CNX-BANK NIFTY--A TECHNICAL VIEW--9-10-2015

CNX--BANK NIFTY

Closed at 17474.30 on 8-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a flat to positive note at 17622.85 and the open was the high also and thereafter it steadily moved down and made a low of 17401.20 before closing the day at 17474.30. It decisively broke its short term rising trend line today which was at 17600 and also broke its most critical support point of 17539(it changes every day) and it is needless to mention here that it has not yet given up- side breakout from the neckline after the first failed attempt on 6-10-2015. In totality it is showing huge weakness and if does improve and show strength in next 2-3 days time then it may go in for deep down correction from here. The short term rising trend line and Head & Shoulder pattern neckline would be at 17750 and critical point at 17538.50(it changes every day) for 9-10-2015 and to show good strength it has to cross both the points and sustain particularly above 17750 chances of which seems bleak at this point of time similarly break below 17100 will confirm that this on-going up move may be over. Please note that on the line chart the up move seems to be over as it has already made lower top and bottom, so chances of going down seems much brighter then moving up from here, therefore it is suggested  to avoid long call now and  try it only above 17750  with a stop loss of below 17640.          

TRADING STRATEGY FOR-9-10-15

1.It is suggested to try long  trade only if it sustain above 17750 with a stop loss of below 17640.

2. Short call can be tried if it maintains below 17538.50 with a stop loss of above 17660.

Remark:-The long term trend is still down .It is exhibiting huge weakness therefore long trade is ruled out till it shows some  strength or move above 17750 and sustain, instead short 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.

TRADING CALLS FOR---9-10-2015

TRADING CALLS FOR ---8-10-2015

CNX-NIFTY-A TECHNICAL VIEW--8-10-2015

CNX-NIFTY

Closed at 8177.40 on 7-10-15.

Support:--8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8621.55.

It opened on a flat to slightly negative note at 8146.20 and made a low of 8132.90 and a high of 8188.90 before closing the day near the high at 8177.40.Today it moved within its important range of 8132(it changes every day)—8195.65. Technically looking ok now but as said earlier it will show good strength if it moves above 8195.65 mark and sustain and on the downside it will remain good technically as long as it holds 8040 & 8000 mark ,therefore fresh buying is suggested if it crosses and sustain above 8195.65 or on reasonable decline and not at the present level. Please note that the alert points for long trades are at 8132, 8040 & 8020 and exit point is below 7940 which may be kept in mind while initiating trades, It is suggested to  slow down the pace of buying on decline if alert points are broken because then you may get a chance to buy near the next point. Fresh buying should be completely avoided below 8020. 

It is important to mention here that today was the 6^th day of rise, so it is getting highly vulnerable for correction and with each passing rising day its vulnerability for correction will increase, therefore be alert and don’t get trapped at higher levels because correction can happen tomorrow or may be in another 2-3 days which may please be noted. As of now any correction would be a buying opportunity till it holds 8020 but not to forget the first alert point of 8132.

TRADING STRATEGY FOR-8-10-15

1. Long call can be tried near 8132 then near 8050—65 and finally near 8020 with a stop loss of below 7940, one can place shorter stop loss below 7990 also or buy if it sustain above 8195.65 with a stop loss of below 8120.

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000.

3. Aggressive trader can try short call if it sustain below 8005 with a stop loss of above 8065.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Therefore for 8-10-2015 it is suggested to buy only if it crosses 8195.65 mark and sustain or on reasonable decline but not below 8020.   

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 NIFTY-A TECHNICAL VIEW--8-10-2015

CNX--BANK NIFTY

Closed at 17616.80 on 7-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a negative note at 17577.50 and made a low of 17500.35 and a high of 17674.55 before closing the day flat at 17616.80. It is not showing the required strength for sustained up move at all. It did not make an attempt today to give up side breakout from the Inverse Head & Shoulder pattern neckline after yesterday’s failed attempt, the neck line is at 17740 ,furthermore it again broke its down side critical point which was at 17539(it changes every day)but managed to close above it, now it is just resting on its short term rising trend line which would be at 17600 for 8-10-2015. So overall it is exhibiting weakness and is critically poised, in fact on the edge now and if it fails to give up side breakout in next 1-2 days then this pattern could fail. Please note that for 8-10-2015 break below the trend line mark of 17600 will signal the first crack on this on going up move and consistent trading below 17539 level will indicate potential weakness and finally below 17100 it will give confirmation that the up move may be over. Therefore long call should only be tried if it moves 17740 and sustain on 8-10-2015.

