Nifty-Technical Overview---26-12-14

NIFTY CLOSED AT 8174.10 ON 24-12-14

SUPPORT: -  8160.90 / 8115 / 8056 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-8180 / 8216 / 8225 / 8255 / 8263.45 / 8290.25 /  8355.65 / 8364.75 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a flat to positive note at 8272.05 and made a high of 8286.40 and thereafter moved within a range before plunging down in the last hour of trade and made a low of 8155.25 and closed the day near the low at 8174.10. It had two strong down day in a row and in today’s  down move it has also filled the gap it left on 19^th Dec-14 .It seem that the on going pull back rally has fizzled  out  and it may seek  lower level in coming days but in between short up move cannot be ruled out .Please note that in this down move if it fails to hold the level of 8115 & 8051 then it will surely break the recent bottom of 7961.35 it made on 17-12-14,chances of which are looking reasonably bright at this point of time. Therefore I would suggest to avoid long call completely as of now  and below 8155 on 26-12-14 for sure instead short call can be tried on the rise at appropriate level and with a proper stop loss. Going up it will find resistance at 8225 / 8255 & 8295.

TECHNICAL VIEW

It has broken its short term moving averages range today which is a bad sign and the range for it is between 8347-----8199(it changes every day) for 26-12-14.

Some other technical parameters have also started showing sign of weakness and if it continues then it may witness further fall.

I would also like to mention here that the long term moving averages range is between 7967---7540(it changes every day) for now and if it  breaks the upper band of the range then it will be first sign of a threat to the long term up trend and breaking of the lower band of the range and staying there would be a great concern to the up-trend, therefore if the up trend has to stay then it cannot remain below even the upper band of the moving averages range for a longer period. So be watchful if it falls within  this range.

Since it is running below its short term moving averages and other technical parameters are also becoming weak therefore long call should be completely avoided till it bounces back above its short term moving average upper band and stay or it crosses the recent top of 8364.75 it made on 23-12-14,if it fails to do so fast then it may have reasonable to significant fall in coming days . Kindly note that long position should be tried and build up if it falls within the long term moving average range with a stop loss of below 7500.

REMARK:-  :- Long term up trend is intact but since nifty had two strong down day in a row ,so it is suggested to avoid long call for now till this on- going fall is arrested.

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.

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

Contact me for strategic guidance to enter and exit the trade

Trading Calls For-24-12-14

CNX-Bank Index- Technical View---24-12-14

CNX-Bank Index closed at 18603.75on 23-12-2014

SUPPORT: - 18532 / 18413.75 / 18356.30 / 18313.10 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18676.10 / 18875.45 / 18923.60.

  (Figures in bold are important)

Index opened on a flat note at 18746.80 and then a made new all time high of 18923.60 and thereafter started going down and made a low of 18558.50 before closing the day at 18603.75.Since it had a down day today and if this down move  continues for another 2-3 days then it can make an attempt to fill the gap it had left on 18 & 19^th Dec-14 and if it does then it can come down to 18051 level, therefore avoid fresh long call tomorrow if it trades below 18550 and for existing long positions please get alerted if it starts trading below 18430 and exit trade if it close below 18190.Going down it can find support at 18588 / 18380 / 18213 / 18045 & 17850 level and moving up it will have resistance at 18876 & 18924.

REMARK:-  :- Long term trend is  up ,Technically looking ok but since it had down day today therefore avoid long call if it trades below 18550 on 24-12-14.I would suggest to take fresh long call above 18876 only.

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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View----24-12-14

NIFTY CLOSED AT 8267 ON 23-12-14

SUPPORT: - 8263.45 / 8215 / 8208 / 8174 / 8180 / 8160.90 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:- 8290.25 /  8355.65 / 8364.75 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a flat note at 8324.60 and made a high for the day at 8364.75 and thereafter started moving  down and made a low of 8252.85 before closing the day near the low at 8267.As expected today’s move somewhat gave indication of that  this on going up rally is giving sign of fizzle  out. Since it had a down day today, so I would suggest to avoid long call tomorrow if it trades below 8250 instead short call can be tried if it trades below 8263 for some time with a stop loss of 8275 for a target of 8215.Going down it can find support at 8210 / 8160 / 8115 & 8050,and going up  it will have resistance at 8295 & 8365.

  

TECHNICAL VIEW

It is still running within its short term moving averages range and the range for it is between 8361-----8209(it changes every day) for 24-12-14, therefore, I would personally  try long call only if it moves above the upper band of the moving averages range i.e 8361 and stay. Please note that if it closes below 8200 then avoid long call completely till it bounces back above 8370 and stay.

