A TECHNICAL VIEW ON CNX--NIFTY--11-12-2017

 CNX-NIFTY

Open-10198.45—High-10270.85---Low—10195.25---Close—10265.65 on 8-12-2017

Support: 10251/10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10246/10233/10220/10205/10178/10149/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 4-12-17, it did break the bottom of 10094 on three successive day’s intra-day but did not close below it. It was reasonably above its long term moving average during the week and last but not the least it crossed its short term moving averages and closed above it on the last day of the week, which is a positive sign. So as perceived it bounced back from the important point (See my post of 4-12-17) therefore it seems that a bottom is in place at 10033.35for now and it can rally further from here. But I once again reiterate here that the range of 10400—10490.45 seem very tough range to cross (see my post of 29-11-17), it may cross the said range this time but be alert and careful in long trade in and around this range. However the up journey from here to 10400 may be smooth.

In view of the above observation long trade can be tried on decline but not below 10178 with a stop loss of below 10145 on the closing basis or can try above 10271 with a short stop loss of below 10230.

Remark: - The long term trend is still up. It seems that a bottom is in place; therefore long trade should 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.

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----4-12-2017

TRADING CALLS

1. ADANI  PORT.

Buy above -386.75, S/L-382, Target-395/405.

2. ASIAN PAINTS.

Sell below-1130, S/L-1135, Target-1123/1114/1110/1083.

      

3. AUROBINDO PHARMA.

     (A)Buy above -672.50, S/L-668, Target-689/697.

     (B) Sell below-665, S/L-673, Target-649.90/628.25.

4. AXIS BANK.

Sell below-531.90, S/L-536, Target-526/523/515.

5. DR.REDDY LAB.

Sell below -2222, S/L-2235, Target-2197/2166.                                     

6. EICHER MOTORS.

Sell below -29135, S/L-29300, Target-28408/28183.

                                       

 7. GLENMARK PHARMA.

Sell below-553.50, S/L-556, Target-540/530/507.

                                          OR

Sell on the rise but not above 562, S/L, 569, Target-553.50/540/530.

8. ICICI BANK.

Sell below-303.90, S/L-306, Target-295/289.

9. L & T.

Sell below -1202, S/L-1212, Target-1179/1158.  

10. L I C HOUSING FINANCE.

Sell below-568, S/L-572, Target-560/550.

11. RELIANCE INDUSTRIES.

Sell below-907, S/L-911, Target-890/878.

                          

12. TATA MOTORS.

Sell below-396.50, S/L-400, Target-391/387/380.

                          

Note: -- After opening watch the market for sometime before initiating trade.

   

.                              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

   

                       

                     

  

                    

                            

A TECHNICAL VIEW ON CNX--BANK NIFTY--4-12-2017

CNX--BANK NIFTY

Open-25409.55--High-25441.35--Low-25152.65—Close-25191.95 on

 4-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 25186.05/25119.50/25103/25058.70/24878.65/24798.65/24782.30/24560/24505.89/24496/24422/24163.90/24079.58.

MajorResistance:-25198.80/25332.40/25400.69/25409.55/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.

For-4-12-17 the intra-day short support and resistance levels are given here-under:-

Support:- 25186.05/25119.50/25103/25058.70/24878.65/24815/24798.65/24782.30/24749/24560/24505.89/24496/24422/24370/24163.90/24079.58.

Resistance: 25198.80/25253/25332.40/25400.69/25409.55/25477/25537/25566/25596/25611.55/25620.95/25695.75/25924.90/25953.50/26029—52/26180/26331.88/26441.80.

Further to my last post on 16-11-17 it had huge up move and it made a new all time high of 25953.50 on 28-11-17 but in last two days it fell sharply and lost more than 600 points. Please note that two days fall had eaten last 20 days up move and technical setup has also weakened. Furthermore it was an impulse down move and if it does not recover fast  then it may be heading for much lower levels in coming days/ weeks. Now it is near its recent major bottom of 25119.50, so chances are that it may make an attempt to stage a pullback from here but sustained break below it on the closing basis may drag it down fast which may please be noted. Moving down it may find good support at 25058.70/24782.30/24505.89/24370 (it changes every day) and it may bounce back from any of these points but sustained break below 24370 will threaten the uptrend. Similarly going up it will find stiff resistance from its short term moving averages which are clustered in the range of 25341.65---477—566—596---686 (it changes every day) for the day and then from some of its long term averages which are placed in the range of 25830—26088(it changes every day) now, so moving up may not be easy and smooth this time . The bias is negative as of now but its relative strength is better in comparison with Nifty.

