CNX-NIFTY-A TECHNICAL VIEW--27-10-2015

CNX-NIFTY

Closed at 8260.55 on 26-10-15.

Support:-8195.65/8088.60/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.

It did close just above its most critical point of 8285 on 23-10-2015 but could not sustain it and closed the day near the low at 8260.55. As I have mentioned in my last post that it is showing sign of fatigue and today’s weak move somewhat confirms it, therefore until and unless it closes above 8285 and sustain it for at least 2-3 days long call should be avoided. However the short range for the Nifty for the on-going week is between 8340—8215 and the broad range is between 8340—8115 so based on these range aggressive trader can take both side trading calls. Although it is not showing potential price weakness as yet but failed to show the desired strength also which is concerning and looking at today’s price behavior it is suggested to avoid long call below 8250 on 27-10-2015. Please note that if it consistently starts trading below 8215 then avoid long call for the entire week till it bounces back above it again. In view of the above observation it is suggested to avoid long call now but those who wish to take should be extra vigilant and careful in their trade because the bias seems to be on the downside now, therefore short call can be tried below 8250 and below 8195 with a stop loss of above 8295 and 8262.

It is important to mention here that break and close below 8195.65 and then 8137(it changes every day) will give first sign of crack and finally break and close below 8088 and 8000 will end the up move for good.   

 

Remark:-The short and intermediate trend is looking up. It is suggested to avoid long call till it closes above 8285 and sustain it for at least 2-3 days. Therefore for safe trader long call is ruled out for tomorrow 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.

CNX--BANK NIFTY-A TECHNICAL VIEW--27-10-2015

CNX--BANK NIFTY

Closed at 17815.05 on 26-10-15.

Support:-17738/17719/17652.35/17565/17502.45/17434.05/17401.20.17246/17174/16670.

Resistance:-17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.

It gave upside breakout from the neckline again on 23-10-2015 but hovered around it the next day and in fact had a down day whereas the breakout generally is followed by few up days, anyway it is still holding the neckline and the short term rising trend line which would be at 17750(it changes) for 27-10-2015 but it’s price movement exhibited some weakness today, after hitting a high of 18029.05 for the day it closed at 17815.05 near the low of 17798.65 for the day which is a bad sign, therefore it is suggested to avoid long call below 17798 and below 17750 &17700 for sure on 27-10-2015. However the short range for the Bank Nifty for the on-going week is between 18035—17700 and the broad range is between 18035—17540 so based on these range aggressive trader can take both side trading calls, but seeing today’s movement it would be safe to try long call above 18035 with a stop loss of below 17930. It is worth trying short call if it consistently trades below 17750 with a stop loss of above 17825.

Please note that moving down it will have critical support point at 17548(it changes every day) and at 17401 and break and close below these levels will mark the end of this  move and indicative of a possible start of a new down move.

Remark:-The short and intermediate trend is looking up. It is suggested to avoid long call below 17798 and below 17750& 17700 for sure on 27-10-2015.

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--23-10-2015

CNX-NIFTY

Closed at 8251.70 on 21-10-15.

Support:-8195.65/8088.60/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.

Although it is still holding its most important level of 8195.65 for last three trading session but it has failed to close above the momentum picking up point of 8285 which is causing concern and showing some sign of fatigue also in this on-going rally  but there is no sign of price weakness as yet. Please note that it has been moving in a very short range for last three days, furthermore it made double top in last two days at 8294.40, since it is moving in a short range it could give either side movement in coming days for sure and looking at last two days price behavior it seems that it could head lower, therefore it would be safe to try fresh long call if it moves above 8294.40 and sustain. The important range for it now is 8294.40—8195.65---8130--- 8040---8000. Aggressive trader can try long call near the above levels also with an adequate stop loss.

It is important to mention here that break and close below 8195.65 and then 8130(it changes every day) will give first sign of crack and finally break and close below 8088 and 8000 will end the on-going move for sure.   

 

TRADING STRATEGY FOR-23-10-15

1. Long trade should only be tried if it moves above 8295 and sustain with a stop loss of close below 8217.

2. Aggressive day trader can try long call near 8195.65 or near 8130 but not below these levels with a stop loss of close below 8130 & 8040. It could be a risky trade.