TRADING STRATEGY FOR-8-10-15

1. It would be safe to initiate long trade if it sustain above 17740 with a stop loss of below 17600.

2. Short call can only be tried if it consistently trades below 17539 for some time with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is slightly looking up. But since it had failed to give an up -side breakout from the neckline it is suggested to initiate fresh long trade only if it moves above 17740 and sustain. Short cal 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.

TRADING CALLS FOR-7-10-2015

CNX-NIFTY--A TECHNICAL VIEW--7-10-2015

CNX-NIFTY

Closed at 8152.90 on 6-10-15.

Support:-- 8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70.

It opened with a huge up gap at 8180.45 and made a high of 8180.95 but could not sustain at higher level and thereafter gradually moved down and made a low of 8096.50 before closing the day reasonably good at 8152.90. After decisive up-side breakout from the neck line yesterday the follow up movement was good and moving up it had also crossed two major resistance point of 8132 & 8146(it changes every day) and if it crosses 8195 mark and sustain then it will show good strength and  may give moderate to good rise. Similarly the alert points for long trades are 8132, 8040 & 8020(it changes every day) and exit point is below 7940.

It is important to mention here that Bank Nifty had not moved in sync with Nifty today ,in fact it showed weakness , it is needles to mention here that Bank Nifty influence nifty’s movement to a greater extent ,therefore if Bank Nifty does not show strength in next 2-3 days instead weakens further then nifty may also fall in line. So be watchful and keep an eye on Bank Nifty movement as well to have balanced trading approach.

TRADING STRATEGY  FOR-7-10-15

1.Long call can be tried  now or on the dip but not below 8020 ,the authentic stop loss for long trade would be slightly wider below 7940 ,one can place shorter stop loss below 7990 also. 

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000.

3.Aggressive trader can try short call  if it sustain below 8005 with a stop loss of above 8065.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Therefore it is suggested to adopt buy on dip strategy till it holds 8020.   

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 NIFTY--A TECHNICAL VIEW--7-10-2015

CNX--BANK NIFTY

Closed at 17605.35 on 6-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:- 17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened with an up gap at 17822.70 and made a high of 17827.15 and thereafter steadily moved down and made a low of 17493.75 before closing the day at 17605.35. It did give upside breakout from the neckline today but could not hold it and fell below it which indicates some sort of weakness however it may make an attempt to cross the neckline again in next 2-3 days time, if it does and cross the neckline and sustain then it can give good rise. Its neckline would be at 17740 for 7-10-2015.  Furthermore it did break its very critical level of 17539(it changes every day) intra-day but managed to close above it, so overall today’s move was not encouraging and in fact showed weakness. Please note that it will show good strength once it gives up side breakout from the neckline (17740) and sustain similarly it will show potential weakness if it sustain below 17539(it changes every day) and 17150.

TRADING STRATEGY  FOR-7-10-15

1. It would be safe to initiate long trade if it sustain above 17740 with a stop loss of below 17640.

2. Aggressive trader can try buy call near 17539 but not below this with a stop loss of below 17450.It could be a risky trade.

3. Short call can only be tried if it sustains below 17500(it is trend line support) with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Since it had a failed attempt for up -side breakout from the neckline it is suggested to initiate fresh long trade if it sustains above 17740 only. Short trade should be avoided for now and can only be tried if it consistently trade below 17500 with suggested 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.

TRADING CALLS FOR-6-10-2015

CNX-NIFTY- A TECHNICAL VIEW--6-10-2015

CNX-NIFTY

Closed at 8119.30 on 5-10-15.

Support:-- 8091.80/8065/8055/ /7997/7960/7940/ 7840/7759/ 7723

Resistance:-8195/8225/8269/8272.80/8282.70.

