NIFTY---A TECHNICAL VIEW----14-5-2015

CNX NIFTY

CLOSED AT 8235.45 ON 13-5-2015.

SUPPORT: - 8230 / 8191.50 / 8181.50 / 8180 / 8160 / 8147.95 / 8144.75 / 8140 /8089 / 8065.45/ 7997.15 / 7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95.

Nifty opened today with a sharp jump at 8181.55 and within 45 minutes of trade made a high of 8254.95 and thereafter in an hour’s time by 11-11.15 AM it went down sharply and hit a low of 8089.80 and then again made a U turn and finally closed near the high of the day at 8235.45. It exhibited huge volatility and wild swing today which is indicative of weakness in it, however its close near the high today may be because of possible short covering but this may end abruptly also or may last for another day or two if it does last then  this process may get exhausted at any of these points 8269----8282----8320----8356. Please note that if it moves above 8356 and sustain then this rally may extend up to 8410---8450----8510. I feel that on highly optimistic note this move may end between 8320---8352 or earlier. I would therefore suggest to try sell call 8300 plus for sure with a stop loss of above 8360 and if this move ends all of a sudden then other sell points are near 8283 and below 8180 & 8140 and below 8125 for sure, similarly those who want to try long call can try above 8237 with a stop loss of below 8180. Since it is clearly sell on the rise market therefore it is suggested to avoid long call and if initiated should be handled with extreme caution. I would prefer to  try sell call. 

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.

REMARKS:- Long term up –trend is severely threatened. Therefore it is advised to avoid long call.

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---13-5-2015

NIFTY----A TECHNICAL VIEW----13-5-2015

CNX NIFTY

CLOSED AT 8126.95 ON 12-5-2015.

SUPPORT: - 8125 / 8065.45/ 7997.15 / 7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8144.75 / 8147.95 / 8160 / 8180 / 8181.50 / 8191.50 / 8231 / 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 8364.75 / 8445.60 / 8470.50 / 8504.95 /

Nifty opened flat at 8326.15 and the open was the high also ,then in just 15-20 minutes of opening  trade is slipped down by 100 points and thereafter it steadily moved down throughout the day and made a low of 8115.30 before closing near the low of the day at 8126.95. It lost 198.30 points today which shows gross weakness in it. The on –going up rally seems to have fizzled out as expected and in the desired range and time frame (see my last post dt-11-5-2015). Since today’s fall was huge so it may take a pause here for a day or two before the fresh slide begins, therefore the important range for now is 8115—8145---8192--8269 on the up side and 8065---7960 on the downside. Since the trend is down therefore it is suggested to try short call on the rise at appropriate levels  or below 8115 with a stop loss of above 8145.Please avoid fresh short call if it moves  above 8145 and sustain.It would be safe to try sell call below 8115 today.

Kindly note that it is tremendously weak on the technical chart and it is very likely to break the recent bottom of 7997.15 it made on 7-5-15 in coming days and may seek much un-believable lower levels in coming months. I, would therefore advice to avoid long call till clarity on solid bottom formation emerges, however day trader can try long call for in between pull back rally from time to time at proper levels but it should be handled  with extreme caution because it absolutely sell on the rise market as of now.

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.

REMARKS:- Long term up –trend is severely threatened . The on-going up-rally seems to have exhausted today, therefore it is suggested to avoid long call, short call can be tried as 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.

DOLLAR $ UP-MOVE MAY CONTINUE---A TECHNICAL VIEW----11-5-2015

Dollar – Vs –Rupee

Dollar Closed at Rs.63.70 on 8-5-2015.

SUPPORT:-63.30 / 63.17 / 63 / 62.49 / 62.12 / 61.92 / 61.70 / 61.64 / 61.25 / 60.89 / 60.64.

RESISTANCE:-63.90 /64.28 / 65.50 / 68.60 / 68.80.

