CNX--BANK NIFTY-A TECHNICAL VIEW 27-1-2017

CNX--BANK NIFTY

Closed at 19473.20 on 25-1-2017(Open-19120.05/High-19518.45/Low-19114.15)

Support:-19276.50/19158/19096.70/19059/18961/18781.25/17739.65/18722.85/18551/18537/18515---18441/18443.65/ 18242.10/18177.20/18143.70/17952.60/17929/17910/17606.

Resistance:-19493.50/19587.80/19625/19666.80/19730—35/19816.50/19922.70/20163/20227.20/20264.80/20309.65/20541.65/20575.80/20628/20907.55/21080.

Today's robust up move has brought it almost at par with Nifty as far as technical parameters are concerned. It has closed way above its recent top of 19164.50 on the line chart and also above its recent top of 19276.50 on the bar chart thus giving an upside breakout on both the line and the bar chart, which indicates that it may rise further from here in coming days.

It is showing tremendous strength as it closed with a huge gain of 449.69 points and near the high of the day crossing some of the important levels, so it seems that it has turned buy on dip market again but today’s relentless up move and the volatility it exhibited was slightly scary. Please note that today was the end of Jan-2017 future series and   this type of rise on the series settlement day can be due to short covering also, if it is so then sustaining today’s vertical rise could be difficult, furthermore it opened with a up gap today and did not make any effort to fill the gap during the day, so if it attempts to fill the gap in next 2-3 days which is technically possible, then it could come down to 19054 which may please be noted.

It is also very important to mention here that it has already retraced more than 61.8 %( 19441.68) from its major top of 20575.80 and bottom of 17606.90. So this rally may exhaust here also but if this rally has to move on it has to cross 19982.02 level and sustain or else it may fizzle out around this level or earlier. Moving up from here it will face resistance in between also at 19565/19676/19735/ 19816.50/19875.13/19922.70 points, which may please be noted. So, overall no doubt that the market is for long trade now but looking at the volatility and wild movement trade should be handled with extreme caution.

In view of the above observation long trade can be tried above 19475 with a short stop loss of below 19400 or buy on decline near the breakout point of  19276.50 and then near 19165 but not below it  with a stop loss of below 19040. It would be safe to buy above 19475 on 27-1-2017. The upside target could be 19565/19676/19735/ 19816.50.

Please note that if it opens with an up gap on 27-1-2017 i.e. above 19518.15 then wait for some time to initiate long trade because it may fill the days gap, and if it does and sustain above 19475 then one can initiate long trade but the aggressive trader can initiate long trade even on the gap up opening with a stop loss of below 19430(it could be slightly risky trade). It is important to mention here that continuous gap up opening speaks of good strength but are not that safe for sustained rise. It is therefore suggested to handle your trade very vigilantly in case of gap up opening.     

Remark: -It is exhibiting robust strength but in view of the overall observation it seems that it is evenly poised with an upward bias as of now. Therefore long call can only be tried above 19475 and avoid buy on decline today.

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 25-1-2017

CNX--BANK NIFTY

Closed at 19023.50 on 24-1-2017(Open-18931/High-19054.30/Low-18906.95)

Support:-18961/18781.25/17739.65/18722.85/18551/18537/18515---18441/18443.65/ 18242.10/18177.20/18143.70/17952.60/17929/17910/17606.

Resistance:  19059/19096.70/19158/19276.50/19493.50/19666.80.

It is showing less strength in comparison with Nifty as it has not crossed its recent top of 19164.50 on the line chart and top of 19276.50 on the bar chart but moved above its short term moving averages and also above the top end of the long term moving average which is placed at 18911.81(it changes every day) for 25-1-2017.

In view of the above long call can be tried only above 19025 with a stop loss of below 18900 and not on decline because it has not crossed its recent top on the line and the bar chart and if it does not cross the aforesaid tops in coming days or start making fresh higher tops and bottoms then it may continue to make lower top and bottom and that would be concerning which may please be noted. The upside target for long trade could be 19059/19097/19165/19277/19442.

Remark: - For today long call can be only be tried above 19025 with suggested stop loss as it has still not shown the strength which Nifty is showing.

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 -25-1-2017

CNX-NIFTY

Open-8407.05—High-8480.95---Low—8398.15—Close—8475.80 on

24-1-2017

Support:-8476.70/8461.05/8460.30/8428/8373/8349.35/8340.95/ 8322.25/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: - 8506/8518/8558/8598.45/8678.75.