REMARK:-  :- Long term up trend is intact .Since nifty had a down day today therefore avoid long call below 8250 on 24-12-14.

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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View---23-12-14

NIFTY CLOSED AT 8324 ON 22-12-14

SUPPORT: - 8290.25 / 8263.45 /  8215 / 8208 / 8174 / 8180 / 8160.90 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-  8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a positive note at 8255 and made a low of 8228.20 and then moved within a range for quite sometime before making an upsurge in the last hour of the trade and made a high of 8330.95 and closed the day near the high at 8324.As of now it has not given any sign of this rally to fizzle out but if it is a pull - back rally then it should not last beyond today. I once again reiterate that if it moves above 8375 & 8461 and stay then the up journey may resume and it may cross the earlier high of 8626.95. Therefore overall it suggest that the positional long call can be carried on now but get alerted in long trade and avoid fresh long call if starts trading below 8295 and exit trade if it closes below 8195 .

TECHNICAL VIEW

Now it is running within its short term moving averages range and the range for it is between 8375-----88201(it changes every day) for 23-12-14, therefore, I would personally  try long call only if it moves above the upper band of the moving averages range i.e 8375 and stay but aggressive intra-day trader can try long call above 8295  with a stop loss of below 8250 for a target of 8375—8425 on 23-12-14.

REMARK:-  :- Long term up trend is intact .Avoid positional long call today but Intra- day trader can try long call above 8295 with a stop loss of below 8250 for a target of 8375 & 8425.

 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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View---22-12-14

NIFTY CLOSED AT 8225.20 ON 19-12-14

SUPPORT: - 8215 / 8208 / 8174 / 8180 / 8160.90 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-  8263.45 / 8290.25 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened with a up gap today at 8230.45 and made a low of 8208.60 but did not fill the gap it created and it still exist and if it makes an attempt to fill the gap then it can come down to 8174 level, chances of which looks reasonably good in at least next 1-2 trading session, so be watchful, it made a high for the day at 8263.45 before closing the day and weekend at 8225.20. As of now it still seems that it is a pull back rally and may fizzle out in another 1-2 days only but if it moves above 8375 & 8461 and stays then it may resume up journey again. Those who have taken long position to take advantage of the pull back rally can hold the position with a stop loss of close below 8160.

TECHNICAL VIEW

Now it is running within its short term moving averages range and the range for it is between 8381-----8185(it changes every day) for 22-12-14, therefore, I would personally  try long call only if it moves above the upper band of the moving averages range i.e 8381 and stay but aggressive trader can try long call above 8185  with a stop loss of close below 8160 for a target of 8265—8290 on 22-12-14.

REMARK:-  :- Long term up trend is intact ,As expected pull back rally is on but I  suggest not to try long call for taking advantage of this relief rally, therefore avoid long call completely till it gives indication of bottom formation for good. Intra- day trader can try long call above 8185 with a stop loss of below 8160.

 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.

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

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical view---22-12-14

CNX-Bank Index closed at 18478.90on 19-12-2014

SUPPORT: - 18413.75 / 18356.30 / 18313.10 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18533 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened today with a up gap at 18545.70 and made a high of 18563.60 and low of 18413.75 before closing the day and weekend at 18478.90.Please note that it has left two gaps in a row moving up in last two days and if it makes an attempt to fill these gaps then it can come down to 18051 level, chances of which are distinct at least in next 2-3 trading session and it does not fill the gap in this period then when it fill the gap cannot be said, so be watchful.

 It is looking good on the chart and it is above its short term moving averages range and the range for it is between 18340---18170(it changes every day) for 22-12-14 therefore long position can be carried on but one should get alerted in long position if it starts trading below 18340 and exit trade if it closes below 8170. Going up it will find good resistance at 18564 / 18676 &18876 and good support exist at 17890 & 17502.

REMARK:-  :- Long term trend is  up ,now pull back rally is on, so the aggressive trader can try long call above 18347 with a stop loss of close below 18170.

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.

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

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View---19-12-14

CNX-Bank Index closed at 18326 on 18-12-2014

SUPPORT: - 18313.10 / 17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18532.90 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened with a up gap at 18238 and then made a low of 18109.35 but could not fill the entire gap going down, so the gap still exist, thereafter it moved up and made a high of 18356.30 before closing the day near the high at 18326.It is exhibiting better strength in comparison with nifty and today’s move was robust. Furthermore it has just moved above all its short term moving averages and the range for it is between 18325---18142(it changes every day) for 19-12-14.so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.I would personally prefer to wait and watch for 2 days for more clarity  before initiating any trade position. Kindly note that going up it will find good resistance at 18533 / 18676 &18876 and good support exist at 17890 & 17502.