It opened on a tremendously firm note at 8005.10 and the open was the low also thereafter it never looked back and steadily moved up and made a high of 8128.90 before closing the day near the high at 8119.30. It gave a huge up side breakout from the neckline of the inverse Head & Shoulder pattern on the daily bar chart and moved above the Head & Shoulder pattern neckline on the weekly bar chart also. The neckline for both the pattern was in the range of 8040—8065( see my post for 28-9-2015). This gives a very positive indication for the up move to continue provided it hold this range of 8040—8065 and then 8000 mark for the next 3-4 days, if it does hold then it can give good rise from here. Moving up it will face hurdle at 8135, 8160(it changes every day) & 8195.65 once it crosses these levels and sustain it will show further strength. Today’s move indicated to adopt buy on dip strategy but since it was  the first day of up-side  breakout ,so it has to be seen whether it will sustain it or not therefore long traders should not be extra ordinarily enthusiastic. It seems that it may sustain this breakout and up move may continue, therefore till it holds 8040 and 8000 mark short call should be avoided and only long call can be tried now or buy on decline. 

TRADING STRATEGY FOR-6-10-15

1.Long call can be tried  now or on the dip but not below 8005 ,the authentic stop loss for long trade would be slightly wider below 7940 ,one can place shorter stop loss below 7990 also. 

2. Short call can only be tried if it sustains below 7940 with a stop loss of above 8000. Hopefully trader won’t get chance of this trade tomorrow.

Remark:-The long term trend is still down but short and intermediate trend is looking up .Today’s up- side breakout was huge  and clearly indicates to adopt buy on dip strategy till 8040 and 8000 levels are taken out decisively. Short trade should be avoided for now and can only be tried below 7940.   

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 NIFTY--A TECHNICAL VIEW--6-10-15.

CNX--BANK NIFTY

Closed at 17674.05 on 5-10-15.

Support:-17502.45/17246/17174/17070/16759/16670/16648/16192.

Resistance:- 17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on an extremely firm note at 17373.55 and made a low of 17362.70 and thereafter steadily moved up and made a high of 17699.75 before closing the day near the high at 17674.05. It had crossed all the hurdle in the range of 17215—17550(see my post for 5-10-2015) decisively today which shows   strength, but it is yet to give the up- side breakout from the neckline of the Inverse Head & Shoulder pattern (see my post for 28-9-15) which would be at 17740 for 6-10-15 it is very close to it now and if it does give a breakout and sustain then it can give good up move. Therefore fresh long trade should only be initiated above 17740 on 6-10-15. Please note that after giving up side breakout if it falls below the neckline and sustain then it will be the first sign of weakness and it will indicate potential weakness below 17540(it changes every day) and 17100 which may be kept in mind. The range for tomorrow is between 17740---17540 breakout on either side from this range will decide the price direction. Chances of up- side breakout is likely. Therefore short trade is ruled out for tomorrow.

TRADING STRATEGY FOR-6-10-15

1.Long call should only be initiated above 17740 with a stop loss of below 17640  or near 17540 but not below this with a stop loss of below 17450.

2. Short call can only be tried if it sustains below 17540 with a stop loss of above 17660.

Remark:-The long term trend is still down but short and intermediate trend is looking up. Since it is yet to give up -side breakout from the neckline it is suggested to initiate fresh long trade above 17740. Short trade should be avoided for now and can only be tried if it sustain below 17540.  

  

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-NIFTY--A TECHNICAL VIEW--5-10-2015

CNX-NIFTY

Closed at 7950.90 on 1-10-15.

Support:--7940/ 7840/7759/ 7723 / 7678.50/7667.25/7539.50/7422.

Resistance:-7970/7997/8055/8065/ 8091.80/8195.

It had a gap up opening at 7992.05 and made a high of 8008.25 and then moved down and made a low of 7930.65 and closed at7950.90. It filled the gap it created today and closed below the high of previous day bad indication ,but it is still holding on to the short term technical parameters, therefore on the face of it, its looking ok now but the under current was  weak today. So if it fails to cross 8040-60 range decisively in next 3-4 days time then the on- going up move may fizzle out and down journey may begin. Moving up the range of 8040—8065—8092—8135 will pose very stiff resistance therefore this zone is highly vulnerable for correction. So long traders should be extra careful around 8040—8065--8092and short traders should only get worried if it moves above 8135(it changes every day) and sustains.