3. Aggressive day trader can try short call if it consistently starts trading below 8295 and not above with a stop loss of above 8325. It could be a risky trade but worth trying.

Remark:-The short and intermediate trend is looking up. Since it has been moving in a short range for last three days and made double top at 8295, therefore long call should only be tried if it moves above 8295 and sustain because if it fails to cross the said mark in next 3-4 days time then it could head lower, chances of which  are 60:40 as of now. I once again reiterate to avoid long call below 8295.

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--23-10-2015

CNX--BANK NIFTY

Closed at 17710.55 on 21-10-15.

Support:-17652.35/17502.45/17434.05/17401.20.17246/17174/16670/16648.

Resistance:-17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.

After the decisive breakout from the neckline on 16-10-2015 it should have reasonably moved up from the neckline in following days. But in fact it kept languishing near the neckline for next two days and fell below it today which shows weakness and indicates that it was a weak breakout and now this rally is showing sign of fatigue. Please note that the neckline now stands at 17805(it changes) and the short term rising trend line at 17620(it changes every day), It is therefore suggested to avoid long call now  and try it only if it gives up-side breakout from the neckline  again and sustain it for 3-4 days. Moving down it has critical support point at 17542(it changes) and 17401 and break and close below these levels will mark the end of this on -going up move and indicative of a possible start of a new down move. Seeing today’s movement things are not looking great therefore long call should be avoided for sure till clarity on its strength emerges.  

TRADING STRATEGY FOR-23-10-15

1.Avoid long call for now but aggressive trader can try it near 17542 but not below this with a stop loss of close below 17400.It could be a risky trade.

2. Short call can be tried if it consistently trades below 17805 with a stop loss of above 17910.It could be a risky trade but worth trying.

3.Aggressive trader can try short call if it consistently  trades below 17620 with a stop loss of above 17690 and add on position below 17542 and 17400 with a stop loss of above 17630 and 17550 respectively.

Remark:-The short and intermediate trend is looking up. Since it failed to hold the breakout level and fallen below its neckline and also showing sign of fatigue, therefore long call is ruled out for now till it gives decisive break out again 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.

CNX-NIFTY--A TECHNICAL VIEW--19-10-2015

CNX-NIFTY

Closed at 8238.15 on 16-10-15.

Support:- 8195.65/8088.60/8065/8055/ 7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8246.40/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.

Finally it closed reasonably above its most critical resistance point of 8195.65 today, so now as long as it holds this level it will be OK for the up move and long trade can be initiated on the decline but not below 8195.65 with a stop loss of close below 8088. Please note that it will pick up momentum once it crosses 8285 mark and sustain and thereafter moving up it would face stiff resistance in the range of 8392/8490/8562/8627/8655. Since it has respected the neckline up-side breakout for last 10 days and crossed its critical point of 8195.65 today, therefore it can be assumed that nifty may achieve the Head & Shoulder pattern upside target which would be in the range of 8500—8550 maximum (see my post for 28-9-2015) it may extend to 8650 level also, provided if it holds 8195.65 for next 3-4 days and then crosses 8285 level and sustain.

It is important to mention here that break and close below 8195.65 and then 8131(it changes every day) will give first sign of crack and finally break and close below 8088 and 8030 will end the on-going move.   

 

TRADING STRATEGY FOR-19-10-15

1. Long trade can be tried on the decline but not below 8195.65 with a stop loss of close below 8088.

2. Long call can be tried near 8131.92 but not below this with a stop loss of close below 8088.

3. Aggressive day trader can try short call if it consistently starts trading below 8195.65 with a stop loss of above 8250. It could be a risky trade.

Remark:-The short and intermediate trend is looking up. Since it has closed above its critical point of 8195.65 and if it holds this mark it could give moderate to good up move from here, therefore it is suggested to adopt buy on dip strategy till it holds 8195.65 and then 8131 levels. Fresh long call below 8088 should be avoided.