REMARK:-  :- Long term trend is  up ,now pull back rally is on, so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.

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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View---19-12-14

NIFTY CLOSED AT 8159.30. ON 18-12-14

SUPPORT: - 8068.83 / 7974.55 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-  8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened with a huge up gap today at 8138.90 but almost filled the gap during the day and made a low of 8084.90 and then moved up and made a high of 8174.30 before closing the day near the high at 8159.30.As expected the pull back rally is on ,now it has to be seen how long this rally can last, if it is a pull back rally which I feel it is as of now then it is not expected to go beyond 8300-8325 mark and may fizzle out in another 2-3 trading session or earlier also but if it moves above this range and crosses 8375 & 8461 level and stay or if it moves above its short term moving averages and stay then  up-trend may resume, chances of which are looking slim at this point of time, therefore I feel that the bottom it made on 17-12-14 at 7961.35 is not for good  and may be taken out in coming days. I would personally prefer to wait and watch  for clarity  here for at least 2 days before initiating long trade at least, my bias is still sell on the rise at appropriate level with a proper stop loss.

TECHNICAL VIEW

It is still below its short term moving averages and the range of it is between 8395---8267---8193(it changes every day) for 19-12-14,therefore ,I would personally  try long call only if it moves above the upper band i.e 8395 or at least above the middle band i.e 8267 of the range and stay but aggressive trader can try long call above 8193  with a stop loss of below 8160 for a target of 8265—8290 on 19-12-14.

REMARK:-  :- Long term trend is intact ,As expected pull back up –move is on but I  suggest not to try long call for taking advantage of this relief rally, therefore avoid long call completely till it gives indication of bottom formation for good.

 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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty Technical View---18-12-14

NIFTY CLOSED AT 8029.80. ON 17-12-14

SUPPORT: - 7974.55 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:- 8068.83 / 8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a negative note at 8041.20 and made a low of  7961.35 and then moved up again and made a high for the day at 8082 before closing the day down from the previous day at 8029.80.It came near the last support range upper band of 7950 or almost retraced the 75% of the total up move from 7723 and then moved up and closed reasonably above the low of the day,this move indicate that a very short bottom may be in place and a pull back is in sight in a day or two before this short bottom is taken out again, therefore in an expected pull back these are the important points 8119 / 8216 / 8295 / 8374 from where pull back rally may end and down-slide starts again ,I expect that  the range of 8180---8295 is tough to cross in this pull back up-move. I still suggest to avoid long call till clarity on firm bottom formation emerges, instead short call can be tried on the rise at appropriate level and with a proper stop loss.

REMARK:-  :- Long term trend is intact up till now.It is expected to give pull back up –move now  but I would suggest trader to avoid long call completely till it gives indication of solid bottom formation, instead try short call on the rise at appropriate level with adequate stop loss.

 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.

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

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View---17-12-14

CNX-Bank Index closed at 17830.55 on 16-12-2014

SUPPORT: - 17557 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 17890.85 / 17898.40 / 18183 / 18313.10 / 18532.90 / 18615.40 / 18875.45.

 (Figures in bold are important)

Index opened on a negative note at 18249 and made a high for the day at 18308.95 and thereafter went down relentlessly and made a low of 17770.35 before closing the day near the low at 17830.55 .Today’s movement was devastating and it was a complete breakdown day which is indicative of deep and painful correction in the offing in coming days, however in between pull back up rally could be there but it is not expected to go beyond 18330 level in the up  rally as of now ,it is therefore suggested not to try long call for taking advantage of pull back rally and avoid long call completely till clarity on bottom formation emerges , instead short can be tried on the rise at appropriate level and with a proper stop loss or for 17-12-14 below 17770 with a stop loss of 17840 for a target of 17530 . Going down it will find support at 17444 / 17002 / 16560 / 16066 from where it could bounce back. Looking at the technical parameters it seems that it is  heading for reasonable to significant fall in coming days.

REMARK:-  :- Long term trend is up but since it is in correction mode therefore avoid  long call completely till it gives visible sign of correction completion, instead try short call on the rise off course with proper stop loss .

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.

