CNX-Bank Index-Technical View-25-6-14

CNX-Bank Index closed at 15309.50 on 24-6-2014

SUPPORT:- 15083.90 / 14940.35 / 14858.90 / 14793/ 14709.30

RESISTANCE:  15373.20 / 15461.55 / 15464.85 / 15568.05 / 15725.80 / 15742.05

Index opened at 15142.35 and steadily moved up and made a high of 15341.95 for the day before closing the day near the high at 15309.50. Today’s move partially indicate that the on-going correction may be over as it has crossed its short term moving averages and also made higher bottom on the bar chart at 14940.5 but this is not enough as index has still not made a higher top & bottom closing basis ,to make higher top and bottom on line chart it has to close above 15373.20  and  hold the bottom of 14997.65 made on 20.6.14 on the closing basis , to make higher top on bar chart it has to cross 15461.55 and hold the bottom of 14940.35 made on 23-6-14.Therefore as of now one should see that index should trade above its  short term DMA till it makes higher top and bottom on line chart & higher top on the bar chat. The short term DMA are placed at 15209 &15168 for 25-6-14.Avoid long calls if index starts trading below 15168. 

REMARK:- Since there is partial indication of  completion of the on- going correction, I would suggest to avoid taking any position today, but the aggressive trader can try long call with a stop loss of  below 15168.

  NOTE:-

1.PRICE STATED HERE IS OF SPOT MARKET.
 2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

   3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL PROTECTION. 

 Contact me for strategic guidance to enter and exit the trade

Trading Calls For-25-6-14

Nifty-Technical View (25-6-14)

Nifty closed at 7580.20 on 24-6-2014

SUPPORT:- 7563.50 / 7540 / 7502 / 7487.55 / 7477/  7441.60 / 7409 / 7340 / 7263 / 7229/7200

RESISTANCE: 7601 / 7635/ 7656.40/ 7678.50 / 7700.

Nifty opened at 7515.20 and steadily moved up, it exhibited huge volatility during the day and made a high of 7593.35 for the day before closing the day near the high at 7580.20. Today’s move partially indicate that the on-going correction may be over as it has crossed its short term moving averages but this is not enough as nifty has still not made a higher top & bottom on the line & bar chart ,to make higher top and bottom on line chart it has to close above 7631.70  and  hold the bottom of 7493.35 made on 23.6.14 on the closing basis , to make higher top on bar chart it has to cross 7663 and hold the bottom of 7441.60 made on 23-6-14.Therefore as of now one should see that it should trade above the short term DMA  till it makes higher top and bottom on line and bar chat. The short term DMA are placed at 7566 &7540 for 25-6-14.Avoid long calls if nifty starts trading below 7540.

REMARK:- Since there is partial indication of  completion of the on- going correction, I would suggest to avoid taking any position in nifty , simply watch the market on 25-6-14.The aggressive trader can try long call with a stop loss of  below 7540.

   NOTE:-
1.PRICE STATED HERE IS OF SPOT MARKET.
 2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

   3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL PROTECTION. 

 Contact me for strategic guidance to enter and exit the trade

Trading Calls For-24-6-14

Dollar-Technical View(23-6-14)

                                                                  Dollar – Vs –Rupee

Dollar   closed at Rs. 60.16 on 20-6-14

Range for the week ended on 20-6-14 was:-Rs.60.16---59.70

SUPPORT :- 59.85 / 59.70 / 59.08 / 58.97 / 58.25

RESISTANCE:- 60.27 / 60.53 / 60.83 / 61.19 / 61.55 / 61.81 / 62.44.

TECHNICAL   OBSERVATION :-

The dollar is  still  below  its  major moving averages which are in the range of 60.20—61.49 but some advance parameters suggest that until and unless dollar breaks 59.53 on the down side  it will strengthen ,furthermore it is showing positive divergence on the chart after a long time and if this comes into play then it can take it to  61.19 level. Since it is below its major moving averages  therefore  it may consolidate here and then make an effort to cross the averages and once it crosses few averages then divergence may come into play, the chart pattern suggest that it can but may take some time. The strong   support level for it is at 59.85 (recent bottom) and then 59.53.Avoid long call below 59.53.

MY VIEW:-

I expect the dollar to hold the level of 59.85 & 59.53on the closing  basis ,I feel that dollar will have a steady price movement with an upward bias in time to come.

REMARKS:-Certain technical parameters suggest that a good up move could be there ,so buy on dip strategy is advised for now at appropriate level with an adequate stop loss. DO NOT TRADE WITHOUT STOP LOSS. Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses.

 Contact me for strategic guidance to enter and exit the trade

GOLD--Technical View For The Week Starting From-23-6-14

                                                                   

                                                                      GOLD IN $ TERMS

Gold closed at $1316.60 on 20-6-14

Range for the week ended on 20-6-14 was:-$1322.50---1258.

SUPPORT:-1287 / 1272 / 1258.

RESISTANCE:-1322.50 / 1331.40 / 1355 / 1361.80 / 1377 / 1392.60

Gold after making a low of 1258 moved up sharply during the week and hit a high of 1322.50 before closing the week near  the  highest  point , this indicates that there is further room for up move in it.

TECHNICAL   OBSERVATION  :-

1.       It is almost above its all long term and short term moving averages   except for one which is at 1322, if it starts trading above this then good up move is expected. The range  of  important moving   averages are between 1322---1272.therefore it is expected to move in the range and break on either side of the range will decide up or down move.

2.        The  technical  parameters  are  showing  positive  divergence  and it can only  come into play if it  remains above 1322 and if it does then  it could cross 1331.40 / 1355 / 1361.80 level in time to come, chances of which are looking reasonably good  because it has also given a up -side breakout during the week on the bar chart after a long time.

3.       Technically   the   trend   looks   steady   with an upward bias as long as it holds the moving average range.

MY VIEW:-

I expect   the gold to hold the level of 1287 on the down side and to cross at least 1331.40 level on the up -side   and   come near   to 1355 point. Those who have long position now can hold on with a stop loss of 1305, one can add to long position if it starts trading above 1322.50 with a stop loss of 1314 for a target of 1331.40 and 1345.

REMARKS:-Short term trend is looking up therefore buy on dip strategy is advised for the time being, buy at the appropriate levels with an adequate stop loss. DO NOT TRADE WITHOUT STOP LOSS. Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses.

 Contact me for strategic guidance to enter and exit the trade

Trading Calls For -23-6-14