NIFTY--A TECHNICAL VIEW---29-4-2015

CNX NIFTY

CLOSED  AT 8285.60 ON 28-4-2015.

SUPPORT: - 8284.70 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15 /7841 / 7723.

RESISTANCE: - 8364 / 8445 / 8470 / 8505 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

  

Nifty opened today at 8215.55 and made a low of 8185.15 and thereafter in last 45 minutes of trade it shot up sharply and made a high of 8308 but could not sustain and fell to close at around 8264 in real time but the adjusted close was at 8285.60. I  feel that the bottom is not in place now because panic and capitulation like situation were totally missing which are required for decent bottom formation and I am still of the opinion that it is expected to make a bottom in the range of 8140---7960 . However since it has closed above it critical points and recent bottom of 8269.15, therefore short call should be avoided above 8269.15 and can be tried only below this mark with a stop loss of above 8310 or below 8210 with a stop loss of above 8283. Similarly long call can be tried above 8283 with a stop loss of below 8250. The bias is still down therefore I would personally look for more clarity and better signal at least to initiate long trade.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened. Please handle your trade with extreme caution.

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------28-4-2015

NIFTY---A TECHNICAL VIEW FOR THE WEEK STARTING FROM--27-4-2015

CNX NIFTY

CLOSED AT 8305.25 ON 24-4-2015.

Range for the week ended on 24-4-2015 was:-8619.95-----8273.25.

SUPPORT: - 8284.70 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15 /7841 / 7723.

RESISTANCE: - 8364 / 8445 / 8470 / 8505 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

  

Nifty lost a whopping 346.60 points intra- day during the week and ended the week with a loss of 300.75 points on closing basis, it had a very turbulent week. It is exhibiting gross weakness on the technical chart as it is below all its short, medium and some of the long term moving averages and last of such average is at 8139 for 27-4-15 and break below this mark can put the long term uptrend in real danger, furthermore short and medium term moving averages are advancing for negative crossovers and if it happens and maintain for sometime then it could be devastating for a down move. At present it is hovering around its critical points and recent bottom placed between 8282.70----8269.15 range and it is very likely to break this range in a day or two. Going down it will have a very good support in the range of 8139---8030---7960 and if it violates this range then the next support range is between 7723----7500.

After looking into all the technical parameters I am of the opinion that it has a very strong support area in the range of 8139----7960 and it is most likely to form a bottom in this range possibly either on 28^th or 29^th April, 2015 and may stage a up rally from there, but I am not sure whether the expected bottom would be for good or it could be broken and this can only be judged once bottom is made and then seeing the intensity of the expected up rally . I would therefore suggest to try sell call on 27-4-15 below 8269 with a stop loss of above 8310 for a target of 8190--8150, Please note that the sell position should be squared off in any case in the range of 8139---7960 and long call can be tried around or within this range with a stop loss of below 7960. It is important to mention here that for the resumption of smooth uptrend it has to go beyond the long term moving average upper band which is at 8510 now and sustain and then to cross 8626.95 mark and sustain. Please avoid fresh short call above 8282.70.

 Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened and if it moves below 8139 and sustain then long term uptrend may end. So to keep the uptrend going it has to bounce back above 8510 & 8626.95 and sustain. Traders can try both long and short trade as suggested above.

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.

BSE--SENSEX---A TECHNICAL VIEW FOR THE WEEK STARTING FROM--27-4-2015.

BSE-SENSEX

CLOSED  AT 27437.94 ON 24-4-2015.

Range for the week ended on 24-4-2015 was:-28539.46-----27344.70.

SUPPORT: - 27344.70 / 27248.45 / 26776.12 / 26469.42 / 25910.77 / 25232.82.

RESISTANCE: - 27485.77 / 27499.50 / 28044.49 / 28064.49 / 28087.78 / 28693.82 / 28822.37.

  

Sensex had a massive fall of 1194.72 points intra- day during the week under review and ended the week with a loss of 1004.16 points on closing basis, it had a devastating week. It is exhibiting gross weakness on the technical chart as it is below its critical points of 27485.77 & 27499.50 and all its short, medium and some of the long term moving averages and last of such average is at 27026 for 27-4-15 and break below this mark can put the long term uptrend in real danger, furthermore short and medium term moving averages are advancing for negative crossovers and if it happens and maintain for sometime then it could be devastating for a down move. . Its recent bottom is at 27248.45 and in all likely-hood it seems that it is going to break it in a day or two.  Going down it will find very good support in the range of 27026----26750 and if it violates this range then the next support range is between 26469----25910----25232.