In view of the above observation, it seems that it is mildly sell on the rise market now, therefore safe trader should avoid long trade till it moves above its short term moving averages and sustain on the closing basis. But aggressive trader can try long trade if it holds 25119.50 levels for at least two hours of trade then, with a stop loss of below 25050. Please note that long trade may be a highly risky bet at this point of time. Short trade relatively seems a better option and can be tried on the rise and possible sell point range for the day could be between 25341---440 with a stop loss of above 25480 or can sell below 25150 with a stop loss of above 25200 and add on position below 25119.50 with a stop loss of above 25155.   

Remark: - The trend is up, but last two days huge down move indicates that it could drift down further in coming days, therefore be circumspect in long trade. Short trade seems a better bet and would be safe to try if it moves and sustain below 25119.50. But can be tried on the rise too as suggested above. The overall technical outlook for short term looks 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.

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.

A TECHNICAL VIEW ON CNX--NIFTY--4-12-2017

 CNX-NIFTY

Open-10263.70—High-10272.70---Low—10108.55---Close—10121.80 on 1-12-2017

Support: 10108.15/10094/10043.65/9955/9943.

Resistance: 10137.85/10157.11/10178.95/10251.85/10307.30/10309.55/10340.20/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                                              

For-4-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10108.15/10094/10085.78/10043.65/9969/9955/9943. 

                                                                                                           

Resistance: 10130/10137.85/10157.11/10178.9510149/10200/10251.85/10286/10307.30/10309.55/10340.20/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

The impulse down move of 30-11-17 was followed by another big fall today and it closed with a loss of 104.75 points, it indicates that the final top may be in place at 10490.45 which it made on 6-11-2017. Furthermore it had already established lower top at 10409.55 on the bar chart and at 10399.85 on the line chart, but yet to break its recent major bottom of 10118.05 & 10094 on the line and bar chart respectively and once it breaks and sustain below these bottoms then it can be convincingly said that it has topped out at 10490.45 and could get into a deep correction mode now before it resumes the up move again. The technical setup has got severe jolt in last two days and indicates further fall ahead, but as long as it holds the aforesaid bottoms of 10118.05 & 10094 on the line and the bar chart respectively there is a slim ray of hope that it could still bounce back. If it does then it will just be a relief rally and every reasonable rise should be sold into till it moves past its short term moving averages again and sustain above it on the closing basis. Its averages are placed in the range of 10285---10320(it changes every day) for the day.

It is important to mention here that it’s long term moving averages are placed in the range of 9969---9645(it changes every day) and it is not far away . Since it is its long term support range it may bounce back from here, if it does not from the above mentioned point of 10094. But please note that sustained break below 9969 will threaten the uptrend and break below 9645 will put the uptrend in real danger and it may end and in that case it may seek much lower levels. Therefore long trade should not be initiated at all below 9969.

In view of the above observation it is sell on the rise market now, therefore safe trader should avoid long trade completely till it moves above its short term moving averages and sustain on the closing basis. However aggressive trader can try long call if it holds 10094 levels for first two hours of trade with a stop loss of below 10043 and then can try near but not below 9969 with a stop loss of below 9930, long trade could be a highly risky bet at this point of time. Short trade can be tried on the rise and the possible sell point for the day could be in the range of 10204—227---263 with short stop loss of above 10285 but the authentic stop loss would be above 10320 or sell below 10085 with a stop loss of above 10130.