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--19-10-2015

CNX-BANK NIFTY--A TECHNICAL VIEW--19-10-2015

CNX--BANK NIFTY

Closed at 17912.85 on 16-10-15.

Support:-17821/17738/17719/17652.35/17502.45/17434.05/17401.20.

Resistance:-18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60/18980.65/19100.55/19229.05.

As anticipated it gave a decisive up-side breakout from the inverse Head & Shoulder pattern neckline today and now if it holds 17720(it changes) level for next 3-4 days then moderate to good rise can be expected and it can also be assumed that Bank Nifty may achieve the Head & Shoulder pattern up-side target which is in the range of 19300—19500 maximum(see my post for 28-9-2015) in coming days. Moving up it will face stiff resistance at 18200/18411/ 18586/18740/18922.60. In view of the breakout buy on dip strategy is suggested but not below 17765(neckline) with a stop loss of close below 17700. Please note that if it falls below the neckline then that will be the first sign of weakness and finally break and close below 17537(it changes every day) and 17400 will end the on-going move. Therefore long call should be completely avoided if it falls below the neckline and sustain.

TRADING STRATEGY FOR-19-10-15

1.Long call can be tried on the dip but not below 17765 with a stop loss of close below 17700.

3. Short call can be tried if it consistently trades below 17700 with a stop loss of above 17780.It could be a risky trade.

Remark:-The short and intermediate trend is looking up. Since it gave a decisive breakout from the neckline today, therefore it is suggested to try long call on dip till it holds the neckline mark of 17765(it changes).   

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-16-10-2015

CNX-NIFTY-A TECHNICAL VIEW--16-10-2015

CNX-NIFTY

Closed at 8179.50 on 15-10-15.

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

Resistance:-8195.65/8232.20/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8621.55.

It made an attempt today to cross its critical resistance point of 8195.65, it went near to it but failed to cross it. Furthermore it has made a lower bottom on the line chart by breaking its recent bottom of 8129.35 yesterday but has not made a lower top yet, it could possibly make a lower top with today’s up move, therefore till it closes above its recent top of 8189.70 on the line chart and sustain long call should be avoided. Since its critical point of 8195.65 is pretty close to the top, so long call should be avoided till it closes above it and sustain. After closing two days below its most critical support point of 8131.76(it changes every day) it has bounced back above it today. The erratic movement in nifty is not giving proper signal that which way it wants to move. Please note that as long as it holds 8040-8000 range it would be ok for an up move and break and close below 8000 & then 7940 will confirm the end of this rally. Therefore long call can be tried if it moves above 8195.65 and sustain or near 8131.76 but not below it because if it breaks this point and sustain then you may get a chance to buy near its next critical support point range of 8040—8000, fresh long call should be avoided below 8000 for sure.    

 

TRADING STRATEGY FOR-16-10-15

1. For safe trader fresh long call should only be tried if it moves above 8195.65 and sustain for at least an hour with a stop loss of below 8100.

2. Long call can be tried near 8131.76 and then near 8040-8000 but not below 8000with a stop loss of below 7940. It would be safe to try near 8040-8000 range.

3. Short call can be tried below 7990 with a stop loss of above 8070 for a target of 7940&7880.

4. Aggressive day trader can try short call near 8195.65 and near 8230 with a stop loss of above 8250. It could be a risky trade but worth trying.

Remark:-The long term trend is still down. The short and intermediate trend is looking up. It gave an up move today but failed to close above its critical point of 8195.65 therefore fresh long call should only be tried if it closes above this mark and sustain or 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 NIFTY--A TECHNICAL VIEW--16-10-2015

CNX--BANK NIFTY

Closed at 17686.10 on 15-10-15.

Support:-17652.35/17502.45/17401.20/17246/17174/17070/16759/16670.