TECHNICAL   OBSERVATION :-

It is looking good on the technical chart. It  gave an up-side breakout from the top of 63.90 on 7-5-15 and now consolidating .so if it crosses this mark again and sustain then it is expected to reach 65.50 level but journey up to this level would be very tough as it is having series of resistance in the range of 64.30—65.50, but once it crosses this range and sustain then it may surely make a fast attempt to test its all time high of 68.80, chances of which are looking pretty bright as of now. Please note that it has a very strong support at 63.30 / 63 therefore  get alerted if it break these level because then correction may set in which can drag it down to 62.50 .I would like to mention here that its most critical support range is between 62.46—61.79(it changes every day) and break below this range will put its uptrend in real danger, chances of happening this looks remote at this point of time. I would therefore suggest to try long call on dip but above 63 or above 63.90 with a stop loss of below 62.46 & 63.50. The bias is clearly on the upside now.

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.

 REMARKS:-The  trend is up, therefore  long call can be tried 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.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL VIEW)—10-5-2015

CLOSED AT $ 59.39  ON  8-5-2015

SUPPORT:-$58 /57.50 / 56.07 / 55.07 / 54.24 / 53.76 / 53.27 / 52.44 /  50.08 / 47.05 / 43.58 / 42.20 / 42.03 / 41.15 / 40.25 / 37.80 / 35.25 / 32.40 / 26.80 / 24.82 / 16.70.

RESISTANCE:-$ 59.85 /62.58 / 64.65--70 / 76-81.

(Figure in bold are important)

On the technical chart crude is still bearish in long term but  after the upside breakout  from the top of $54.24 as expected it moved up and went beyond the desired range of $59--62 and hit a high of $62.58(see may post dt-17-4-2015). In fact after making a bottom at$ 42.03 on 18-3-2015 it went on to hit a high of $62.58 on 6-5-2015, so in 1-1/2 months it moved up by 48.89% from the bottom which is phenomenal up rally in bear trend. It still looks good in the short term but since, it has been rising for last 8 weeks, so it may take a breather here and can correct and going down it will have strong support at $58 & 57.50, but break below $57.50 mark can drag it down to $56.07 / 55 / 54.24 & 52.44, please note that till it holds $54.24 and then $ 52.44 level it will be ok for a possible up move. Going up it will face resistance at $59.85 / 62.58 / 64.65---70 / 76—81. It seems that it has potential to cross the recent high of $62.58 it made on 6-5-2015 in coming days.

Looking at the technical parameters long call can be tried either above $59.85 or on the decline but above $58 with a stop loss of below $57.50 or near $54.24 with a stop loss of below $52.44. I would suggest to try long call above $59.85 with a stop loss of below $59.30 because it is expected to resume up momentum again above $59.85.

 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.

REMARKS:-  Long term trend is down . The technical chart is nicely placed in short term therefore   long call can be tried 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.

GOLD IN $-DOLLAR TERMS---A TECHNICAL VIEW----10-5-2015

     

GOLD IN $ TERMS

Gold closed at $1188.90 on 8-5-2015

SUPPORT:- 1184 /  1182 / 1178.20 / 1177.90 / 1168.40 / 1167.30 / 1141.60 / 1130.40 / 1084.80 / 1044.50.

RESISTANCE:-1199.30 / 1210 / 1214.60 / 1219.50 / 1223 / 1224.50 / 1238.90 / 1255.60.

The long term trend is down .It is running below its all short, medium and long term moving averages  and certain short and medium term averages have given negative crossover long ago therefore technically it is very badly placed even in the short and medium term. However since its price movement also depends on the important international events so it may witness volatile and sharp up move from time to time but those move may not be sustainable.

Please note that in last 1,1/2 it is moving in the range of 1225---1168, so breakout on the either side will decide its future price movement, therefore  either side trade can be initiated keeping this range in mind. Furthermore its long term moving average range is placed between 1200—1239 now (it changes every day) and its critical support points are at 1184 & 1130.40, therefore broad range for it is between 1239--1184--1168---1130 and to show good strength and strong up move it has to move above 1239 and sustain for few days, chances of which looks weak at this point of time. Since it is in downtrend, I, personally would not like to go for long call instead, I would look for opportunity to try sell call on the rise at proper points or below 1184 &1168 and below 1130 for sure with proper stop losses. The aggressive day trader can try long call above 1184 or near 1168 with a stop loss of below 1180 & 1164 respectively. The bias is clearly on the downside therefore long call should be handled with extreme caution as  because technically it is clearly sell on the rise market as of now.

