CNX--BANK NIFTY-A TECHNICAL VIEW 16-2-2017

CNX--BANK NIFTY

Open-20282.10--High-20368.20--Low-20115.85—Close-20163.70 on

 15-2-2017

Support:20115/ -- 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance:-20248/ 20,309.70/ 20470/20541.65/20575.80/20907.55.

It failed to close above 20371.60 instead it has established a lower top at 20258.10 on the line chart but yet to break the recent bottom of 20151.15; therefore it seems that the ongoing up move may have halted (see my earlier post) but deep down correction may only begin once it breaks its recent bottom of 20151.15 on the line chart, chances of which looks very bright. Furthermore it broke some of its short term moving averages and certain technical indicators have also turned weak pointing towards further fall from here, therefore long trade should be ruled out till it closes above its recent top of 20258.10 on the line chart but it would pick up momentum once it closes above 20371.60 which may please be noted or long call can be tried after a reasonable decline near or within the range of 19795—19435 but not below 19435. It is therefore suggested to try short call now on the rise but not above 20371.60 with a stop loss of above 20430 or below 20150 with a stop loss of above 20260 for a target of 20115/20000/19915/19823/.  

Remark: - It has made lower top and certain technical indicators also pointing that further fall ahead ,therefore long call should be completely avoided at least till it closes above 20258.10. Instead short call seems a better option at this point of time and can be tried 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.

CNX-NIFTY- A TECHNICAL VIEW -15-2-2017

CNX-NIFTY

Open-8819.90—High-8820.45---Low—8772.50—Close—8792.30 on

13-2-2017

Support: -8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/ 8826.90/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

The broad observation remains exactly the same (see my post of 13 & 14^th Feb-2017) with slight change in trading strategy.

It has been consistently trying to cross the first stiff resistance level of 8830 in last four days but failed, even if it cross this mark and move up it will face huge resistance at 8845—8850—8874—8894--8969---9030 therefore it does not seem easy to cross this terrain. Furthermore it is overbought and looks fatigued and certain technical indicators also pointing that a fall could be imminent. Therefore it is suggested to avoid long call till it moves and sustain above 8830 for some time. Although it is not the market for fearless short trade now but since it did not cross the critical resistance point of 8830 in last four days  a contrarian short call can be tried near but above 8826 with a stop loss of above 8850 for a target of 8801/8772/8754/8734/8715. It could be a risky trade mind you.     

Remark: - The overall technical setup is till good but it looks fatigued and technical indicator also indicates that it could correct from here  therefore long call seems risky, so avoid it today. Instead short  call can be tried as suggested above but with extreme caution.

 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 15-2-2017

CNX--BANK NIFTY

Open-20304.50--High-20314.05--Low-20158.85—Close-20258.70 on

 14-2-2017

Support:--20248/ 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 13 & 14^th Feb 2017) therefore follow the same trading strategy.

It is suggested for safe and risk averse trader to try long call only once it closes above 20371.60. However aggressive trader can try long call above 20275 with a stop loss of below 20150 for a target of 20310/20371.60/20427/20470. It could be a risky trade.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 2-3 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call.

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 14-2-2017

TRADING CALLS

1. ASIAN PAINTS.

Sell below -981, S/L-986, Target-970/963/954/937.

2. AUROBINDO PHARMA.

Sell below -659, S/L-663, Target-656/645/621.90.

3. BANK OF BARODA.

Sell below -168, S/L-170, Target-166/163/159/156/153.

4. LUPIN.

Sell below -1445, S/L-1450, Target-1435/1397/1382.

Note: Price stated here is of spot market. Please note that these intraday trading calls are based on previous 2-3 days movement therefore  it does not reflect the overall trend of the stock.