For 5-10-2015 its short term trend line would be at 7830, Its short term moving average range is between 7900--7823(it changes every day), It is closer to the upper band of its broad range of 7660-8060, after making lower top & bottom on the line chart  it has decisively crossed the recent top of 7868.50 which is good sign. The short term parameters are ok but not to forget that the corrective up rallies shows all the promise but can exhaust abruptly also and it gave some indication of this today. It will show potential weakness below 7820—7795—7723—7660 so if some one wait for these level to break to exit the market then it will be too late and all the gains will be wiped out therefore to some extent one has to anticipate the move ahead of time with cautiousness to capitalize on it. Looking at today’s trading pattern it is suggested that one should be very careful and cautious in the long trade at least.  In view of the above technical observation the following trading strategy is suggested.

TRADING STRATEGY

1.Long call can be tried above 7970 or above 8000 with a stop loss of below 7930 & 7945 respectively. It would be safe to try it above 8000.

2.Can try buy call near 7900  but not below it with a stop loss of below 7823.It could be a risky trade.

3. Short call can be tried if it sustains below 7940 with a stop loss of above 8000, it would be an aggressive trade and slightly risky.

4. Short call can be tried below 7860 with a stop loss of above 7900.

5. if it moves up ,it is going to face huge resistance in the range of 8040-8065 so try sell call here but not above 8065 with a stop loss of above 8150.

Remark:-The long term trend is still down. Today’s move failed to keep the yesterday’s momentum on and showed some weakness but it still hangs in balance .Therefore  one can initiate trade  position as suggested above. Since it is in the close vicinity of its highly vulnerable zone, so particularly long traders are advised to be extra careful.                                                                                              

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 NIFTY--A TECHNICAL VIEW--5-10-2015

CNX--BANK NIFTY

Closed at 17150.20 on 1-10-15.

Support:-17070/16946/16759/16670/16648/16484/16192/15762.20.

Resistance:-17174/17216.30/17246/17465/17502.45/17542.90/17569.80/17602.

It opened on a positive note at 17362.95 and made a high of 17390.60 thereafter gradually moved down and made a low of 17111.65 before closing the day at 17150.20. It had a down day today and it showed first crack in the on-going up move by closing below its short term rising trend line which was at 17220,it would be at 17335for 5-10-15, it has fallen within its short term moving average range of  17215—16835(it changes every day) so moving up it will face resistance at 17215, it has not  yet violated its recent bottom of 17100.30 on the line chart, this is the only hope now for the current up move to continue,  but in last three days it had made  lower top of 17461.35/17449.85 & 17390.60 intra-day on the bar chart which indicates weakness. So for showing strength first it has to cross  the upper band of the moving average range of 17215 then short term rising trend line at 17335 then the recent higher top of 17461.5 and finally to cross 17550 mark(it changes every day) and sustain above it for at least 3-4 days. Looking at the weakness it exhibited in last couple of days it seems dam difficult to cross these hurdles and continue the up move. It has already given crack in the on-going up move by breaking the rising trend line and close below 17100 will confirm the weakness but since it has bed of support at 16835/16759/16670&16648 so it will show potential weakness if these levels are taken out ,chances of which looks pretty much possible in coming days. It is needles to mention here that since the trend is down and today’s move was also weak, so for safe traders  it is suggested to avoid long call below 17462 but if initiated before should be handled with caution and care.

TRADING  STRATEGY

1. It is suggested to avoid long call below 17462 but aggressive trader can try it above 17220 or 17290 with a stop loss of below 17100 & 17200 respectively.

2. Short call can be tried if it sustains below 17216 or below 17100 with a stop loss of above 17311 & 17230 and below 17031 for sure with a stop loss of above 17140, aggressive trader can try short call on the rise around 17462-17550 but not above 17550 mark with a stop loss of above 17660.

Remark:-The long term trend is still down. It has been under- performing for last few days and broken the trend line today which indicates weakness, therefore it is suggested to avoid long call now. Since the bias is down, therefore I would personally look for an opportunity to sell only till it moves above 17550 and sustain, but one can try both side trade calls 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.

INTRA-DAY--TRADING CALLS FOR--5-10-2015

CNX-NIFTY--A TECHNICAL VIEW--1-10-2015

CNX-NIFTY

Closed at 7948.90 on 30-9-15.