It is witnessing huge volatility, one day it is breaking all the key parameters and then in a day or two it bounces back again above it, this volatility may continue till the most important event for the year that is Budget 2017-18 is presented, which is slated for 1^st Feb-2017. Therefore trade should be handled vigilantly and cautiously till the event is over.

Today it closed above its recent top of 8435.50 on the line chart, given upside breakout from the top of 8461.05 on the bar chart, moved above its short term moving average and also above its top end long term moving average which is at 8428.96(it changes every day) for 25-1-2017. All the parameters now indicate good strength therefore long trade should be the flavor of the day but in wake of huge volatility one should be extremely careful also in long trade. Long call can be tried above 8475 or on decline but not below 8428 with a stop loss of below 8398 for a target of 8488/8523/8567/8600 these targets are good resistance point too which may please be noted.

 Remark: - It has turned the table today by moving above all the key parameters, which is required for a safe long trade therefore long call  can be tried as suggested above. However, looking at the volatility trade should be handled very carefully.

 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 -24-1-2017

CNX-NIFTY

Open-8329.60—High-8404.35---Low—8327.20—Close—8391.20 on

23-1-2017

Support:-8373/8349.35/8340.95/ 8322.25/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: - 8428/8460.30/8461.05/8476.70/8506/8518/8558/8598.45/8678.75.

The broad observation remains the same (see my post for 23-1-2017), although it staged a short bounce back today but it seems that it could still go down till it closes above 8436 and then sustain above its top end of the long term moving average which is place at 8428(it changes every day) for 24-1-2017 or make higher high and higher lows on the bar chart. It is therefore suggested that one should be circumspect in initiating long trade now. However those who wish to try can go for long trade above 8392 with a stop loss of below 8340 for a target of 8428/8436/8462. Similarly short call can also be tried on the rise near but not above 8436 with a stop loss of above 8462 but it would be safe to try short call below 8340.95 with a stop loss of above 8373 for a target of 8327/8312/8294/8274.95/8244/8230/8210.  

Remark: - Despite today’s rise it still seems that the buy on dip market may have ended for the time being and it may have turned into sell on the rise market now till it starts making higher top & bottom again. Therefore avoid long call now but aggressive trader can be try it as suggested above or around the suggested range (see my post of 23-1-2017), instead it is worth try short call at this point of time 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.

CNX-NIFTY- A TECHNICAL VIEW -23-1-2017

CNX-NIFTY

Open-8404.35—High-8423.65---Low—8340.95—Close—8349.35 on

20-1-2017

Support:-8340.95/ 8322.25/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: - 8373/8460.30/8461.05/8476.70/8506/8518/8558/8598.45/8678.75.

It gave adequate signal in last couple of days that it could slip into corrective mode (see my last few post), first it broke the chain of higher top and bottom on the line chart, secondly it could not sustain above its top end of the long term moving average which was at 8427 for 20-1-2017 although it did close above it for a day and finally it could not cross the tough resistance range of 8419-8485(see my earlier post).

Today’s down move has given severe jolt to the on-going up move as it  effortlessly broke the multiple support area in the range of 8378—8373 on the bar chart, broke  short term moving averages and is running way below its top end of the long term moving average range of 8428---8230(it changes every day) for 23-1-2017. Looking at the intensity of the fall today and its close near the weekly low of 8340.95, it seems that fall may further accelerate and could last for few days. But moving down it will find good support in the range of 8327---8230 and then from, its critical benchmark point of 8210.10 & 8185.80 for the year 2017. So it may bounce back from the range of 8244—8230---8210 or earlier, but if it consistently starts trading below its last long term moving average which is at 8230 (it changes every day) for 23-1-17 then it could break the benchmark points for 2017 too and may slip into deep down correction.

It is needless to mention here that it has to sustain above its top end of the long term moving average to get the smooth up momentum on.

In view of the above observation one should avoid  long call now but can be tried on decline near 8244—8230---8210 but not below 8210with a strict stop loss of below 8170 or if it gives some indication of correction completion at any point of time. Instead short call can be tried now below 8340 with a stop loss of above 8374 for a target of 8327/8312/8294/8274.95/8244/8230/8210 or on the rise but not above 8420 with a stop loss of above 8440.