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

It has been oscillating in the range of 17760—17400 for last six days ,neither giving up-side breakout from the neckline of 17765 nor breaking down and close below its critical support point of 17536.88(it changes every day) and recent bottom of 17434.05 & 17401.20 on the bar chart. Please note that today it has given one positive sign by making higher bottom and higher top on the line chart by crossing the recent major top of 17674.05. Looking at today’s move the up-side breakout from the neckline looks like a possibility now and may happen in 2-3 days time. However please note that it will give first sign of crack if it breaks and close below its most critical support point of 17536.88(it changes every day) and sustain then close below the bottom of 17401.20 on the bar chart and sustain and finally break and close below 17170 will confirm the end of this rally similarly a sustained up- side breakout from the neckline point of 17765 will show strength and a good up move, therefore long trade should only be initiated  if it sustain the said breakout for some time.

TRADING STRATEGY FOR-16-10-15

1.It  would be safe to try long call only  if it sustain above 17765  for at least one hour with a stop loss of below 17640.

2. Aggressive day trader can try long call above 17536.88 with a stop loss of below 17450. It could be a risky trade

3. Short call can be tried if it maintains below 17400 with a stop loss of above 17540.

Remark:-The long term trend is still down but short and intermediate trend is looking up .Today’s move was encouraging as it has established higher top and bottom on the line chart thereby giving some hope of an upside breakout from the neckline. Therefore long call should only be tried if it sustain the breakout for some time.  

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-14-10-2015

CNX-NIFTY

Closed at 8131.70 on 13-10-15.

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

Resistance:-8195.65/8232.20/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8621.55.

It opened on a negative note at 8121.95 and made a high of 8150.25 and then slipped and made a low of 8088.60 but in last half hour trade it staged good recovery and closed the day at 8131.70. It closed just below its most critical support level of 8132.14(it changes every day) after 5 days, but managed to hold the recent bottom of 8129.35 on the line chart. Since it has closed below its critical point of 8132.14, therefore avoid long call here and try if it goes near the next important support range of 8040—8000 with a stop loss of below 7940 or if it closes above 8132.14(it changes every day) and sustain, please note that it will pick up momentum only if it closes above 8195.65 and sustain, so it would be safe to try long call if it closes above 8195.65 only. Although as long as it holds 8040-8000-7940 range it cannot be said convincingly that the on-going rally is over but some of the technical parameters indicate that the on-going rally may be over or near the exhaustion point if it does not cross 8195.65 mark in next 3-4 days time. Therefore traders should be extra cautious in the long trade at least below 8195.65 mark. It is suggested to avoid long call now.

TRADING STRATEGY FOR-14-10-15

1. For safe trader fresh long call should only be tried if it closes above 8195.65 and sustain for at least 2-3 days with a stop loss of below 8090.

2. Long call can be tried near 8040-8000 but not below 8000with a stop loss of below 7940. It could be a risky trade.

3. Aggressive short call can be tried if it sustain below 8129 with a stop loss of above 8200 for a target of 8040 & 8000. It could be a risky trade but worth trying.

4. Aggressive day trader can try short call near 8195.65 and near 8230 with a stop loss of above 8250. It could be a risky trade but worth trying.

Remark:-The long term trend is still down. The short and intermediate trend is looking up. The weakness has grown in last two trading sessions and if it fails to cross 8195.65 in next 2-3 days time then it may go in for reasonable to deep correction. Therefore it is suggested to try long call either near the next important support range of 8040-8000 or if it closes above 8195.65 and sustain. Short 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.

CNX-BANK NIFTY--A TECHNICAL VIEW--14-10-2015

CNX--BANK NIFTY

Closed at 17554.85 on 13-10-15.

Support:-17502.45/17401.20/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17652.35/17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened on a negative note at 17530.55 and made a high of 17632.25 and a low of 17473.70 before closing the day at 17554.85. In last six days it has violated its most critical support point of 17537.45(it changes every day) five times but managed to close above it, furthermore it has not yet  given an up-side breakout from the neckline which would be at 17765 for 14-10-2015 after its failed attempt on 6-10-2015 which is a weak indication. However please note that it will give first sign of crack if it breaks and close below its most critical support point of 17537.45(it changes every day) and sustain and then close below the recent bottom of 17401.20 on the bar chart and sustain and finally break and close below 17200 will confirm the end of this rally similarly a sustained  up- side breakout will show strength. As of now it seems that it hangs in balance with slight downward bias, therefore it is suggested to avoid long call till it gives up-side breakout and sustain.