                                 

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 -14-2-2017

CNX-NIFTY

Open-8819.80—High-8826.90---Low—8754.20—Close—8805.05 on

13-2-2017

Support: -8801.05/ 8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

It opened near the previous day’s high of 8822.10 and crossed it and made a high of 8826.0 for the day thus giving an upside break, but could not sustain even for five minutes above it and slipped down and went on to break previous day’s low of 8771.20 and made a low of 8754.20 for the day but finally it recovered and closed with a meager gain of 11.50 points. Although it closed above its recent closing top of 8801.05 which indicates that the up move may continue, but today’s intraday movement showed weakness and volatility still persist which is not good sign for a steady up move, therefore it may treacherously behave in coming days and may end the up move abruptly which may please be noted (see my earlier post). Furthermore moving up it will face very stiff resistance at 8830—8845—8850—8874—8894--8969---9030 levels(see my earlier post), so the up journey may not be smooth from here  and some technical indicators are showing weakness and pointing that it  could correct from here. Therefore there is a strong chance that market could deceive the traders and trap them unaware, so be agile and vigilant in managing your trade.

In view of the above observation long call can be tried above 8808 with a stop loss of below 8754 for a target of 8822.10/8830/8850/8874/8931 or on decline near but not below 8769 with a stop loss of below 8740. Please note that it came near its strong resistance point of 8830 in last three days but could not cross it therefore it would be safe to try long call if it moves and sustain above 8830 for some time with a stop loss of below 8785. However looking at the volatility the market is witnessing, I once again advise traders to be extremely cautious in their trades.

Remark: - The overall technical setup is good but the volatility is still a concern therefore long call seems risky, however it can be tried as suggested above but with extreme caution because moving up the range of 8830---8931 will pose very stiff resistance and volatility could end the up move abruptly also.

 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 14-2-2017

CNX--BANK NIFTY

Open-20273.65--High-20308.70--Low-20116.90—Close-20251.80 on

 13-2-2017

Support:20248/ 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 13-2-2017).The overall technical setup is still o.k. but volatility is a big concern. Please note that till it closes above 20371.60 and then consistently hold the level of 20248 on the closing basis it cannot be said convincingly that this up move may continue. In fact if it does not close above 20371.60 in next 2—3 days and make a lower top and then break the recent bottom of 20151.15 on the line chart then this up move could end here for the time being and down move may begin. Therefore attempting long trade before it closes above 20371.60 could be a risky proposition.

In view of the above it is suggested for safe and risk averse trader to try long call only once it closes above 20371.60. However aggressive trader can try long call above 20275 with a stop loss of below 20140 for a target of 20310/20371.60/20427/20470. It could be a risky trade.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 2-3 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call.

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 13-2-2017

CNX--BANK NIFTY

Open-20225.75--High-20310--Low-20167.10—Close-20213.90 on

 10-2-2017

Support:  20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20248/20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 10-2-2017).The overall technical setup is good but it is looking slightly on the back foot in comparison with nifty as far as strength is concerned. I once again reiterate that a close above 20371.60 is very important to somewhat confirm that the on-going up move may continue and then it has to hold the level of 20248 consistently on the closing basis to keep the hope alive of moving up, if it does so then it could attempt to either test of cross the previous all time high of 20907.55 or else it may top out here for the time being. It is important to note here that moving up it will face stiff resistance in the range of 20427----20556 on the closing basis and in the range of 20470---20610 on intraday basis while attempting to reach previous all time high.

The range for the week starting from 13-2-17 is between 20462.45---20000.35 with a critical support point at 20248 and breakout on the either side of the range will decide the direction of the market for the week. Since its close is in the middle of the range and it is below its critical point of 20248, therefore it is evenly poised for the day with slight weakness.

In view of the above it would be relatively safe for risk averse trader to try long call once it closes above 20371.60. However aggressive trader can try long call above 20248 with a stop loss of below 20140 for a target of 20310/20371.60/20427/20470/.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 3-4 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call. But aggressive trader can try long 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.

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 -13-2-2017

CNX-NIFTY

Open-8812.35—High-8822.10---Low—8771.20—Close—8793.55 on

9-2-2017

Support: - 8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/8822.10/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

The broad observation remains the same (see my post of 10-2-2017). It is still on a strong footing technically and expected to continue the up move but the volatility is slightly concerning , furthermore moving up the range of 8830---9030 will pose very stiff resistance therefore it may not be a smooth up journey and it may witness correction at any point within this range, so be watchful in your trade. Please note that it has to sustain above 8754 consistently on the closing basis for this up move to continue. But as long as it holds the range of 8650—8480 the long term uptrend will remain intact.

