Nifty-Technical View For The Week Starting From-28-7-14

NIFTY CLOSED AT 7790.45 ON 25-07-14

Range for the week ended on 25-07-14 was:- 7840.95--- 7674

 SUPPORT: - 7731.05 / 7700.05 / 7674 / 7661 / 7629 / 7611.35 / 7593 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15.

 RESISTANCE: 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened firmly for the week under review and steadily moved up during the week and made new all time high of 7840.95 and closed the week at 7790.45.The long term trend is up but one should be very cautious in long trade and enter it with strict stop loss only.

TECHNICAL VIEW

1. ON DAILY CHART :-It made a bottom on the line chat at 7454.15  and  on the bar chart at 7422.15 on 14-7-14 and moved up for eight days in a row and made a closing top of 7830.60 on 24-7-14 and top on the bar chart at 7840.95 on 25-7-14 ,it was a vertical rise from 7422.15 to 7840.95,therefore chances are that if it  corrects downward that too can be in a  vertical manner also, going down it can find retracement support at these level.7742.11 / 7680.93 / 7631.51 / 7582.08 / 7526.79 and going up it will face stiff resistance at 7840.95.

Kindly note that negative divergence is still there but as of now nifty is above all its short term moving averages but it is very close to it and the range for short term DMA is between 7736—7660 (it changes every day, I will be updating it)for 28-7-14.I suggest to avoid long call below 7790.45 for the week starting from 28-7-14,if one already having long position then please get alerted below 7736 and get out of the long trade if it closes below 7660 on 28-7-14 and re-enter in long trade only if it moves above the short term DMA range again.

 2.ON WEEKLY CHART:-  It made a bottom on the line chart at 7459.60 on 11-7-14  weekend and on the bar chart at 7422.15 on 18-7-14 weekend, it is still moving up on the line chart and yet to make a closing top but on the bar chart it made a top of 7840.95 on 25-7-14 weekend, therefore it is likely that it may make a top on the line chart in the coming weekend by closing lower then this week.

The strong negative divergences are visible and if it comes into play then it could take nifty down to 7229 levels but as I always say that divergence should be viewed in sync with the moving average placements therefore look for moving average violation on the daily chart first, because the short term DMA range for the coming week is between 7603—7491.The negative divergence suggest caution in the long trade.

     REMARK:- Long term trend is up ,but avoid long calls below 7790 and below 7736—7660 for           sure,aggressive trader can try short call below 7730 with a stop loss of  7760.   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, 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 the trade

Trading Call For-25-7-14

CNX-Technical View-25-7-14

CNX-Bank Index closed at 15534.35 on 24-7-2014

SUPPORT: - 15463.15 / 15389.35 / 15288.30 / 15241.90 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14338.65 /  14063.60 / 13885 / 13489 / 13414.30 / 12738.60

RESISTANCE: - 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened  weak  and moved in a 150 point range  and could not cross the previous day high of 15626.90 but closed near the  day’s high of  15559.10.Its move does not speak of strength furthermore index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty is making new highs. I suggest that avoid fresh long call below 15463.15 & 15510 for  the week and below 15288.80 & 15241.90 for the month of July-14 .Kindly get alerted if it goes below 15240 (this figure will change every day) and get out of the long trade if it closes below 15170(this figure will change every day). Your stop loss for the long trade in index is close below 15170 for 25-7-14.

 REMARKS:-Long term trend is intact, avoid long calls below 15288 & 15240 .

 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, 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 the trade

                                            

Nifty-Technical View-25-7-14

NIFTY CLOSED AT 7830.60 ON 24-07-14

 SUPPORT: - 7809.20 / 7808.85 / 7731.05 / 7700.05 / 7685 / 7661 / 7629 / 7611.35 / 7593 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15

 RESISTANCE:    7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened flat to positive and steadily moved up and made new all time high of 7835.65 before closing the day near the high at 7830.60.One can hold the existing long position  or can take a fresh long call with a strict stop loss below 7770 on closing basis. However those who want to hold the entire long position taken at the lower level can hold the long call above 7701.65 & 7685 for the week .Kindly get alerted if it goes below 7664 (this figure will change every day) and get out of the long trade if it closes below 7646(this figure will change every day). Your stop loss for the long trade in nifty is close below 7770 &7646 for 25-7-14.

REMARK:- Long term trend is up .One can take fresh long call above 7808.35 or hold the existing long trade with a stop loss of  below 7770 on the closing basis.

 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, 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 the trade

Trading Calls For-24-7-14

CNX-Bank Index-Technical View-24-7-14

CNX-Bank Index closed at 15463 on 23-7-2014

SUPPORT: - 15389.35 / 15288.30 / 15241.90 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14338.65 /  14063.60 / 13885 / 13489 / 13414.30 / 12738.60

RESISTANCE: - 15463.15 / 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened firmly today and made a high of 15626.90 and low of 15398.70 for the day before closing the day near the low at 15463.Index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty has made new high. I suggest that avoid fresh long call below 15463.15 & 15510 for  the week and below 15288.80 & 15241.90 for the month of July-14 .Kindly get alerted if it goes below 15240 (this figure will change every day) and get out of the long trade if it closes below 15160(this figure will change every day). Your stop loss for the long trade in index is close below 15160 for 24-7-14.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market now but avoid long calls below 15463.15 & 15510 . 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, 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 the trade