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

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View ---- 17-12-14

NIFTY CLOSED AT 8067.60. ON 16-12-14

SUPPORT: - 7974.55 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

RESISTANCE:- 8068.83 / 8160.90 / 8180 / 8216 / 8290 / 8280 / 8272.40 / 8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a negative note at 8172.60 and made a high for the day at 8189.35 and thereafter went down relentlessly and made a low of 8052.60 before closing the day near the low at 8067.60. Today it went below the re-tracement level of 61.8% i.e 8068.83 drawn from the top of 8626.95 and bottom of 7723.85  and with the speed it has broken this point  clearly indicate that nifty is going to retrace the entire up –move  in coming days and in all probability may break 7723.95 level for sure,  but last  support on the way to it is in the range of 7950-7900 ,if this range is taken out then it is expected to  make a bottom in the range of 7750—7690 which is very much likely, however in between up rally could be there before a reasonable bottom could be made, I would  therefore suggest that one should not try long call to take advantage of in between short pull back rally, I repeat that long call should be completely avoided till clarity on bottom formation emerges, instead short call can be tried on the rise at appropriate level and with a proper stop loss or below 8050 with a stop loss of 8080 for a target of 7950 on 17-12-14.

 It is important to mention here again that the broad range of long term moving averages of nifty is between 7927---7479(it changes every day) and if it breaks 7927 level and stays then it will be the first threat to the long term trend , if the up trend has to continue it should not stay even below the upper band of the moving average range for a longer time, if it does then it will be a matter of concern  and finally if breaks the lower band of  the moving average and stay for a longer time then the up- trend will be in extreme danger, so keep this  range in mind.

REMARK:-  :- Long term trend is intact up till now but since nifty is in deep correction mode I would suggest trader to avoid long call completely till it gives indication of correction completion, instead try short call on the rise at appropriate level with adequate stop loss.

 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.

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

Contact me for strategic guidance to enter and exit the trade

DOLLAR $ LOOKING GOOD FOR FURTHER UP-MOVE-14-12-14

Dollar – Vs –Rupee

Dollar   closed at Rs.62.51 on 12-12-14

SUPPORT :-61.81 / 61.65 / 61 / 60.89 / 60.64.

RESISTANCE:- 62.55 / 63.08 / 63.32 / 63.90 / 64.54.

TECHNICAL   OBSERVATION :-

The technical chart is nicely placed and showing good strength which is indicative of reasonable to significant rise ahead in coming days, therefore long position should be held and fresh position can be added- on dip but one should get alerted if it breaks 61.70 and exit long trade if it close below 61.50, chances of hitting these levels looks slim at this point of time. Going up it will face good resistance in the range of 64.20—65.35.It will get good support in the range of 61.77—61.65.I therefore suggest to adopt buy on dip strategy as of now.   

REMARKS:-The long term trend is up, therefore I suggest to take long call on dip.

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.

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

Contact me for strategic guidance to enter and exit the trade

GOLD IN $ TERMS (SHORT UP-MOVE MAY BE IN SIGHT)-14-12-14

   GOLD IN $ TERMS

Gold closed at $1222.50 on 12-12-14

SUPPORT:- 1204.5 / 1202.30 / 1186.40 / 1183.30 / 1181.40 / 1179.40 /1173.90 / 1160 /  1155.60 / 1130.40.

RESISTANCE:- 1238.90 / 1255.60 / 1297.60 / 1324.30.

Gold is still in long term down trend but off late movement in it has become highly volatile may be because of uncertain event concerning different aspects of  global economy  from time to time and it seems to continue, so volatility is expected to remain . Technically it is still tremendously weak but it seems to be consolidating here and may give an up-move in coming days but I suggest that the long term investment in it should be avoided.

TECHNICAL  OBSERVATION

Now it is oscillating within the range of short term moving averages and the range for it is between 1186—1238, but it is below its long term moving average range which is between 1239—1279,therefore the broad range for it is between 1186---1279,If it moves above 1239 and stays and finally crosses 1279 then reasonable to good rise is expected   similarly if it breaks 1186 level and stay then it will start moving down again .Since it is consolidating  and near the lower band of the broad range average and other technical parameter are also showing some sign of improvement and indicating that a up rally may be in sight ,so the short call should be avoided till it breaks 1186 instead long call can be  tried on the dip or near 1186-1195 with a stop loss of below 1184.

REMARKS:-Long term trend is down but since it is consolidating and some technical indicator also pointing that it may give a short to reasonable up rally in coming days therefore avoid short call for now and try long call on dip at appropriate level and with proper stop loss. Avoid long call below 1186 for sure.

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

Contact me for strategic guidance to enter and exit the trade