 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.

REMARKS:-Long term trend is down. The short and medium term trend also looking weak therefore it is suggested to avoid long calls. However day trader can try both long and short call depending upon the price movement and as suggested above.

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----11-5-2015

CNX NIFTY

CLOSED AT 8191.50 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-8355.65-----7997.15.

SUPPORT: - 8180 / 8160 / 8147.95 / 8144.75 / 8140 / 8065.45/7961.15 /7841 / 7723 / 7540.10.

RESISTANCE: - 8203.05 / 8236.65 / 8269.15 / 8272.80 / 8282.70 /8355.65 / 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 made temporary short bottom on 7-5-15 at 7997.15 within the expected range of 8050—7960(see my post dt-4-5-2015) and closed the week at 8191.50. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 8286 -- 8356 in a day or two, but if it moves above 8356 mark and sustain then this rally may extend up to 8420---8510 chances of which are not looking that great at this point of time. I expect the rally to fizzle out in the range of 8270---8320 l or earlier.

The trend is down for sure therefore it is suggested to avoid positional long call but the day trader who want to take advantage of the on going relief rally can try long call above 8191.50 for a target of 8269---8286----8320 but please get alerted below 8170 and exit long trade  below 8141 for sure. Since it is in short and medium term downtrend and long term up-trend is severely threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell call on the rise at proper points or below 8170 & below 8140 for sure with a stop loss of above 8195. Please also note that it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 7997.15 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market as of now.

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.

REMARKS:- Long term up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short 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.

CNX--BANK INDEX---A TECHNICAL VIEW---11-5-2015

CNX-Bank Index

CLOSED AT  17796.60 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-18586.30-----17246.55.

SUPPORT: -17738.90 / 17719.35 /  17502.45 / 17246.55 / 16561.

RESISTANCE: -17917 / 18075 / 18211 / 18226 / 18270 / 18338.10 / 18417.50 / 18433.80 / 18586.30 / 18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index made temporary short bottom on 7-5-15 at 17246.55 around its strong support area of 17502--300(see my post dt-7-5-2015) and closed the week at 17796.60.  Despite the poor performance in the just concluded week, it is still showing better strength on the technical chart in comparison with Nifty & BSE-Sensex. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 18100--18470 in a day or two, but if it moves above 18470 mark and sustain then this rally may extend up to 18600---18750 chances of which are looking slim at this point of time.  I expect this rally to fizzle out in the range of 17975---18300 or earlier.

The trend is down for sure, therefore it is suggested to avoid positional long call ,but the day trader who want to take advantage of the on going relief rally can try long call above 17796.60 for a target of 17950---18075----18300, but please get alerted below 17738 and exit long trade if it consistently starts trading below 17719. Since it is in short and medium term downtrend and long term up-trend is threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell -call on the rise at proper points or below 17719 for sure with a stop loss of above 17750. I would also like to mention here that, if it breaks 17500 level and maintains below it for few day then it can drag down the index to 16500-16000 level very fast, therefore fresh short position can be added below this mark with a stop loss of above 17550. Please also note that it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 17246.55 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market.

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.

REMARKS:- Long term up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short 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.

BSE--SENSEX---A TECHNICAL VIEW----11-5-2015

BSE-SENSEX

CLOSED AT 27105.39 ON 8-5-2015.

Range for the week ended on 8-5-2015 was:-27603.71-----26423.99.

SUPPORT: - 27011 / 26897.54 / 26776.12 / 26469.42 / 26423.99 / 25910.77 / 25232.82.

RESISTANCE: - 27205 / 27248 / 27326--70 / 27475.13 / 27485.77 / 27499.50 / 27502 / 27603.71 / 28044.49 / 28064.49 / 28087.78 / 28693.82 / 28822.37.

BSE-Sensex made temporary short bottom on 7-5-15 at 26423.99 around its strong support area of 26776--26469(see my post dt-4-5-2015) and closed the week at 27105.39. The on- going up move seems to be a pull back rally of the recent fall   and this rally may get exhausted in the range of 27330 -- 27604 in a day or two, but if it moves above 27604 mark and sustain then this rally may extend up to 27800---28200 chance which are looking slim at this point of time. I expect the rally to fizzle out in the range of 27350---27520 or earlier.