The range for the week starting from 13-2-17 is between 8822.10---8715 with a critical support point at 8754 and breakout on the either side of the range will decide the direction of the market for the week. Since it closed near the upper end of the range therefore chances of giving upside breakout seems bright.

In view of the above it would be relatively safe for risk averse trader to try long call once it closes above 8801.05. However aggressive trader can try long call above 8795 with a stop loss of below 8754 for a target of 8802/8822.10/8830/8874/8931 and can add fresh long call if it moves and sustain above 8822.10 with a stop loss of below 8790. Please note that in case of gap up opening wait for some time for market to settle down before initiating trade.

Remark: - The overall technical setup is good but the volatility is concerning, however long call can be tried above 8795 but with extreme caution because the range of 8802---8931 will pose very stiff resistance.

 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 -10-2-2017

CNX-NIFTY

Open-8795.55—High-8821.40---Low—8724.10—Close—8778.40 on

9-2-2017

Support: - 8757.60/8740.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/8821.40/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

It is witnessing huge volatility and yesterday move gave an indication that a short bottom is in place at 8715(see my post of -2-17) but today it came very close to it and that has created a doubt in the mind that it may not be the bottom because had it been the bottom it should not have come so close to it the very next day. However it recovered later in the day and closed with a meager gain of 9.35 points. Since it respected the yesterday’s low of 8715 and closed way above it therefore it would be a good support level or may be a valid bottom also but that has to be seen in next 2-3 days time whether it holds it or not. Please note that it is behaving in a very treacherous way with volatility and wild swings therefore trading may not be easy now.  So please note that moving up it will face very stiff resistance in the range of 8830----8874 and thereafter at 8969 & 9045 and it has to sustain above 8754 to keep this up move going and then move and sustain consistently above 8874 for attempting to test or cross its previous all time high of 9119.20. Similarly moving down it will find support in the range of 8754----8672.70----8537.50 and in between support at 8643/8590 but break and close below 8672.70 will indicate weakness in the on-going uptrend and break and sustained close below 8537.50 will confirm that up rally may be over for the time being and fresh down move may begin.

  

It is important to mention here that although it held yesterday’s low and closed higher today, but since there is good volatility and wild swing in the market which is not good for steady up move, therefore it could be a  distribution at higher level also and if it is so then moderate to good fall is ahead.   Therefore it is suggested to structure your trade keeping the aforesaid range and points in mind or else wait till the market finds its normal rhythm before initiating any trade because volatility kills in both side trade. The overall bias is up as of now.

In view of the above observation it would be relatively safe to try long call once it closes above 8801.05. However aggressive trader can try long call if it moves and sustain above 8786 for some time with a stop loss of below 8754 for a target of 8802/8830/8874. Looking at the volatility, it could be a risky trade.

Remark: - Although it closed positive but volatility and today’s reversal like move was concerning and despite showing firmness at the end it could still slip down  from here therefore  watch out for 2-3 trading session  to confirm whether it holds 8715 mark or not. Therefore I would personally wait for a close above 8801.05 for initiating fresh long call or else will try long call on reasonable decline at appropriate points but not below 8537.50 with a stop loss of below 8490.

 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 10-2-2017

CNX--BANK NIFTY

Open-20312.55--High-20406.60--Low-20000.35—Close-20151.15 on

 9-2-2017

Support:  20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20248/20,309.70/ 20470/20541.65/20575.80/20907.55.

It is witnessing huge volatility and yesterday move gave an indication that a short bottom may have been in place at 20070.15(see my post for 9-2-17) but today it has turned the table and broke the said level intraday and closed with a loss of 94.25 points. So it has still not found bottom as yet and may slip down further from here before staging a comeback again. It is behaving in a very treacherous way therefore trading may not be easy now. So please note that moving down it will find support at 19980/19915.20/19827/19794.95/19680--40/19435.45 and it may possibly make bottom around any of these levels, but break and close below 19794.95 will indicate weakness in the on-going uptrend and break and sustained close below 19435.45 will confirm that up rally may be over for the time being and fresh down move may begin. Similarly moving up it will face very stiff resistance in the range of 20371.60----20575.80 and in between resistance at 20470 & 20542. It is important to mention here that it has to close above 20371.60(see my post for 9-2-17) once and then hold on to 20248 level to confirm that this rally carries on and it may attempt to test or cross it’s all time high of 20907.55.