After looking into all the technical aspects, I am of the opinion that it is likely to form a bottom in the range 27026----26750 possibly either on 28^th or 29^th April, 2015 and may stage a up rally from there, but I am not sure whether the expected bottom would be for good or it could be broken, this can only be judged once bottom is made and then seeing the intensity of the expected up rally.  I would therefore suggest to try sell call below 27430 on 27-4-15 with a stop loss of above 27510 for a target of 27225. Please note that the sell position should be squared off in any case in the range of 27026----26750 and long call can be tried around this range if it holds it with a stop loss of below 26750. It is important to mention here that for the resumption of smooth uptrend, it has to go beyond the long term moving average upper band which is at 28230 now and sustain and then crosses 28822.37 mark and sustain. Please avoid short call above 27500.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened and if it moves below 27026 and sustain then long term uptrend may end. Both long and short trade can be initiated as suggested above.

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---A TECHNICAL VIEW FOR THE WEEK STARTING FROM---27-4-2015.

CNX-Bank Index

CLOSED AT 18001.90 ON 24-4-2015.

Range for the week ended on 24-4-2015 was:-18500.30-----17798.65.

SUPPORT: -17798.65 / 17719 / 17502.45 / 16561.

RESISTANCE: -18211 / 18226 / 18433.80 / 18490 / 18688 / / 18736.65 / 18728.20 / 19038.50. 

 (Figures in bold are important)

Index moved in a range of 701.65 points during the week ended on 24-4-2015 and closed the week with a loss of 343.65 points. It is weak on technical charts as it is well below its critical points of 18736.65 & 18728.20 and all its short, medium and some of the long term moving averages and last of such average is at 17224 for 27-4-15 and break below this mark can put the long term uptrend in real danger, furthermore short and medium term moving averages are advancing for negative crossovers and if it happens and maintain for sometime then it could be devastating for a down move. Its recent bottom is at 17719.37 and in all likely-hood it seems that it is going to break it in a day or two. Going down it will find very good support in the range of 17500---17224---17100 and if it violates this range then the next support will be in a much lower range of 16400----16200.

After looking into all the technical aspects, I am of the opinion that it is likely to form a bottom in the range 17500----17100   possibly either on 28^th or 29^th April, 2015 and may stage a up rally from there, but I am not sure whether the expected bottom would be for good or it could be broken, this can only be judged once bottom is made and then seeing the intensity of the expected up rally.  I would therefore suggest to try sell call on 27-4-15 below 17980 with a stop loss of above 18050 for a target of 17800---17700. Please note that the sell position should be squared off in any case in the range of 17500----17200 and long call can be tried around this range if it holds it with a stop loss of below 17100. It is important to mention here that for the resumption of smooth uptrend, it has to go beyond the long term moving average upper band which is at 18406 now and sustain and then  to cross 18737 & 18923.60 mark and sustain.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened and if it moves below 17224 and sustain then long term uptrend may end. Both long and short trade can be initiated as suggested above.

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---27-4-2015

TRADING CALLS FOR---24-4-2015

NIFTY-----A TECHNICAL VIEW FOR---24-4-2015.

CNX NIFTY

CLOSED AT 8398.30 ON 23-4-2015.

SUPPORT: - 8364 / 8284.70 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

RESISTANCE: -8445 / 8470 / 8505 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

  

Nifty opened with a up gap at 8478.20 and made a high of 8504.95 but could not sustain at the higher level and started moving down after 1.1/2 hours of trade and made a low of 8361.85 during the day before closing at 8398.30. As expected yesterdays up move was definitely due to the short coverings because it did not build up sizable gains on yesterday’s move today and in fact lost ground and closed in the negative territory, therefore it looks that the expected pull back rally may have fizzled out today, however if it is still on then going up it will find very tough resistance from some of its long term moving averages which are placed at 8412 / 8458 & 8510 for 24-4-2015 and from Fibonacci Retracements target points which are at 8417 / 8499 / 8565 / 8631 / 8713 & 8733, but crossing 8510---8630 range would be extremely tough for it now . Furthermore it has exhibited huge volatility and wild swings both ways today which gives a clear indication of that the distribution process is on and it is also indicative of that further fall is ahead, therefore it seems that in all probability it is going to break the range of critical points and bottoms placed between 8284.70---8269.15 in coming days and may also  seek much lower levels. Going down it will find good support in the region of 8138---8050 and then between 7960---7723--7540.

