Nifty-Technical View For The Week Starting From-14-7-14

 NIFTY CLOSED AT 7459.60 ON 11-07-14

Range for the week ended on 11-07-14 was:- 7808.85--- 7447.20

SUPPORT: -  7447.70/ 7441.60 / 7402.25/ 7382 / 7291 / 7229/ 7118.45 / 7067 / 7020.

RESISTANCE:  7504 / 7563.50 / 7593.35 / 7611.35 / 7629 / 7700.05 / 7808.85 /7851 / 7990 / 8050 / 8125.

 (Figures in bold are important)

Nifty had a wild swing during the week under review and it made an all time  high of 7808.35 and  a low of 7447.20 before closing the week near the low at 7459.60, this kind of move indicate that on going up move momentum has broken and it may seek lower level in the coming days for sure.However in between short up move on intra day basis or on closing basis could be there.

Technically nifty is badly placed, it has broken important bottoms on the line and the bar chart, it is below all its monthly(for July-14) support levels except for one which is at 7239.50,it is also below its all short term moving averages and just near its one of the long term moving average range which is in the region of 7447—7354 for 14-7-14(it keeps on changing every day, as of  now it will rise with each passing day),seeing overall movement during the week it seems that this range could be broken, below this next important long term average support would be near 6870-6900 range .

 Furthermore so long the negative divergence was there on the daily chart but now it has appeared on the weekly chart too almost confirming that nifty could break 7229 level and this could only be negated if nifty move above its short term DMA which is at 7647 for 14-7-14(it keeps on changing every day, as of now it will move down with each passing day) and stay above it for reasonable period of time,therefore try long call above short term DMA only.Avoid long call completely below 7447.20 during next week starting from 14-7-14 .The strong resistance for the month of July-14 is at 7611.35 & 7629.

 The technical parameter suggest that nifty could hit the range of 7206-7239.50 in coming days, therefore review the situation around the said range to ascertain whether the on -going fall has been arrested or not. Kindly note that 7020-7118 is a very good support area for nifty, so one can  try long call in this region.

                  

REMARKS:-Long term trend is still intact but short term trend is down, therefore I suggest to avoid long call completely till it is visible that the on -going correction is over, so as of  now one can try short call on the rise at appropriate level with an adequate 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. Use support and resistance levels as entry, exit and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS

Note:-PRICE STATED HERE IS OF SPOT MARKET

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Trading Calls For-10-7-14

CNX-Bank Index-Technical View-9-7-14

CNX-Bank Index closed at 14997.50 on 8-7-2014

SUPPORT:  14946 / 14940.35 / 14858.90 / 14857 / 14709.30 /14468.10 / 14301.30 / 14063.60

RESISTANCE: - 15059.10 / 15288.80 / 15241.90 /15341.95 / 15556.15 / 15568.05 / 15592.80 / 15589.50 / 15660.05 / 15725.80 / 15742.05 / 15927 / 16266.


(Figures in bold are important)

Index opened on a positive note today and then plunged down sharply and made low of 14889.35 for the day before closing the day above 100 point from the low. In today’s down move it has broken all weekly support levels and monthly support level of 15288.80&15241.90for July-14 ,it has also broken all short term moving averages and bottom on the bar and closed just above the last closing bottom of 14992.35,today’s move indicate gross weakness in the index and suggest that this down move may continue for few days but since one major event of General Budget is lined up for 10-7-14 nothing can be said convincingly. Therefore avoid long calls completely during this week if index trades below 15059.10.Only try long call if it stays above 15059.10 with a stop loss of 15,000.

You would recall that the index had given negative divergence (see my earlier post) on the chart earlier and since it is below its all short term DMA again therefore the negative divergence could come into play and may break the level of 14793.40, so to negate the divergence it has to move above its short term DMA which is placed at 15308 for 9-7-14.

Seeing today’s move index is expected to go down, if it does  then it could bounce back from  these levels 14857.50 / 14709.30 or from 14843--14588  which is one of the long term moving average range for 9-7-14(it keeps on changing every day). The aforesaid range is a very critical support area and if index breaks it and starts trading below it then it will be a matter of concern, therefore one can try long call near the moving average range considering the  range as potential support but off course with an adequate stop loss..

 REMARK:-Long term trend is still up but avoid long call till it is visible that the fall in index is arrested. Please use support and resistance point as entry, exit and trailing stop loss point to make your trade profitable.