Support:--7940/ 7840/7759/ 7723 / 7678.50/7667.25/7539.50/7422.

Resistance:-7970/7997/8055/8065/ 8091.80/8195.

It opened on a firm note at 7924.75 and then made a low of 7874.50 and thereafter steadily moved up and made a high of 7957.70 before closing the day near the high at 7948.90. It gave a robust up move today and it out played Bank Nifty completely. It showed good strength and short term technical parameters have improved even then it has to be seen that whether this momentum will continue or not because the trend is still down. It is still within its broad range of 7660—8060(see my post of 28-9-2015) and break out on either side would decide which way it will move, if it moves above 8060 mark it will show some strength and it will show real strength if it sustains above 8137 level(it changes every day).

For 1-10-2015 its short term trend line would be at 7816, Its short term moving average range is between 7894--7814(it changes every day), It is closer to the upper band of its broad range of 7660-8060, after making lower top & bottom on the line chart  it has decisively crossed the recent top of 7868.50 which is good sign. Therefore short term parameters are encouraging but not to forget that the corrective up rallies shows all the promise but can exhaust abruptly also, so one has to be very careful and cautious in the long trade. In view of the above technical observation the following trading strategy is suggested.

TRADING STRATEGY

1.Long call can be tried above 7970  with a stop loss of below 7920.

2.Can try buy call near 7894 with a stop loss of below 7848.It could be a risky trade.

3. Short call can be tried below 7860 with a stop loss of above 7900

4. if it moves up it is going to face huge resistance in the range of 8040-8065 so try sell call here but not above 8065 with a stop loss of above 8110.

Remark:-The long term trend is still down. Today’s move was strong and steady and suggest buying but moving forward it will face huge resistance in the range of 7940—7970—8022--8065 and the fear of rally exhaustion is also there, therefore specially long trade should be handled with extreme caution  and care. Traders can initiate trades as suggested 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 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 NIFTY--A TECHNICAL VIEW--1-10-2015

CNX--BANK NIFTY

Closed at 17216.30 on 30-9-15.

Support:-17174/17216/16969/16759/16670/16484/16192/15762.20.

Resistance:-17246/17465/17502.45/17542.90/17569.80/17602/17719.

It opened firmly at 17404.75 and made a high of 17449.85 and then slipped down and made a low of 17100.20 before closing the day at 17216.30. Its movement was weak today but it managed to hold the key short term parameters but if it fails to show strength in next 3-4 trading session then it may go in for sharp downside correction. Please note that it will only show strength if it sustains above 17550(it changes every day).

For 1-10-2015 its short term trend line would be at 17220 and today it has closed just below this mark, so it has to move and close above 17220 mark tomorrow if the on going up move is to continue. Its short term moving average range is between 17211—16804(it changes every day), it has still not made lower bottom on the line chart and the recent bottom is at 17100.30 and top is at 17281.20,therefore no weakness as yet on this count. In view of the above technical parameters it will give first crack in the on going up move if it closes below 17220 then close below 17100 will indicate some weakness and potential weakness below 16670 mark. Similarly moving up it will only show some strength if it sustains above 17550(it changes every day). Looking at the above technical position the under noted trading strategy is suggested. It is needles to mention here that since the trend is down and today’s move was also weak, so it is suggested to avoid long call but if initiated should be handled with caution and care.

  

 TRADING  STRATEGY

1. Long call can be tried above 17211 or 17290 with a stop loss of below 17100 & 17200 respectively.

2. Short call can be tried if it sustains below 17220 or below 17100 with a stop loss of above 17290 & 17230 and below 17031 for sure with a stop loss of above 17150, aggressive trader can try short call on the rise around 17550 but not above this mark with a stop loss of above 17660.

Remark:-The long term trend is still down. It under performed today, it was down but still not out, so look out for a clear signal to initiate trade position. The bias is down, therefore I would personally look for an opportunity to sell only till it moves above 17550 and sustain, but one can try trade calls as suggested 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 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-NIFTY--A TECHNICAL VIEW---30-9-2015

CNX-NIFTY

Closed at 7843.30 on 29-9-15.

Support:-- 7840/7759/ 7723 / 7678.50/7667.25/7539.50/7422.

Resistance:-7907.95/7940—7962/7997/8021.60/8055/8065/ 8091.80.