In view of the above it is suggested to avoid long call now and it can only be tried if it moves above 8510 and sustain or near its strong support range of 8138---8050 with a stop loss of below 7960. Please note that if it breaks 8360 mark and stay below it then it is likely to hit this range in 2-3 days time. Kindly note that today’s move possibly has put the expected up rally to an abrupt end, therefore I suggest to try sell call now but below 8430 or below 8360 for sure with a stop loss of above 8460 & 8415 respectively. Sell below 8360 would be a safer option.  One should try long call for sure if it holds 8138—8050 range with suggested stop loss for an up rally. The short and medium term is down.    

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened, today’s move indicate that the expected up rally may have exhausted abruptly , therefore it is advised to avoid  long trade  now and  it can be tried only at suggested level as mentioned above instead short call can tried now at appropriate level 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.

NFTY---A TECHNICAL VIEW FOR--23-4-2015

CNX NIFTY

CLOSED AT 8429.70 ON 22-4-2015.

SUPPORT: - 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

RESISTANCE: -8445 / 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a positive note at 8400.40 and immediately made a high of around 8424 and then went down and made a low of 8284.70 and thereafter moved up sharply and made a new high of 8449.95 for the day before closing at 8429.70. It was expected that it will break  the critical point of 8282.70 & 8272.80 and recent bottom of 8269.15 ,it  came near these points today but   did not break any of these points  instead it bounced back sharply from here and closed reasonably higher this move indicate that a bottom is in place at 8284.70 for now and it may give an up rally from here before making an attempt again to break the range of critical point and bottoms placed between 8284.70---8269.15, breaking of this range looks distinctly possible in coming days. The bias is still down but if today’s momentum continues then going up it will find tough resistance from some of its long term moving averages which are placed at 8458 & 8510 for 23-4-2015 and from Fibonacci Retracements target points which are at 8417 / 8499 / 8565 / 8631 / 8713 & 8732.78. The expected pull back rally may exhaust around any of these points but if it crosses 8732 mark and sustain then it could cross the recent top of 8844.80 it made on 15-4-2015. The range of 8507---8631 seems tough to cross.  

Today’s sharp up-move may be attributed to short covering, because technical parameters are still not showing any sign of improvement and it is still below its short, medium and some of the long term moving averages, so today’s up move may get over abruptly also in a day or two if it does not move above 8510 and sustain. Therefore aggressive trader who wants to take advantage of an expected pull back rally can try long call above 8409 or near 8380 with a stop loss of below 8350. I would  try long call only if it moves above 8510 and sustain ,now  I would prefer to try sell call below 8377 with a stop loss of above 8450 or near 8510 with a stop loss of above 8570. Sell below 8377 would be a safer option.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened, today’s move indicate that a bottom is in place for now at 8284.70 and a pull -back rally may happen. Traders can try both long and short call as suggested above off course depending upon the price movement .

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----A TECHNICAL VIEW FOR---22-4-2015

CNX NIFTY

CLOSED AT 8377.75 ON 21-4-2015.

SUPPORT: - 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

RESISTANCE: -8445 / 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a negative note at 8416.10 and made a high of 8469.35 for the day and a low of 8352.70 before closing the day at 8377.75, it exhibited huge volatility and gross weakness today. Please note that It is well below its short and medium term moving averages and also below the upper range of the long term moving average which is placed at 8505 for 22-4-2015, furthermore it has also broken the Fibonacci Retracements range of 8405—8384 and closed below it too which indicate that it is heading to break the recent bottom of 8269.15 it made on 27-3-2015 possibly in a day or two. Therefore long call should be avoided till the on-going fall gives any sign of completion.

Kindly note that it will find good support in the range of 8130---8050 so the long call can be tried here for a pull back rally if it holds this range with a stop loss of below 8000 because if it does not hold this range then the next potential support for it exist in the range of 7960---7723. Please note that the trading range for nifty for 22-4-2015 is between 8350---8410---8455—8505. Therefore structure your trade keeping this trading range in mind. I would still suggest to try sell call below 8370 with a stop loss of above 8460 for a target of 8260.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened and it will be in real danger if it breaks 8130 mark and consistently starts trading below this mark, therefore it is suggested to avoid long call now.

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---A TECHNICAL VIEW----21-4-2015

CNX NIFTY

CLOSED AT 8448.10 ON 20-4-2015.

SUPPORT: -  8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

 RESISTANCE: - 8470 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

As expected the fall in Nifty accelerated, it opened at 8616.80 and made a high of 8619.95 and thereafter steadily moved down and made a low of 8422.75 before closing the day near the low at 8448.10, it went down by more than 150 points today which was devastating. It has broken its all short and medium term moving  averages ,furthermore it has also broken the upper range  of the long term moving averages which is placed at 8505 for 21-4-2015 this is concerning, but it is above its last Fibonacci Retracements support point at 8405,therefore  it may arrest the on-going fall if it holds 8405—8384 range otherwise it is going to break the recent major bottom of 8269.15 it made on 27-3-2015,chances of breaking this bottom looks distinctly possible. Therefore looking at the technical parameters it seems that it is going to have good support in the range of 8130—8050 ,so the pull back may be expected around this range or if it moves above the upper range of the long term moving average ie. 8505.