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Nifty-Technical View -9-7-14

Nifty closed at 7623.20.15 on 8-7-2014 

SUPPORT: - 7611.35 / 7593.35 /7563.50 7487.55 / 7481.30 / 7441.60 / 7360  / 7229/ 7206 /7118.45 / 7067.15 / 7020.05

RESISTANCE:  7629 / 7663 / 7700.05 / 7751.60 / 7758 / 7780.40 / 7808.85 / 7860 / 7990 / 8050 / 8125.

(Figures in bold are important)

Nifty opened firmly today and made new all time high of 7808.85 and the then plunged down and made low of 7595.90 before closing the day near the low point. In today’s down move it has broken all weekly support levels of 7780,7758 & 7751.60 and monthly support level of 7700.05 & 7629for July-14 except for one at 7611.35 on the closing basis,it has also broken all short term moving averages except for one which is at 7593 for 9-7-14(it keeps on changing every day) and also the recent closing bottom 7714.80 which suggest that this down move may continue for few days but since one major event of General Budget is lined up for 10-7-14 nothing can be said convincingly. Therefore avoid long calls completely if nifty starts trading below 7611.35 and only try to go long if it moves above 7629 and stays with a stop loss of 7600.

You would recall that the nifty had given negative divergence (see my earlier post) on the chart earlier and since it is below its all short term DMA again therefore the negative divergence could come into play now and may break the level of 7402 & 7229, so to negate the divergence it has to move above its short term DMA which is placed at 7685 for 9-7-14.

Seeing today’s move nifty is expected to go down, if it does  then it could bounce back from  these levels 7533 / 7481.30 / 7441.60 or from 7396 -7311  which is one of the long term moving average range for 9-7-14(it keeps on changing every day). One can try long call near the aforesaid moving average range considering it  as potential support area.

 REMARK:-Long term trend is still up but avoid long call till it is visible that the fall in nifty is arrested. Please use support and resistance point as entry, exit and trailing stop loss point to make your trade profitable.

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Trading Calls For-9-7-14

CNX-Bank Index-Technical View-8-7-14

CNX-Bank Index closed at 15367.60 on 7-7-2014

SUPPORT:  15288.80 / 15241.90 / 14946 / 14940.35 / 14857 / 14709.30 /
14468.10 / 14301.30 / 14063.60

RESISTANCE: - 15556.15 / 15568.05 / 15582.65 / 15589.50 / 15660.05 / 15725.80 / 15742.05 / 15927 / 16266.

(Figures in bold are important)

Index opened firmly today but went down sharply and made low of 15349.20 and closed near the low point this move indicate some weakness ,furthermore it has broken all its  important support levels for the week which are at 15556.15 /15582.65 & 15589.50 and also broken the closing bottom of 15451.65 this signals weakness in it and suggest that it may go down further, so now the only hope of holding long trade is the support level for the month of July-14 which are at 15288.80 & 15241.90  and off course the short term DMA which is placed at 15301for 8-7-14(it keeps on changing every day).therefore below 15288.80 & 15241.90 avoid long calls completely in index till it bounce back above this level again.

 REMARKS: Long term up trend still intact but avoid long call for now.

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Nifty-Technical View For-8-7-14

Nifty-Technical View-8-7-14

Nifty closed at 7787.15 on 7-7-2014 

SUPPORT: - 7758 / 7751.60 / 7700.05 / 7649.50 / 7629 / 7611.35 / 7593.35 / 7487.55 / 7481.30 / 7477/7441.60 / 7409 / 7340 / 7263 / 7229/7200

RESISTANCE:  7792/7860 / 7990 / 8050 / 8125.

(Figures in bold are important)

Nifty made new all time high of 7792 today but moved in a very short range of 37 points , this indicate that a reasonable big move  can happen on the either side in coming 1-2 days time. so as of now the bench mark level for nifty for this week (ending on 11-7-14) is 7780 & 7751.60 and for the month of July-14 is 7700.05 / 7629 &7611.35 and the short term DMA which is placed at 7680 for 8-7-14 for long trades, during this week if nifty starts trading below 7780 be alert in long trade and if it stays below 7751.60 then get out of long trade in nifty till it bounce back above this level again.

REMARK:-Long term trend is up and it is buy on dip market as of now but since two major event of railway budget & general budget are lined up therefore good volatility is expected, so  trade  cautiously with an adequate 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.

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Trading Calls For-8-7-14