The trend is down for sure therefore it is suggested to avoid positional long call ,but the day trader who want to take advantage of the on going relief rally can try long call above 27110  for a target of 27200---27370----27500, but please get alerted below 27060 and exit long trade  below 27011 for sure. Since it is in short and medium term downtrend and long term up-trend is severely threatened, therefore I, personally would not like to go for long call instead, I would look for opportunity to try sell- call on the rise at proper points or below 27011 & 26897.54 with a stop loss of above 27070 & 26930. Please also note it is tremendously weak on the technical chart and the major technical parameters are indicating that it may break the recent bottom of 26423.99 it made on 7-5-2015 and may seek much lower levels in coming weeks and months. Therefore long call should be handled with extreme caution as because technically it is clearly sell on the rise market as of now.

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.

REMARKS:- Long term up –trend is severely threatened and the on-going up-rally is just a pull back of the recent fall. Please note that in the weak market these up rally could end abruptly, therefore it is suggested to avoid long call. However day trader can try both long and short 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---11-5-2015

CNX-BANK INDEX---A TECHNICAL VIEW----8-5-15

CNX-Bank Index

CLOSED AT  17376.90 ON 7-5-2015.

SUPPORT: - 17280 / 17246 / 16950 / 16560 / 15973.

RESISTANCE: -17502.45 / 17719.35 / 17738.90 / 18145 / 18211 / 18226 / 18338.10 / 18417.50 / 18433.80 / 18586.30 / 18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index opened on a negative note at 17751.40 and the open was the high also for the day thereafter throughout the day it steadily went down and made a low of 17246.55 before closing the day at 17376.90. After yesterdays huge fall of 671.89 points it fell again by 422.65 points today which is indicating gross weakness in it. Please note that if it maintains below 17503 mark for few days and fails to hold the level of 17280  then it is going to witness severe fall  in coming days and that may drag down the index to 16500---16000 level or may be to much lower levels. Since it is in down trend, I would therefore personally prefer to avoid long call instead would look for opportunity to try sell call at appropriate points. The long call can be tried by the aggressive trader if they wish to either above 17280 or above 17503 with proper stop losses. I once again reiterate that since it is in downtrend so it is suggested to avoid long call but if initiated then it should  be handled with extreme caution.

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 severely threatened. Since its short and medium trend is down therefore it is suggested to avoid long calls.

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---7-5-2015

CNX-BANK INDEX--A TECHNICAL VIEW---7-5-2015

CNX-Bank Index

CLOSED AT  17799.55 ON 6-5-2015.

SUPPORT: - 17738.90 / 17719.35 / 17502.45 / 16561.

RESISTANCE: -18145 / 18211 / 18226 / 18338.10 / 18417.50 / 18433.80 / 18586.30 /  18736.65 / 18728.20 / 18875.45 / 18923.60 / 19038.50 / 19166 / 19376.85 / 19532.70. 

 (Figures in bold are important)

Bank Index opened on a negative note at 18436.90 and made a high of 18580.10 and in just 35-40 minutes of trade it plunged down by 300 points and thereafter steadily moved down during the day and made a low of 17757.70 before closing the day near the low. It lost 671.89 points today. Kindly note that despite this huge fall it is still holding its recent bottom of 17738.90 & 17719.35 it made on 27.4.15 & 27.4.15 respectively whereas Nifty & BSE-Sensex is way below its recent bottoms, therefore it is showing better strength in comparison with the aforesaid indices. So if it hold these bottoms then temporary short bottom may already be in place but if it breaks these bottoms then possibly it could make short bottom in the range of 17502—17300. The upper range for Bank Index seems to be capped at 18470—18600---18740 for now.

In view of the above, it is suggested that after opening of the market watch the index for some-time and if it hold the bottom of 17738.90& 17719.35 then long call can be tried with a stop loss of below 17680 for an expected short pull back but if it breaks 17719.35 mark and sustain then short call can be tried with a stop loss of above 17750 for a target of 17520. Please note that since the trend is down therefore, I would personally prefer to avoid long calls instead I would look for opportunity to try sell call.

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. The aggressive can go for both long and short trade 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---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.