BSE-SENSEX---A TECHNICAL VIEW---7-5-2015

BSE-SENSEX

CLOSED  AT 26717.37 ON 6-5-2015.

SUPPORT: -  26469.42 / 25910.77 / 25232.82.

RESISTANCE: - 26776.12 / 26897.54 / 27011.31 / 27204.63 / 27248.45 / 27485.77 / 27499.50 / 27603.71 / 28044.49 / 28064.49 / 28087.78 / 28693.82 / 28822.37.

  

Sensex opened on a flat to positive note at 27473.36 and made a high of 27501 and then in just 40 minutes of trade it plunged down by 300 points and thereafter it went down relentlessly throughout the day and made a low of 26677.64 before closing the day near the low at 26717.37. It lost 722.77 points today. As expected it broke the last month low of 26897.54 effortlessly (see my last post-4-5-2015). Since today’s fall was colossal and there was a sheer panic like situation therefore it seems that a temporary short bottom may be in sight in a day or two in the range of 26600—26300 of course if it holds this range, because if it does not hold then the next potential support would be in the range of 25900—25230. The upper range for sensex seems to be capped at 27200—27500---28214 for now.

The short and medium term trend is down and long term trend is severely threatened and if it consistently remains below 27030 and does not go beyond 27500 & 28214 mark in coming days then it could see bear phase for few months and then it will drift lower in coming months and may go down to unbelievable  levels. As of now it is clearly a sell on the rise market. I would therefore personally prefer to avoid long call completely till it is visible that the on-going fall is arrested for good instead I would try short call on the rise at appropriate levels but would avoid short call above 26897.54 and then above 27030 & 27500.  However  the aggressive day trader can   try long call within the range of 26650—26350 with a stop loss of below 26350  or above 27030 with a stop loss of below 26950.

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 is threatened and in real danger, since it is in downtrend therefore it is suggested to avoid long call now instead try short call on the rise. However the aggressive trader can try both short and long call depending on the price movement and 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.

NIFTY---A TECHNICAL VIEW---7-5-2015

CNX NIFTY

CLOSED AT 8097 ON 6-5-2015.

SUPPORT: - 8065.45/7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: -8144.75 / 8147.95 / 8160 / 8180 / 8236.65 / 8269.15 / 8272.80 / 8282.70 / 8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95 / 8612 / 8626.95.

Nifty opened on a flat to negative note at 8316.80 and made a high of 8331.95 and then in just 40 minutes of trade it plunged down by 100 points and thereafter it went down relentlessly throughout the day and made a low of 8083 before closing the day near the low at 8097. It lost 227.80 points today. As expected it broke the last month low of 8144.75 effortlessly (see my last post-4-5-2015). Since today’s fall was colossal and there was a sheer panic like situation therefore it seems that a temporary short bottom may be in sight in a day or two in the range of 8050—7960 of course if it holds this range, because if it does not hold then the next potential support would be in the the range of 7723—7540. The upper range for nifty seems to be capped at 8283—8360---8510 for now.

The short and medium term trend is down and long term trend is severely threatened and if it consistently remains below 8150 and does not go beyond  8283 & 8510 mark in coming days then it could see bear phase for few months and then it will drift lower in coming months and may go down to unbelievable  levels. As of now it is clearly a sell on the rise market. I would therefore personally prefer to avoid long call completely till it is visible that the on-going fall is arrested for good instead I would try short call on the rise at appropriate levels but would avoid short call above 8145 and then above 8283.  However  the aggressive day trader can   try long call within the range of 8050—7960 with a stop loss of below 7940 or above 8145 with a stop loss of below 8125.

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 is threatened and in real danger, since it is in downtrend therefore it is suggested to avoid long call now instead try short call on the rise. However the aggressive trader can try both short and long call depending on the price movement and 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---4-5-2015

CNX-BANK INDEX---A TECHNICAL VIEW--4-5-2015

CNX-Bank Index

CLOSED AT 18338.10 ON 30-4-2015.

Range for the week ended on 30-4-2015 was:-18431.90-----17738.90.

Range for the month of April-15 ended on 30-4-2015 was:-19038.50---17738.90

SUPPORT: -18226 / 18211 / 18163.90 / 17738.90 / 17719.35 /  17502.45 / 16561.

RESISTANCE: -18433.80 / 18490 / 18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index is showing much strength in comparison with Nifty & Bse-Sensex and it has closed   the month of April-15 in mid range and week near the higher range. It did not violate the bottom of 17719.35 it made in the month of March-15 and made a higher bottom at 17738.90 in the month of April-15 and closed hugely above it , which looks positive but moving up it will find very tough resistance from the multiple tops and long term moving average between 18434—18450 and then in the range of 18740---18925. I would therefore suggest to try long call only if it moves above 18440 and sustain with a stop loss of below 18400 but aggressive trader can try long call now also above 18340 or on the dip but not below 18245 with a stop loss of below 18235. Please note that if it fails to cross 18434—18450 range or if it crosses this range and fails to hold then short call can also be tried below 18430 with a stop loss of above 18470.

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. The bias is slightly on the upside, however both long and short trade can be initiated depending on the price movement and 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---4-5-2015

BSE-SENSEX

CLOSED  AT 27011.31 ON 30-4-2015.

Range for the week ended on 30-4-2015 was:-27567.28-----26897.54.

Range for the month of April-15 ended on 30-4-2015 was:-29094.61---26897.54

SUPPORT: - 26897.54 / 26776.12 / 26726 / 26469.42 / 25910.77 / 25232.82.

RESISTANCE: - 27091.38 / 27203 / 27248 / 27355 / 27475.13 / 27485.77 / 27499.50 / 28044.49 / 28064.49 / 28087.78 / 28693.82 / 28822.37.