Remark: - With today’s severe fall it seems that the buy on dip market may have ended for the time being and it may have turned into sell on the rise market now till it starts making higher top & bottom again. Therefore avoid long call now but can be tried in the suggested range or earlier provided it give some visible indication that the down correction is over, instead it is worth try short call at this point of time 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 23-1-2017

TRADING CALLS

1. ACC.

Sell below -1319, S/L-1328, Target-1314/1298/1278/1269.

2. ADANI PORT.

Sell below -282.60, S/L-284.40, Target-275/263/258.

3. APOLLO HOSPITAL.

Sell below -1150, S/L-1157, Target-1142/1130/1111/1079.

4. AUROBINDO PHARMA.

Sell below -695, S/L-700, Target-680/678/667/645.

5. AXIS BANK.

Sell below -448, S/L-451, Target-441/427/424.

6. BANK OF BARODA.

Sell below -153.55, S/L-155, Target-151.25/150.10/146.70. 

7. CAIRN (I).

Sell below -260.40, S/L-262.80, Target-255/252/247. 

8. CASTROL.

Sell below -391, S/L-393.50, Target-385/382/370.     

9. CIPLA.

Sell below -573.35, S/L-578, Target-567/559/548/528.  

10. DLF.

Sell below -127.70, S/L-128.90, Target-125.10/122.40/119.05. 

11. HERO MOTOR CORP.

Sell below -3044, S/L-3051, Target-319/2975/2962/2958.

12. ICICI BANK.

Sell below -262.55, S/L-264, Target-258.40/256/253/251/248. 

13. L&T.

Sell below -1411, S/L-1416, Target-1402/1376/1349.

14. LIC HOUSING FINANCE.

Sell below -515, S/L-518, Target-509/495/483.

15. MAHINDRA & MAHINDRA.

Sell below -1187, S/L-1193, Target-1169/1153/1141.

16. MARUTI.

Sell below -5660, S/L-5675, Target-5642/5597/5525.

17. TATA MOTORS.

Sell below -521, S/L-524, Target-517/507/501/492.

 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 23-1-2017

CNX--BANK NIFTY

Closed at 18820.80 on 20-1-2017(Open-18896.60/High-19071.65/Low-18793.05)

Support:-18781.25/17739.65/18551/18537/18515---18441/18443.65/ 18242.10/18177.20/18143.70/17952.60/17929/17910/17606.

Resistance:  18961/19059/19096.70/19158/19276.50/19493.50/19666.80.

As envisaged it corrected(see my post of 20-1-2017) and went down sharply today and broke its recent bottom on the line chart, broken short term moving average also and slipped below the top end of the long term moving average  of 18903(it changes every day) for 23-1-2017 is a weak sign but still holding on to its recent important bottom  and top of 18781.25 & 18739.65 but if it does not bounce back above the top end of its long term moving average i.e.18903(it changes every day) in next 2-3 days then it could potentially break the aforesaid bottom & top support also and slip into deep correction. But as long as it holds the bottom end of its long term moving average which is at 18209 (it changes every day) for 23-1-2017 and  it’s critical benchmark point of 18242.30 &18177.20 for the year 2017 it could still stage a comeback from any of these points or earlier possibly from 18638/18442 points.  But please note that if it consistently starts trading below its last long term moving average i.e. below 18209 (it changes every day) for 23-1-17 then it could break the benchmark point for 2017 too and may slip into severe down correction. Looking at the intensity of the fall today and its close near the weekly low of 18793.05, it seems that fall may further accelerate and could last for few days.

It is needless to mention here that it has to sustain above its top end of the long term moving average to get the smooth up momentum on.

In view of the above observation one should avoid  long call now and below 18781 for sure  but can be tried on decline near 18242.10--18209 but not below 18209 with a strict stop loss of below 18150 or if it gives some indication of correction completion at any point of time. Instead short call can be tried now below 18780 with a stop loss of above 18835 for a target of 18739/18638/18550-537/18442/18242 or on the rise but not above 18930 with a stop loss of above 18980.

Remark: - With today’s severe fall it seems that the buy on dip market may have ended for the time being and it may have turned into sell on the rise market now till it starts making higher top & bottom again. Therefore avoid long call now but can be tried in the suggested range or earlier provided it give some visible indication that the down correction is over, instead it is worth try short call at this point of time 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.