TRADING STRATEGY FOR-14-10-15

1.It  would be safe to try long call only  if it sustain above 17765  for at least 2-3 days with a stop loss of below 17640.

2. Aggressive day trader can try long call above 17538 with a stop loss of below 17450.It could be a risky trade.

3. Aggressive trader can try short call near 17765 but not above this with a stop loss of above 17840.It could be risky trade but worth trying.

4. Short call can be tried if it maintains below 17538 with a stop loss of above 17660.It could be a risky trade.

Remark:-The long term trend is still down .It is exhibiting weakness in totality therefore long trade is ruled out till it shows some  strength or move above 17765 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.

AN OBSERVATION ON CNX-NIFTY-11-10-2015

AN OBSERVATION  ON CNX-NIFTY

It made bottom at 7539.50 on 8-9-2015 and recent  high of 8232.20 on 9-10-2015, so in 21 days it went up by 9.19% but after making the said bottom it made a higher bottom at 7691.20 on 29-9-2015 and from there to the recent high of 8232.20 it has given a rise of 7.03% in just 8 trading  days, the speed with which it rose in last 8 days may be an indicative of the rally exhaustion before continuing up move again or finally end of the rally. It is important to state here that it is still in long term downtrend and in between sharp pull back rallies like this happens in downtrend and gives a feel of that everything is OK and the major bottom is in place but invariably it behaves otherwise most of the times. However price movement has to be respected therefore as long as it holds 8000—7940 levels it seems OK but break and close below 8129 level will indicate first sign of weakness. Moving up the range of 8195.65---8283 will pose very stiff resistance and crossing this range may not be easy. Furthermore the 61.8% retracement point from the top & bottom of 8654.75 & 7539.50 was at 8228.72 and it has also hit this mark on 9-10-2015 but closed lower at 8189.70. Please note that  the range of 8195.65---8283  is very critical and if it does not cross this range in the coming week starting from 12-10-15 then it can correct quite sharply from here therefore be alert and watchful  around this range specially in long trade so that one may not get trapped at higher levels. In nut shell it seems that the on- going rally may be near the culmination point, if it fails to cross the critical range.

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--12-10-2015

CNX-NIFTY

Closed at 8189.70 on 9-10-15.

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

Resistance:-8195.65/8232.20/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/     8489.55/8504.95/8530.60/8561.35/8621.55.

After yesterday’s key reversal , today’s move was totally unexpected, however it did crossed the critical point of 8195.65 intra -day and  also filled the  gap in the range of 8225 it left on 24-8-15 but failed to close above 8195.65 mark ,as of now it is technically looking ok. It is well above its critical support point of 8132.62(it changes every day) and its recent bottom on the line chart at 8129.35.Please note that if it break these points and  close below it then it will be the first sign of crack in the on- going move and finally break and close below 8040 & 8000 will confirm that the up move may be over, similarly moving up it will face stiff resistance at 8195.65 and then in the range of 8232--8283 for the whole of next week, therefore it is suggested to try fresh long trade only if it moves above 8195.65 and sustain with a stop loss of below 8090. It is also suggested that if it consistently starts trading below 8129 then avoid adding on fresh long position because then you may get a chance to buy at the next critical point range of 8040—8000 but avoid buying below 8000 for sure.  

TRADING STRATEGY FOR-12-10-15

1. For safe trader fresh long call should only be tried if it closes above 8195.65 and sustain for at least 2-3 days with a stop loss of below 8090.

2. Aggressive day trader can try long call if it sustains above 8195.65 for at least 1- hours with a stop loss of below 8090.

3. Long call can be tried near 8040-8000 but not below 8000 with a stop loss of below 7940. It could be a risky trade.

4. It would be safe to try short call if it sustains below 7940 with a stop loss of above 8000.

5. Short call can be tried if it sustain below and 8000 with a stop loss of above 8060.

6. Aggressive short call can be tried if it sustain below 8120 with a stop loss of above 8200 for a target of 8040 & 8000. It could be a risky trade but worth trying.

7. Aggressive day trader can try short call if it sustains below 8195.65 for at least 1- hours with a stop loss of above 8250. It could be a risky trade but worth trying.

