CNX-BANK NIFTY--A TECHNICAL VIEW--9-11-2015

CNX--BANK NIFTY

Closed at 17086.50 on 6-11-15.(Open-17003/High-17143.60/Low-16911.60)

Support:-16911.60/16670/16648/16192/15762.20.

Resistance:- 17111.65/17174/17246/17355/17401.20/17434.05/17466.20/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

It is showing gross weakness on the technical chart but it could witness huge volatility and wild swing both ways on 9-11-2015 because of Bihar election results outcome, therefore be watchful and only initiate trade when market stabilizes. Since it is in downtrend therefore it is suggested to avoid long call now and try it only if it closes above 17111.65 and sustain,  the aggressive trader can try long call now or on dip but not below 16995 with a stop loss of below 16911, it could be a risky trade mind you. Please note that it will show some strength if it moves and closes above 17519(it changes every day) and sustain. Looking at the overall chart pattern and at some of the important technical indicators it is expected to hit 16600 levels very soon and may head further lower therefore long call would not be a safe option now instead short call can be tried below 17111.65 with a stop loss of above 17175 or below 16995 for sure with a stop loss of above 17115.

Please note that long call should be avoided below 17111.65 for the entire month of November-2015 and if it goes below 16911 then for the entire week starting from 9-11-2015 till it bounces back above this mark again.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days’ short trade seems safer option. 

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-9-11-2015

CNX-NIFTY--A TECHNICAL VIEW--6-11-2015

CNX-NIFTY

Closed at 7955.45 on 5-11-15.(Open-8030.35/High-88031.20/Low-7944.10)

Support:-7940/ 7930/7840/7759/ 7723/7667/7539.50/7422.15/7295.

Resistance:-7960/7997/8044/8055/8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

 The on -going up move  in fact ended yesterday as it had  established lower top and  bottom on the line chart  and it has confirmed it today  by breaking the recent bottom of 7995.60  on the bar chart(see my post for-5-11-15). So now the down move is expected to continue, therefore long call should be completely avoided till it closes above 8066 and sustain. Please note that now the important support point for it exist at 7930 and break below this mark will accelerate the fall(it is likely to break) , therefore long call should be  avoided for sure below 7930 for the entire month of November-2015 till it bounce back above it again and sustain . Furthermore it is showing huge weakness on the chart and some of the important technical parameters indicate that it could break 7790 level very soon and then could test or break the bottom of 7539.50 it made on 8-9-2015 and may head much lower. Moving down it will find support at 7840/7723/7767/7539.50 &7422.15 levels. Since the trend is down it is once again suggested to avoid long call now instead try short call below 7930 with a stop loss of above 7970 for a target of 7840/7800 on 6-11-2015.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days short trade seems safe option.  

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--6-11-2015

CNX--BANK NIFTY

Closed at 16995.10 on 5-11-15.(Open-17166.45/High-17166.45/Low-16957.35)

Support:-16670/16648/16192/15762.20.

Resistance:- 17111.65/17174/17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

The on-going up-move has ended today for sure as it had established lower top and bottom on the line chart and broken the recent bottom of 17170.35 on the bar chart(see my post for 5-11-2015). So now the down move is expected to continue, therefore long call should be completely avoided for the entire month of November-2015 till it closes above 17111.65 and sustain. Furthermore it is showing huge weakness on the chart and some of the important technical parameters indicate that it could break the level of 16600 very soon and then may go down further and may test the bottom of 15762.20 it made on 7-9-2015. So be watchful and avoid long trade for now. Going down it will find support at 16670/16648/16192/15762.20. Since the trend is down therefore it is once again suggested to avoid long call now instead try short call near 17111 but not above this mark with a stop loss of above 17180 or below 16957 with a stop loss of above 17060  on 6-11-2015.

Remark:-The long term trend is down and the short term trend has also turned down therefore long trade is completely ruled out for me as of now. It would be better to look for opportunity to sell on the rise at proper points now or try short trade as suggested above. Looking at price behavior for last few days’ short trade seems safe option. 

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--6-11-2015

CNX-NIFTY--A TECHNICAL VIEW--5-11-2015

CNX-NIFTY

Closed at 8040.20 on 4-11-15.(Open-8104.90/High-8116.10/Low-8027.30)

Support:-7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8044/8055/8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

 With today’s lower close of 8040.20, it has made a lower top of 8060.70 and broken the recent bottom of 8050.80 on the line chart thereby giving indication that this pull back rally may be over but there is a glimmer of hope that this rally may still be on as it is holding the recent bottom of 7995.60 on the bar chart, so break below this mark will confirm the end of this rally. Please note that now if it closes above 8066 and sustain then it could give a fresh up move else down move should continue but it is important to mention here that it will gain strength only once it closes above 8134(it changes every day) and then above 8195.65 and sustain it for at least 3-4 days which should be kept in mind. The range for it is between 8066---7995(on closing basis) as of now. In view of the above long call should be avoided till it closes above 8066 or can be tried near 7930 but not below this mark with a stop loss of below 7900. Down move is on therefore it is suggested to try short call instead below 8044 with a stop loss of above 8092.