Remark: - The long term trend is still up. But last two days impulse down move has rocked the technical setup and indicates further fall of moderate to sharp intensity cannot be ruled out in coming days/weeks. Therefore long trade should be avoided at least till it moves above its short term moving averages and sustain but can be tried near long term average upper band as suggested above. Short trade seems to be a safer option now so should be tried as mentioned above. The bias is negative as of now and if it does not bounce back sharply in coming week then it may steadily move downwards with in between relief rallies.                                                                                                                                                                                  

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.

A TECHNICAL VIEW ON CNX--NIFTY--1-12-2017

 CNX-NIFTY

Open-10332.70—High-10332.70---Low—10211.25---Close—10226.55 on 30-11-2017

Support: 10214/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.

Resistance: 10251.85/10289/10335.08/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                             

For-1-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10214/10207/10178.95/10168/10157/10137.85/10123.35/10094/10043.65/9963.

                                                                                                              

Resistance: 10251.85/10289/10305-315/10339/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

It opened with a short down gap and moved down further and in the late afternoon it plunged down sharply to close with a loss of 134.75 points. Today’s fall has eaten the rise of eight days, so it was an impulse down move which is a bad sign. It had witnessed  this type of fall earlier also but bounced back too very fast within days, so watch out whether this fall will continue or it may resume the up from here again. Although it has decisively broken its short term moving averages today but it could still stage a bounce back because it has good support in the range of 10214—10157 but sustained break below 10157 could take it down further to the level of 10094/10043 & 9963(it changes every day). It is important to mention here that sustained break below 9963 would be a threat to the uptrend which may please be noted.

The support range for the day would be 10214—157 and the resistance range would be 10305—10340, it may pick up momentum if it moves and sustain above 10340. After today’s impulse down move it would be risky to take long trade till it gives visible indication of correction completion. So safe trader should try long call only if moves and sustain above 10340, but contrarian trader can try long call in the range of 10214—157 but not below10157 with a stop loss of below 10120. Avoid short trade for the day but those who wish can try below 10211 with a stop loss of above 10235 but has to be alert and sharp in this trade because if it bounces back it may be fast.

Remark: - The long term trend is still up. It had an impulse fall today and this may continue but there is glimmer of hope too that it could still bounce back from the range of 10214---157. So have a balanced approach and can try doth side trade as suggested above but with extreme caution particularly in short trade.   

 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.

                              

A TECHNICAL VIEW ON CNX--NIFTY---30-11-2017

 CNX-NIFTY

Open-10376.65—High-10392.95---Low—10345.90---Close—10361.30 on 29-11-2017

Support: 10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance: 10384.50/10399/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-30-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10357/10342/10333/10323.88/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10384.50/10399/10411.16/10419.53/10431.60/10451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.

It moved in a short range today and closed with a meager loss of 8.95 points. It held the lower range for the day but could not get past the lower band of the resistance range also which was at 10411.16(see my post of 29-11-17). So it seems that it may be consolidating as well as correcting. The lower important range for the day would be 10357—10333 & then 10323---10307, if it manages to hold the range of 10323---10307 on the closing basis then it could stage a bounce back but sustained break below 10307 can drag it down further. Therefore in view of the above even if it closes with a loss on 30-11-17 but above 10323 mark then aggressive trader can initiate long trade in last 15 minutes of trading session in and around the range of 10333—323 but not below 10323 with a  short stop loss of below 10307. It could be a highly risky trade mind you but worth trying but carry the trade only if it reasonably moves above your purchase price otherwise exit the trade . Safe trader should try long trade only if it moves and sustain above 10411.16 for some time. It still looks evenly poised with slight tilt towards downside; so long trade should be handled with ample caution and if breaks and sustain below 10307 then short call can also be tried with a stop loss of above 10335.

                                                                                                                                                                                                 

Remark: - The long term trend is up. It is correcting and consolidating now and looks evenly poised so it can move either way. Therefore long trade should be handled with extreme agility and caution. I would personally prefer to try long call only if it sustain above 10411.16. Short call can be attempted for the day if price pattern permits.

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.

A TECHNICAL VIEW ON CNX--NIFTY--29-11-2017

 CNX-NIFTY

Open-10387.90—High-10409.55---Low—10355.20---Close—10370.25 on 28-11-2017

Support: 10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance: 10384.50/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-29-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10347.98/10335.30/10327.84/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10384.50/10393.43/10411.16/10419.53/10431.6010451.65/10453/10461.70/10473.22/10485.75/10490.45/10536.52/10590.15.