It opened with a huge down gap at 7725.70 and made a low of 7691.20 and even after RBI’S rate cut announcement it was moving in a range for some time and thereafter shot-up and made a high of 7926.55 but could not hold on at higher level and closed the day at 7843.30. The volatility it exhibited today was expected (see my post for 29-9-15) but it did not show the required strength to carry on with the up move, therefore watch its movement for at least next two days to get clear direction that which way it want to move, but most of the technical parameters suggest that the fresh down move may be in the offing in coming days. So watch out the price movement and act accordingly.

 It is still moving in its broad range of 7660—8060(see post of 28-9-15),therefore today’s move was nothing significant, it did violated the short term rising trend line intra day but held it and it would at 7790 for 30-9-2015, it managed to bounce back within the short term moving average range of 7890—7816(it changes every day)for 30-9-15, it is making lower top & bottom on the line chart and the recent bottom is at 7795.70 it made on 28-9-15 bad sign, although it did break the support range of 7723—7700 but bounced back from there, so it is a huge support range for it and final support exist at 7660 break below this mark will accelerate the fall. Looking at the above technical parameters following trading strategy is suggested for 30-9-2015.

TRADING STRATEGEY

1.Long call can be tried above 7870 or above  7895 with a stop loss of below 7840 & 7860 respectively. It would be better to try it above 7895.

2.Can try buy call near the range of 7816---7790 with a stop loss of below 7759. It could be a risky trade.

3. Since it has huge support in the range of 7723—7700 and then at 7660 it would be safe to try short call if it sustain below 7711 and add on position below 7660 with a stop loss of above 7770 & 7723 respectively.

4. Since the trend is down, so sell call can also be tried if it sustains below 7790 with a stop loss of above 7840 or on the rise but below 7940 with a stop loss of above 7980.

Remark:-The long term trend is still down.  As expected it had a volatile day today. It hangs in balance now, so watch its price movement for next two days for proper direction and then act accordingly. However day trader can initiate trade as suggested above. The bias is still down.                                                                                            

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 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 NIFTY---A TECHNICAL VIEW--30-9-2015

CNX--BANK NIFTY

Closed  at 17281.20 on 29-9-15.

Support:-- 17246 / 17174/16983/16969/16759/16670/16484/16192/15762.20.

Resistance:- 17465/17502.45/17542.90/17569.80/17602/17719/17738.

As expected it had a volatile day, it opened with a huge down gap at 16859.75 and went down further and made a low of 16648.30 and then after the RBI’S rate cut announcement it zoomed up and made a high of 17461.35 before closing the day at 17281.20. It broke all the short term technical parameters intra -day but managed to hold all of them at the end of the day, so it is still looking balanced on the daily chart. Please note that the long term trend is still down and it will only show some strength if it moves above 17552(it changes every day) and sustain, it had moved past this mark number of times but failed to hold on. Since it had extremely volatile day today, it would be better to watch the price movement carefully for at least next two days for proper direction and then take action accordingly.

It is still within its broad range of 17730—16759(see post of 28-9-15),Its short term rising trend line would be at 17100 for 30-9-2015, its short term moving average range it between 17198—16801, although it made lower top on the line chart at 17255.30 but it did not break the bottom of 17031 and now made a higher bottom at 17100.30 and is in the making of higher top also ,it will show weakness only if it closes below 17100  mark and potential weakness below 16670 mark. In view of the above technical parameters one can initiate trade position as suggested below.

 TRADING  STRATAGY

1. Long call can be tried above 17290 or above 17311 with a stop loss of below 17 200 & 17240 respectively.

2.Can buy  near  17146—17100 but not below 17100 with a stop loss of below 17030. It could be a risky trade.

3. Short call can be tried below 17100 with a stop loss of above 17255 and below 17031 for sure with a stop loss of above 17150, aggressive trader can try short call on the rise around 17552 but not above this mark with a stop loss of above 17660.

Remark:-The long term trend is still down.  As expected it had a volatile day today, but despite wild swing during the day it is not showing weakness on the daily chart based on short term technical parameters. It hangs in balance now but the bias is still down, so watch its price movement for next two days for proper direction and then act accordingly.

                                                                                         

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 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 CALL--29-9-2015