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 20-1-2017

TRADING CALLS

1. AUROBINDO PHARMA.

Sell below -712, S/L-716, Target-705/697/678.

2. BAJAJ AUTO.

Sell below -2691, S/L-2700, Target-2686/2653/2628/2610.                                             

3. COLGATE PALMOLIVE.

Sell below -906, S/L-910, Target-897/891/882/880/863.

4. HINDUSTAN UNILEVER.

Sell below -858, S/L-861, Target-848/839/837/832.

5. INFOSYS.

Buy above -960, S/L-955, Target-969/982/993. 

6. MOTHERSON SUMI.

Sell below -324, S/L-326, Target-319/315/308.

                                   

                                       

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 -20-1-2017

CNX-NIFTY

Open-8418.40—High-8445.15---Low—8404.05—Close—8435.10 on

19-1-2017

Support:- 8433/ 8427/8400.25/8380/8350/ 8330/8306.85/8294.95/8274.95/8259.35/8243.80/8230.65/8210.10/8185.

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

It held the level of 8373(see my post for 18-1-17) , closed above its recent top of 8412.80 on 18-1-2017 and today it closed above its long term moving average also which is placed at 8426.51 or say 8427 (it changes every day) for 20-1-2017 is a good sign, so it seems that the on-going up move may continue as long as it holds the level of 8373 but it will keep the up momentum in rhythm only if it sustains above its long term moving average i.e.8427,so watch out. It is showing good strength, but moving up it will face stiff resistance in the range of 8485---8600 and then between 8795—9050, so be watchful and cautious in your trade around these range. Please note that break below 8373  may push it for corrective down move, however as long as it remains above its last long term moving average which is placed at 8228(it changes every day) and benchmark points of 8210.10 & 8185.80 for the year 2017 there is no serious threat to the uptrend which may please be noted.

In view of the above observation long call can be tried on the dip but not below 8373 for now with a stop loss of below 8360.  

                                                                                            

TRADING STRATEGY

1. Long call can be tried if it sustains above the level of 8427 with a stop loss of below 8390. The upside target could be 8461/8477/8506—8538/8558/8598.45.  

2. Aggressive trader can try long call on decline but not below 8373 as of now with a stop loss of below 8360.

3. Short call can only be tried if it sustains below 8373 for some time with a stop loss of above 8401 for a target of 8350/8330/8306/8275. It could be a risky trade but worth trying.

Remark: - It is a buy on dip market now. It closed above its long term moving average, exhibiting good strength, so long call can be tried as suggested above but it would be better to try it above 8427 or else near 8390--8373.   

 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 20-1-2017

CNX--BANK NIFTY

Closed at 19124.25 on 19-1-2017(Open-19165.35/High-19185.30/Low-19046.10)

Support:-19096.70/19059/18966.30/18824.40/17739.65/18713.60/18551/18537/18532/18443.65/ 18325.50/18316.25/18242.10/18177.20/18143.70/17952.60.

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

It is showing good strength and moving up in a rhythm making higher top and bottom on the line chart  and higher highs and higher lows on the bar chart but today it has made lower high and lower low on the bar chart and closed with a small loss of 40.25 points. So if it consistently trade below 19046 on 20-1-2017 then it  could correct further and moving down it will find very good support from its long term moving average which is placed at 18896.14(it changes every day) for 20-1-2017 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 again, but please note that it will keep the up momentum in place only if it sustains above its long term moving average i.e. above 18896.14 similarly   if it breaks it and sustain below it for few days  then it may break the other support point of 18781.25 & 18739.65 also and fall may accelerate further.  It is therefore suggested that as of now long call can only be tried if it moves and sustain above 19165 for some time with a stop loss of below 19059 or on dip but not below 18896. 

TRADING STRATEGY

1. Long call can be tried if it sustains above 19165 with a short stop loss of below 19059. The upside target could be 19203/19278/19494/19516/19595.

2. Aggressive trader can try long call on decline near 18896 and then near 18781 with a stop loss of below 18700.

3. Contrarian short call can be tried if it sustains below 19090 for some time with a stop loss of above 19165 for a target of 19046/18966/18912/18880/18824/18740/18630.It could be a risky trade.

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 19165 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.