In view of the above, I would advice to avoid long call now  and try it only in the range of 8130—8050 or above 8505 ,however aggressive trader can try it if it holds the range of 8405—8384. Please note that in totality my bias is on the downside now therefore I would still suggest to try sell call below 8445 & 8422 with a stop loss of above 8505 and 8460 respectively.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened today, therefore it is suggested to avoid long call now.

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.

A TECHNICAL SNAPSHOT ON IMPORTANT AMERICAN INDICES(19-4-2015)

For The Week Starting From-20-4-2015

DOW JONES INDUSTRIAL AVERAGE  (CLOSED AT 17826.30 ON 17-4-2015)

1. Support:-17823 / 17579.27 / 17243 / 17067 / 17037 / 16333.

2. Resistance:-17924 / 17991.19 / 18103.45 / 18169.26 / 18205.93 / 18288.63.

3. All Time High:-18288.63 made on 2-3-2015.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-17579.27---17307.

6. Tough Resistance Range:-18075—18289.

7. Critical Points For 2015:- 18103.45 & 17823. Avoid fresh long call below 17823 and exit existing long call if it consistently trade below this mark.

8. Short Term Moving Average Range:-17995-17915(it changes every day with price movement), avoid long trade below 17995.

9. Medium Term Moving Average Range:-18035-17649(it changes every day with price movement) avoid long trade below 17649.

10. Long Term Moving Average Range:-17718--17307(it changes every day with price movement) below 17718 long term up trend will be threatened and consistently trading below 17307 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:- The highlight of the week which concluded on 17-4-2015 was that ,it snapped off 8 days movement   in  just one trading session that is on the last day of the week and it closed just above its last critical point of 17823,and in the process it has broken its short term moving averages and also broken the trend line drawn from the bottom of 15855.12 it made on 15-10-2014 which is a bad sign. In view of the above, It is strongly suggested to avoid long call now and see how it pans out in next 2-3 days, because I feel that the last days  fall is an ample indication that it may be heading for further fall in coming days if it fails to hold 17823 levels. Long trade should only be tried either if it maintains above 17823 or near but above 17579 &17307 with a stop loss of below 17540 & 17240 respectively.

NASDAQ COMPOSITE              (CLOSED AT 4931.81 ON 17-4-2015)

1. Support:- 4842.80 / 4825.93 / 4814.95 / 4774.18 /  4760.24 / 4736.05 / 4719.61 / 4580.46.

2. Resistance:- 4948.46 / 5008.57 / 5042.14 / 5132.52.

3. All Time High:- 5132.52 made on 10-3-2000.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-4825—4814.95—4736.

6. Tough Resistance Range:-5025---5132.52.

7. Critical Points For 2015:- 4814.95 / 4760.24 / 4736.05. Get alerted in long trade below 4814.95 and avoid fresh long call below 4736.05 for sure.

8. Short Term Moving Average Range:-4977--4947(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-4963--4791(it changes every day with price movement) avoid long trade below 4963, can try near 4791.

10. Long Term Moving Average Range:-4777---4627(it changes every day with price movement) below 4777 long term up trend will be threatened and consistently trading below 4627 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still it is way above its critical points and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as mentioned above.

S&P 500 INDEX      (CLOSED AT 2081.18 ON 17-4-2015)

1. Support:-2072.37 / 2064 / 2058.90 / 2048.38 / 2045.50 / 2039.69 / 1988.12 / 1980.90 / 1972.56 / 1904.78.

2. Resistance:- 2079.47 / 2093.55 / 2114.86 / 2119.59 / 2170.

3. All Time High:- 2119.59 made on 25-2-2015.

4. Trend:- In long term up trend.

5. Valuable Support Range now at:-2058.90—2038.

6. Tough Resistance Range:-2093.55--2119.59—2144.

7. Critical Points For 2015:- 2093.55 & 2058.90 , get alerted in existing long calls below 2093.55 and avoid fresh long call below 2058.90.

8. Short Term Moving Average Range:-2095---2084(it changes every day with price movement), avoid long trade below this range.

9. Medium Term Moving Average Range:-2094---2038(it changes every day with price movement) get alerted in long trade below 2094 and avoid fresh long trade below 2038.