Please also note that long call should be completely avoided for the rest of the on- going week below 8044 and below 7930 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now.

Remark:-The long term trend is down and the short term trend is also threatened therefore it is suggested to avoid long call till it gives visible sign of bottom formation. It would be safe to try short call as suggested above.  

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

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

CNX--BANK NIFTY

Closed at 17221.05 on 4-11-15. (Open-17449/High-17449/Low-17175.65)

Support:-17174/16670/16648/16192/15762.20.

Resistance:- 17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

It has already made a lower top of 17354.50 on the line chart (see my post for 4-11-2015) and today violated the bottom of 17212.20 on the line chart and tested the bottom of 17170.35 on the bar chart intra-day but at the end of the day managed to hold both the bottoms, so as long as it holds both the aforesaid bottoms on closing basis and moves up and gives close above 17360 and sustain then this up move may continue and if it is so then this move may get exhausted at these 17499/17600/17740 level , but looking at weak price movement in last few days a smooth up move seems difficult from here. Please note that it will gain some strength only once it closes above 17531(it changes every day) and sustain. Since the present trend is down therefore it is suggested to avoid long call but those who wish to take advantage of the pull back move may try long call only above 17360 with a strict stop loss of below 17260.  It is suggested to try short call instead below 17170 for sure with a stop loss of above 17250.

Please also note that long call should be avoided for the rest of the on- going

week if it starts trading below 17170 and below 17111 for the entire month

of November-2015 till it bounces back above this mark again and sustain.

Remark:-The long term trend is down and short and intermediate trend is severely threatened therefore it is suggested to avoid long call instead it would be safe to try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                      

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--5-11-2015

CNX-NIFTY--A TECHNICAL OBSERVATION---4-11-2015

CNX-NIFTY

Closed at  8060.70 on 3-11-15.(Open-8086.35/High-8100.35/Low-8031.75)

Support:-8055/ 8044/7997/7960/7940/ 7840/7759/ 7723.

Resistance:-8065/8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

After six days of fall it had a weak up day today but anyway this  pull -back move  may last for another 2-3 days and possibly could exhaust at 8126/8166/8207 levels or may end abruptly also at the current level, so be watchful. Please note that it will gain strength only once it closes above 8135(it changes every day) and then above 8195.65 and sustain it for at least 3-4 days. Since the present trend is down therefore it is suggested to avoid long call now but those who wish to take advantage of the pull back move may try long call above 8066 with a strict stop loss of below 8044, it could be a risky trade mind you. Please note that long call should be completely avoided for the rest of the on- going week if it starts trading below 8044 and below 7930 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now therefore break below these points can be used for initiating short trades with stop loss of above 8070 and 7970 respectively.

Remark:-The long term trend is down and the short term trend is also threatened therefore it is suggested to avoid long call now .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 OBSERVATION---4-11-2015

CNX--BANK NIFTY

Closed at 17325.60 on 3-11-15.

Support:-17246/17174/16670/16648/16192/15762.20.

Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

After yesterdays up day it had a down day today, so it has made a lower top of 17354.50 on the line chart but since the bottom is intact therefore it can be assumed that the pull back move is still on till it break and close below the bottom of 17212.20 on the line chart and below the bottom of 17170.35 on the bar chart or it may end near 17499/17600/17740 level (see my post for 2-11-2015). Since the present trend is down therefore it is suggested to avoid long call but those who wish to take advantage of the pull back move may try long call only above 17360 with a strict stop loss of below 17260, it could be a risky trade mind you. Therefore it is suggested to try short call instead if it consistently trades below 17354 with a stop loss of above 17500 or below 17212 &17170 for sure with a stop loss of above 17270. Please note that it will show some strength if it closes above its last long term moving average point of 17535(it changes every day) and sustain it for at least 3-4 days.

Please also note that long call should be avoided for the rest of the on- going week if it starts trading below 17170 and below 17111 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now therefore break below these points can be used for initiating short trades with stop loss of above 17270 and 17190 respectively.

Remark:-The long term trend is down and short and intermediate trend is severely threatened therefore it is suggested to avoid long call instead  it would be safe to try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR ----4-11-2015

CNX-NIFTY--A TECHNICAL VIEW--2-11-2015

CNX-NIFTY

Closed at  8065.80 on 30-10-15.

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

Resistance:-8088.60/8195.65/8269/8272.80/8282.70/8315.40/8321.75/8336.30/8337.95.