Remark:-The long term trend is still down. The short and intermediate trend is looking up. Yesterday’s key reversal was completely negated today  but it is still below its important point of 8195.65, therefore it is  suggested for safe and positional traders to try long call only if it closes above 8195.65 and sustain it for at least 2-3 days but day trader can take trade position 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 NIFTY--A TECHNICAL VIEW--12-10-2015

CNX--BANK NIFTY

Closed at 17590.25 on 9-10-15.

Support:-17502.45/17401.20/17246/17174/17070/16759/16670/16648/16192.

Resistance:-17652.35/17719/17729/17739/17821.90/17842.10/18035/18174.20.

It opened with an up gap at 17640.40 and made a high of 17749.55 and thereafter made a low of 17498.45 before closing the day at 17590.25. It almost touched the short term rising trend line and neckline point of 17750 but could not cross it and retreated back from there, it also broke its most critical support point of 17538.50 intra day but managed to close above it. It hangs in balance now neither showing good strength nor exhibiting complete weakness .Please note that if it fails to show strength in the next week then  reasonable to sharp fall may be in store. For 12-10-2015 its important technical parameters are placed as follows.

(A)    Short term rising trend line at 17835

(B)     Head & Shoulder pattern neckline at 17765.

(C)     Critical support point at 17538(it changes every day)

(D)    Recent bottom on the bar chat at 17401.20

(E)       On the line chart it is making lower top and bottom the recent top and bottom are at 17616.80 and 17474.30.

(F)      Short term moving average range is between 17477-17180(it changes every day).

In view of the above please note that it will gain good strength once it gives up side breakout from the neckline of 17765 and sustain, therefore fresh long trade should only be initiated after it sustains the breakout for at least 2-3 days, similarly it will give first sign of weakness if it closes below its critical point of 17538 and then below 17401 and finally if it breaks and closes below the last point of 17180 and consistently remains below it will confirm the  rally may be over for good. Although it hangs in balance now but overall technical tilt is slightly towards downside.

TRADING STRATEGY FOR-12-10-15

1.It  would be safe to try long call only  if it sustain above 17765 with a stop loss of below 17640.

2. Aggressive day trader can try long call above 17538 with a stop loss of below 17450.It could be a risky trade.

3. Aggressive trader can try short call near 17765 but not above this with a stop loss of above 17840.It could be risky trade but worth trying.

4. Short call can be tried if it maintains below 17538 with a stop loss of above 17660.It could be a risky trade.

Remark:-The long term trend is still down .It is exhibiting weakness in totality therefore long trade is ruled out till it shows some  strength or move above 17765 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--12-10-2015

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

CNX-NIFTY

Closed at 8129.35 on 8-10-15.

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 has given a perfect key reversal today, it opened at 8196.75 above the high of  the previous day and closed below the low of the previous day, furthermore it has also broken its first downside most critical support point of 8132.55(it changes every day),therefore in all likelihood the on-going rally seems to be over but the only glimmer of hope is that since it is holding on the neckline which is in the range of 8040-8020  therefore it cannot be said convincingly that the rally is over till the aforesaid points are taken out decisively, however seeing today’s  move in all probability it looks like that the rally may be over, therefore just to be on the safe side  it is suggested to try fresh long trade  only  if it moves above 8196.75 and sustain for at least  3-4 days. However Aggressive traders can try long trade near 8040-8010 but not below 8000 with a stop loss of below 7940. In view of the key reversal today caution is advised in long trades.

TRADING STRATEGY FOR-9-10-15

1.For safe trader fresh long call  should be tried  if it moves above 8196.75 and sustain for 3-4 days with a stop loss of below 8090.

2.Aggressive trader can try long call near 8040-8010 but not below 8000 with a stop loss of below 7940. Please note that in view of today’s key reversal this could be a risky trade.

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

4. Aggressive trader can try short call if it sustain below 7990 with a stop loss of above 8060.

Remark:-The long term trend is still down. In view of today’s perfect key reversal, it is suggested to wait and watch for some time before initiating fresh long trade or 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.