10. Long Term Moving Average Range:-2054--2004(it changes every day with price movement) below 2054 long term up trend will be threatened and consistently trading below 2004 mark will put the up- trend in real danger. Therefore if up trend is to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

REMARKS:-It snapped of 8 days movement in last days trade of the week which concluded on 17-4-2015. Today it has broken Its short term moving averages but still above its one critical points of 2058.90 and long term moving averages. However In view of the last days trade of the week, it is strongly suggested to avoid long call now and see how it pans out in next 2-3 days because I feel that the last days fall is a potential indication that it may be heading for further fall in coming days, therefore long call can only be tried near important support range as mentioned above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

Kindly also 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----20-4-2015

CNX BANK INDEX--( A TECHNICAL VIEW )--- FOR THE WEEK STARTING FROM---20-4-2015

CNX BANK INDEX

CLOSED AT 18345.55 ON 17-4-2015.

SUPPORT: - 18226 / 18211 / 18024 / 17719 / 17502.45 / 16922.

 RESISTANCE: - 18489.60 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19377 / 19532.70 / 20541.65.

Bank Index is showing tremendous weakness on the technical chart in comparison with Nifty & Bse-Sensex . It is much below its critical points, below its short and medium term  moving averages and to top it all today  it has also  broken the upper band of its long term moving averages range which is between 18362----17185 now (it changes every day with price movement) and this is concerning. Please note that if uptrend has to remain intact it cannot stay even below the upper band of the moving average range for a longer time period. furthermore its Fibonacci Retracements support points are at 18727 / 18534 / 18378 / 18223 / 18030 three of which it has already violated however it may bounce back from any of the remaining points, therefore one should be vigilant around these point but please note that if it starts trading below 18030 then it can break the recent bottom of 17719.35 it made on 27-3-2015.

In view of the above observation it seems that it has good support in the range of 18223---18030 and then 17719---17185 but the technical parameters suggest that the on-going fall may accelerate from here, therefore long call should be avoided  till clarity on correction completion emerges but those who want to try it can try near but above 18030 with a stop loss of below 17950 or near but above 17719 & 17185 with a stop loss of below 17680 & 17100 respectively. I would advice to try long call only either above its long term moving average upper band or near its lower band only, instead I, strongly suggest to try sell call now and below 18321 for sure with a stop loss of above 18400.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact but threatened so long call should be avoided now till bottom formation sign are visible or can be tried near the lower band of the long term moving averages range, instead try sell call as suggested above.

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.

BSE-SENSEX--( A TECHNICAL VIEW )--- FOR THE WEEK STARTING FROM---20-4-2015

BSE-SENSEX

CLOSED AT 28442.10 ON 17-4-2015

SUPPORT: -28065 / 28044 / 27499 / 27485 / 27248.45 / 27203 / 26776.12 / 26469.47.

RESISTANCE:-28693.82 /28822.37 / 28978.74 / 29097.61 /  29183.76 / 29369.53 / 28522.86 / 29844.16 / 30024.74.

Sensex opened on a flat to positive note at 28682.97 and made a high of 28696.19 and thereafter slipped in a negative territory throughout the day and made a low of 28403.76 before closing the day near the low at 28442.10. It is already running and closing below its critical level of 28822.37 for last three days now, which is a bad sign, furthermore it has also broken almost all its short term moving averages and some medium term averages too ,therefore it indicate  that the on- going fall may accelerate from here  and going down it will have the potential strong support area is in the range of 28044----27000. However to negate this it has to move sharply beyond 28725 level immediately, possibility of which looks remotest at this point of time.

 I would once again like to mention here that it has Fibonacci Retracements support points at 28658 / 28389 / 28171 / 27953 / 27684 one of which it has already violated and pretty close to second one however it may bounce back from any of the remaining points, therefore one should be vigilant around these point but please note that if it starts trading below 27684 then it can  break the recent bottom of 27248.45 which it made on 27-3-2015. Furthermore its long term moving average range is between 28202---27000 now (it changes every day with price movement) and break below the upper band of the average ie-28202 will threaten the long term uptrend and consistently trading below 27000 will put the existence of uptrend in real danger, therefore if uptrend has to remain intact it cannot afford to stay below the upper range of the average for a longer time period even if it breaks it.

In view of the above, I would suggest to try sell call now below 28440 and below 28403 for sure with a stop loss of above 28525. Long call can be tried either near 27000 with a stop loss of below 26900 or above 27500 with a stop loss of below 27400. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-Long term up trend still intact. But since down correction is on I would advice to avoid long call now instead  try sell call as suggested above and long call can only be tried at points mentioned above .

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.