Sensex has closed the month of April-15 and the weekend around the lower range which exhibits gross weakness in it and suggest that a decent bottom is not in place now. Please note that it is running below all its short, medium and long term moving averages ,furthermore short term moving averages have started giving negative crossover which is a kind of confirmation of that the down  move to continue or may accelerate in coming days. Other technical parameters such as RSI & MACD are looking extremely bad on the daily, weekly and monthly chart and are showing huge negative divergence indicating that a good down move in coming weeks and months is expected if it does not improve, except for the RSI on daily chart which is showing some positive divergence but this may not come into play because moving averages are not supporting it. In totality it looks extremely week technically , however the next week starting from 4-5-2015 is the beginning of May-2015 series therefore it may behave in a steady manner and may give short up move also for few days  but It seems that the recent low of 26897.54 it made today will be broken effortlessly in coming days. Going down it will find good support in the range of 26950----26750 and if it violates this range then the next range is 26469---25910, and moving up it will find very tough resistance in the range of 27030----27500----28220.

In view of the above it looks highly bearish. Therefore, I am of the opinion that it has still not made a firm bottom but it may give a short up move from here. Since the trend is down, I would prefer not to initiate long trade personally but would look for opportunity to sell on the rise at appropriate levels, however aggressive trader can try long call above 27030 with a stop loss of below 26960. Avoid long call below 26897 for sure for the entire month of May-2015 but it can be tried near the strong support area in the rage of 26776—26469. Since short and medium term trend is down and long term up trend is in real danger, I would opt for sell call on the rise at proper levels and below 27000 & below 26897 for sure with a stop loss of above 27050 and 26965 respectively. Avoid fresh sell call if it closes above 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 severely threatened.  Since the bias is on the downside therefore I would not prefer to try long call till clarity on bottom formation emerges instead I would look for shorting opportunity.

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 THE WEEK STARTING FROM--4-5-2015

CNX NIFTY

CLOSED  AT 8181.50 ON 30-4-2015.

Range for the week ended on 30-4-2015 was:-8334.45-----8144.75.

Range for the month of April-15 ended on 30-4-2015 was:-8844.80---8144.75.

SUPPORT: - 8180 / 8160 / 8147.95 / 8065.45/7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8236.65 / 8269.15 / 8272.80 / 8282.70 / 8364.75 / 8445.60 / 8470.50 / 8504.95 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

  

Nifty closed the month of April-2015 and weekend around the lower band of the range which shows gross weakness in it and it indicates that the bottom is still not in place . However the next week starting from 4-5-2015 is the beginning of May-2015 series therefore it may behave in a steady manner and may give short up move also for few days  but It seems that the recent low of 8144.75 it made today will be broken effortlessly in coming days. Going down it will find good support in the range of 8141-----8050----7960 and if it violates this range then the next range is 7862---7723---7540, and moving up it will find very tough resistance in the range of 8283----8510----8627.

TECHNICAL OBSERVATION

1.Below all its short , medium and some of the long term moving averages furthermore  short term moving averages  have started giving negative crossovers ,it is  more bearish sign. To convert it into a positive crossover it has to sharply move above 8430 and sustain for few days.

2. The long term moving averages range is between 8510---8141(it changes every day with price movement) for 4-5-2015.It took support around the lower band of the average today and closed above it but still not comfortably above it. If it breaks the 8141 mark and consistently starts trading below it then downside move will accelerate.

3. MACD is in sell mode on daily and weekly chart and on monthly chart it has made a top and turned down and approaching trigger line, so watch, it could give sell signal in the month of May-15 ,if nifty moves with a downward bias during the month and that could be devastating.

4.RSI on daily chart is showing some positive divergence, so it may give a short up move but on weekly and monthly chart it has given huge negative divergence and if it sustain then it could give huge down move in coming weeks or months , so be alert.

In view of the above technical facts it looks highly bearish. Therefore, I am of the opinion that it has still not made a firm bottom but it may give a short up move from here. Since the trend is down, I would prefer not to initiate long trade personally but would look for opportunity to sell on the rise at appropriate levels, however aggressive trader can try long call above 8190 or near 8141 with a stop loss of below 8165 & 8125 respectively. Avoid long call below 8141 for sure for the entire month of May-2015 but it can be tried near the strong support area in the rage of 8050—7960 with a stop loss of below 7950. Since short and medium term trend is down and long term up trend is threatened, I would opt for sell call on the rise at proper levels and below 8141 for sure with a stop loss of above 8182. Avoid fresh sell call if it closes above 8290 and initiate only if it break 8269 level again.

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 severely threatened and if it moves below 8141 and sustain then long term uptrend would be in real danger. Please note that to keep the uptrend going it has to bounce back above 8283 / 8510 & 8626.95 and sustain. Traders can try both long and short trade depending on the price movement as suggested above. The bias is on the downside.

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----30-4-2015

CNX NIFTY

CLOSED  AT 8239.75 ON 29-4-2015.

SUPPORT: - 8180 / 8160 / 8147.95 / 8065.45/7961.15 /7841 / 7723.

RESISTANCE: - 8269.15 / 8272.70 / 8282.70 / 8364 / 8445 / 8470 / 8505 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened at 8274.80 and made a high of 8291.40 and thereafter made a low of 8219.20 for the day before closing at 8239.75. It is holding the low of 8185.15 it made on 28-4-2015 but not adequately above it therefore chances are that it may break this mark .I still feel that it is going to make bottom for now in the range of 8140—7960.

I would therefore suggest to avoid long call below 8286, it can be tried either above 8286 or within the range of 8140---8050---7960 with a stop loss of below 8250 &7950 respectively similarly Short call can be tried below 8210 with a stop loss of above 8250. Since the bias is still down therefore I would personally prefer to 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----30-4-2015

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.