It is important to mention here that since there is good volatility and wild swing in the market which is not good for steady up move, therefore it could be distribution at higher level also and if it is so then moderate to good fall is ahead.   Therefore it is suggested to structure your trade keeping the aforesaid range and points in mind or else wait till the market finds its normal rhythm before initiating any trade because volatility kills in both side trade. The overall bias is up as of now.

  

In view of the above observation it would be safe to try long call once it closes above 20371.60. However aggressive trader can try long call above 20248 with a stop loss of below 20180 for a target of 20310/20371.60/20427/20470/20575.80. Looking at the volatility, it could be a risky trade.

Remark: - Technically it is still o.k. but as it has yet to make a confirm bottom therefore it could slip down further from here, so avoid long call till it give some indication of correction completion. I would personally wait for a close above 20371.60 for initiating fresh long call or else will try long call on reasonable decline at appropriate points but not below 19500 with a stop loss of below 19435.

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 -9-2-2017

CNX-NIFTY

Open-8774.55—High-8782.85---Low—8715—Close—8769.05 on

8-2-2017

Support: - 8757.60/8740.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8786/8801.05/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

As expected yesterday’s correction extended today and it hit a low of 8715 for the day but in last hour of trade it recovered sharply to close with a meager gain of .75 points which shows good strength in it. Looking at today’s movement it seems that a short bottom may be in place at 8715 and the correction may have ended so now it may resume the up move again. Therefore long call can be tried if it moves above 8786 and sustain with a stop loss of below 8740 for a target of 8815 and can add on position if it moves and sustain above 8515 with a stop loss of below 8780 for added long position for a target of 8830/8866/8874.

Remark:- Technically it is o.k. and with today’s movement it seems that correction may be over, therefore long call can be tried above 8786.  

 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 9-2-2017

CNX--BANK NIFTY

Open-20335.25--High-20362.80--Low-20070.15—Close-20245.40 on

 8-2-2017

Support:  20229.65/20196/20070/19915.20/19816.50/19794.95/19518/19435/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20248/20,309.70/ 20470/20541.65/20575.80/20907.55.

As expected yesterday’s correction extended today and it hit a low of 20070.15 for the day but in last hour of trade it recovered intraday losses sharply to close with a relatively small loss of 81.84 points. Although it closed negative but today’s movement gives an indication that a short bottom may be in place at 20070.15 and the correction may have ended so now it may resume the up move again. But I once again reiterate that close above 20371.60 will only confirm that the up momentum (see my post of 8-2-17) will be carried on and it may attempt to hit a new all time high.

In view of the above observation it would be safe to try long call once it closes above 20371.60; however aggressive trader can try long call above 20310 with a stop loss of below 20180 for a target of 20371.60/20427/20465/20575.80.

Remark: - Technically it is o.k. and with today’s movement it seems that a short bottom is made and correction may be over, therefore long call can be attempted above 20310. But I would personally wait for a close above 20371.60 for initiating fresh long call.

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 -8-2-2017

CNX-NIFTY

Open-8805.70—High-8809.30---Low—8741.05—Close—8768.30 on

7-2-2017

Support: - 8757.60/8740.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

It corrected today and also filled the gap it created on 6-2-2017 and closed above the upper end of the weekly range i.e.8757.60 which is good. The overall technical setup is showing strength but it made lower high and lower low today which is slightly concerning and if moves below 8740.95 and sustain then it may correct further before moving up again. Please note that it may regain the up momentum above 8815. In view of today’s movement chances of correcting further looks quite possible and in that case it will find good support at 8757.60/8672.70/8537.50. It is therefore suggested that it would be safe to try long call above 8815 on 8-2-2017 with a stop loss of below 8785; however aggressive trader can also try long call above 8786 with a stop loss of below 8740 or else try near but not below the support points mentioned above with a self defined short stop losses because it is difficult to know that how correction will culminate.

Remark: - Technically it is o.k. but looking at today’s movement it seems that it could correct further before moving up again, therefore it would be safe to try long call above 8815 on 8-2-2017.  

 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.