As expected it took a breather today and closed with loss of 29.29 points. The technical setup looks o.k. and it is still above its short term moving averages ,so it may stage a bounce back from here and may resume the up move again provided it holds the range of 10347—10307(it changes every day) on the closing basis, sustained break below 10307 may drag it down further . Similarly moving up the range of 10411.16—10491 would pose a very stiff resistance (see my earlier post)and crossing this range may not be easy, therefore it seems evenly poised at this point of time. So trade judiciously 

 In view of the above observation long trade can be tried now or on decline near but not below 10327 with a stop loss of below 10300, but it would be relatively safe to try long call if it moves above 10411.16 and sustain for some time with a stop loss of below 10370.   

                                                                                                                                                                                            

Remark: - The long term trend is up. It corrected today and looks evenly poised now. Long trade can be tried as suggested above. I would personally try long call if it sustain above 10411.16.

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.

A TECHNICAL VIEW ON CNX--NIFTY--28-11-2017

 CNX-NIFTY

Open-10361.05—High-10407.15---Low—10340.20---Close—10399.55 on 27-11-2017

Support:10384.50/10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance:10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-28-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10375/10335.30/10307.30/10290/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10411.16/10419.53/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

Today was the 8^th straight day of rise; therefore the vulnerability of correction is increasing with each rising day. The broad observation remains the same as mentioned in my post of 27-11-17, except try to avoid long trade for the day but can still be tried on reasonable decline. The range for the day would be 10411.16—415/10335--326/10290. There is a strong possibility that market could correct today, although there is no clear sign of taking short trade now but it can be tried if price pattern permits for taking advantage of anticipated correction. But your maneuver has to be fast in short trade because the overall trend is up as of now. The bias is mixed for the day with slight tilt towards downside.

                                                                                                                                                                                                                  

In view of the above observation long trade can only be tried on decline near but not below 10326 with a stop short loss of below 10290. Short trade can be tried near but not above 10411.16 with a stop loss of above 10430 or can sell below 10384 with a stop loss of above 10415.   

Remark: - The long term trend is up. Technically it is looking o.k. but since there is a strong possibility of  a correction today therefore short call seems a good option for the day 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.

A TECHNICAL VIEW ON CNX--NIFTY---27-11-2017

 CNX-NIFTY

Open-10366.80—High-10404.50---Low—10362.25---Close—10389.70 on 24-11-2017

Support:10384.50/10335.30/10307.30/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094/10089/10043/9994.25/9992/9988/9970/9955.80/9947.80.

Resistance:10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-27-11-17 the intra-day short support and resistance levels are given here-under:-

Support: -10384.50/10381/10335.30/10307.30/10273/10261.50/10251.85/10232/10196.77/10187.56/10178.95/10137.85/10123.35/10094.                                                                                                               

Resistance: 10396.88/10411.16/10419.53/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

Further to my last post of 20^th November-2017 it has been continuously moving up and today was the strait 7^th day of up move. Although it is not showing any sign of weakness but straight rise increases the vulnerability of correction. Furthermore moving up the range of 10273---10490.45 will pose stiff resistance and it is in the midst of this right now. So clearing this range may not be easy therefore it may correct anytime soon before attempting to cross the said range. The range for the week starting from 27-11-17 would be between 10261---10411.16 and breakout on either side will decide which way it will move. As of now the bias is on the upside but in light of the straight rise  it highly vulnerable for correction also , therefore long trade should be handled with caution.

                                                                                                                                                                                                               

In view of the above observation long trade can be tried if it moves above 10411.16 and sustain for some time with a short stop loss of below 10380 or can buy on decline near but not below 10324 with a stop short loss of below 10290.Please note that buy on decline may be slightly risky for the day.   

Remark: - The long term trend is up. Technically it is looking o.k. but it can correct too anytime, so it is suggested to be extremely alert in long trade. Trying long call above 10411.16 seems a better option for the day.  

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.