or

 Sell near but not above 1334, S/L-1345, Target-1318/1307/1299/1273.                             

                            

                          

                          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--BANK NIFTY-A TECHNICAL VIEW 16-1-2017

CNX--BANK NIFTY

Closed at 18912.10on 13-1-2017(Open-18949.70/High-18952.25/Low-18781.25)

Support:-18824.40/17739.65/18713.60/18551/18537/18532/18443.65/ 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60.

Resistance:- 18966.30/19059/19096.70/19125/19158/19493.50.

It has moved up unabated for the seventh consecutive day, no doubt it is exhibiting good strength as it is above its recent important top of 18739.65 and also above its all short and long term moving averages and the latest long term moving average is placed at 18865.68(it changes every day) for 16-1-2017, so if it sustains above it then the up momentum is expected to accelerate in coming days. But the vertical rise is concerning and not healthy for a sustained up move, furthermore with each passing up day the vulnerability of corrective down move  increases substantially . Therefore now it looks imminent that down correction could set in any moment before it could move up further from here. It is therefore suggested to avoid long trade in general at this juncture, however aggressive trader can try long call if it moves and sustain above 18967. Since down correction seems a distinct possibility at this point therefore it would be worth trying short call near but not above 18967 with a stop loss of above 19060.   

It is important to mention here that moving up the range of 19060—19200--19280 and then from 19516-19593—19645--19745 will pose a very stiff resistance, therefore further up journey may not be smooth, so be vigilant and watchful in you trade around these range.

TRADING STRATEGY

1. Long call can be tried if it moves and sustain above 18970 for some time with a stop loss of below 18900. The upside target could be 19060/19125/19158/19494.

2. Aggressive trader can try long call on decline at appropriate points but not below 18444 with a stop loss of below 18370.

3. Contrarian short call can be tried, near but not above 18967 with a stop loss of above 19060 for a target of 18912/18865/18824/18740/18630 or sell below 18865 with a stop loss of above 18920 for a target of 18824/18740/18630/18596/18513. It could be a risky trade but worth trying.

Remark: - As of now it is a buy on dip market, but since it had a huge vertical rise for seven consecutive days therefore it looks highly vulnerable for a down correction, which looks very imminent in a day or two, therefore I would personally prefer to avoid long call now instead look for an opportunity to try short call for taking advantage of a possible down correction although it is not a shorting market 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 13-1-2017

CNX--BANK NIFTY

Closed at 18873.95 on 12-1-2017(Open-18885.45/High-18966.30/Low-18805.85)

Support:-18824.40/17739.65/18713.60/18551/18537/18532/18443.65/ 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60.

Resistance:- 18961.15/19059/19096.70/19125/19158/19493.50.

It is showing tremendous strength and today was the sixth straight day of rise, please note that with each passing up day the vulnerability of corrective down move also increases, furthermore vertical rise is not good for market because it may have vertical fall too and yesterday’s gap is still there which is also concerning because it could still make an attempt to fill the gap in next 1-2 days time and if it does then it can come down to 18444 level, so the situation is ideal for a corrective down move. Technically it is looking good and today it crossed its last long term moving average also which is placed at 18860.13(it changes every day) for 13-1-2017, but the vertical rise is  very concerning  for a further sustained  up move. Although it has not shown any sign of weakness as yet but corrective down move looks imminent in next 1-2 days, therefore one should be extremely careful in long trade at this point of time. It is suggested to avoid long call below 18860 because if it sustains below this mark then it may correct from here before resuming the up move again.

TRADING STRATEGY

1. Long call can be tried if it moves and sustain above 18880 for some time with a stop loss of below 18800. The upside target could be 18963/19060/19125/19158/19494.

2. Aggressive trader can try long call on decline at appropriate points but not below 18444 with a stop loss of below 18370.

3. Contrarian short call can be tried, if it consistently trades below 18860 for some time with a stop loss of above 18900 for a target of 18824/18740/18630 or sell below 18800 with a stop loss of above 18880 for a target of 18740/18630/18596/18513. It could be a risky trade but worth trying.

Remark: - As of now it is a buy on dip market, but since it had a huge vertical rise therefore it looks highly vulnerable for a down correction, which looks very imminent in a day or two, therefore long call should be handled with extreme caution at this point of time.

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.