It has been falling for last five days and as expected it broke and closed below its last long term moving average support point of 8137 and recent important bottom of 8088.60, which is a bad sign and indicates that it may give good intensity fall in coming days/weeks. Since it is falling strait for last five days and it has cluster of support in the range of 8040---7930 it may stage a short pull back rally from this range before it encounters further fall, therefore it is advised to have a balanced trading approach here. It will trigger fresh fall once it breaks 7930 level and sustain and this is likely happen in coming days. Please note that long call should be avoided for the entire week starting from 2-11-2015 if it starts trading below 8044 and below 7930 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now, so these points should be used for initiating short trades.

 

Down move is on therefore it is suggested to avoid long call now but those who wish to take advantage of an expected pull back rally( it may happen here or may happen later) may initiate long call keeping the above points and range in mind. It is important to mention here that the pull back rallies are treacherous in nature and can trap you unaware therefore long trade should be handled with extreme caution and care. Kindly note that it will show strength only if it closes above 8137(it changes every day) and then above 8195.65 and sustain for at least 3-4 days which seems difficult at this point of time. Therefore in overall view it is suggested to try short call on the rise near 8137 and then near 8195.65 with a stop loss of above 8220 or below 8044 with a stop loss of above 8100 on 2-11-2015.

  

Remark:-The long term trend is down and the short term trend is also threatened therefore it is suggested to avoid long call now .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 INDEX--A TECHNICAL VIEW---2-11-2015

CNX--BANK NIFTY

Closed at 17354.50 on 30-10-15.

Support:-17246/17174/16670/16648/16192/15762.20.

Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

After four days of fall it had an up day today and this pull back move may last for another 1-2 days and possibly may end at 17499/17600/17740 levels or before. Since it is in downtrend now therefore it is suggested to avoid long call for sure but those who wish to take advantage of this pull back move can initiate long call above 17355 with a stop loss of below 17200 or near 17246 with a stop loss of below 17170(it could be a risky trade). It is important to mention here that the pull back rallies are treacherous in nature and can trap you unaware, therefore long trade if initiated should be handled with extreme caution and care. Please note that it will show some strength if it closes above its last long term moving average point of 17540(it changes every day) and sustain it for at least 3-4 days which seems difficult at this point of time. Therefore it is suggested to try short call instead on the rise near 17540—17650 range with a stop loss of above 17750 or if it consistently trades below 17350 with a stop loss of above 17450 or below 17170 for sure with a stop loss of above 17250.

Please note that long call should be avoided for the entire week starting from 2-11-2015 if it starts trading below 17170 and below 17111 for the entire month of November-2015 till it bounces back above this mark again and sustain. The bias is down now.

Remark:-The long term trend is down and short and intermediate trend is severely threatened therefore it is suggested to avoid long call. It would be safe to try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR--2-11-2015

TRADING CALLS FOR--30-10-2015

CNX--NIFTY--A TECHNICAL VIEW--30-10-2015

CNX-NIFTY

Closed at  8111.75 on 29-10-15.

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

Resistance:-8195.65/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.

As anticipated it closed below its last long term moving average support point of 8137.71(it changes every day) today but managed to hold its recent major bottom of 8088.20, please note that it has multiple top and bottom in the range of 8091—8055 so it is a very strong support area, furthermore going down neckline range of 8020—7980 and bottom of 7960 & 7940 will also lend good support, so the final breakdown will happen below 7940. The overall technical parameters suggest weakness and indicates that moderate to sharp fall may happen in coming days provided it sustains below its last long term moving average support point of 8137.71(it changes every day) for next 3-4 days, chances of which looks reasonably fair as of now. Therefore long call should be avoided now but if initiated should be handled with extreme caution and care.

 It gave first sign of weakness on 26-10-2015(see my post for 27-10-2015) and since then it is going down every day, therefore for safe trader it is still suggested to avoid long trade till it shows visible sign of good strength or try near its last support range of 7960—40. Since it is near its good support range of 8091—8055 now, it may stage a short bounce back rally from here, so aggressive trader can try long call above 8088 only with a stop loss of below 8020 but moving up it will face huge hurdle at every step which may please be noted. It could be a risky trade. Therefore it is suggested to try short call  below 8088 with a stop loss of above 8160 on 30-10-2015. It would be worth trying. 

 

Remark:-The long term trend is down but the short and intermediate trend is  up. In view of last three days weak session it is suggested to avoid long call completely till it gives visible sign of some kind of bottom formation, 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---30-10-2015

CNX--BANK NIFTY

Closed at 17207 on 29-10-15.

Support:- 17174/16670/16648/16192/15762.20.

Resistance:- 17246/17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

After yesterday’s huge breakdown it had a quite day today, it opened flat to positive at 17388.40 and made a high of 17400.20 and then made a low of 17178.85 before closing the day near the low at 17207. It is exhibiting huge weakness technically. Please note that it closed below its important bottom of 17246.55 today and tested the next important bottom of 17174.70 but managed to hold but if it breaks and close below this bottom and sustain then it can drag it down to 16670/16648/16192& 15762 levels, chances of which are looking reasonably fair. The overall technical parameters also indicate that it may witness moderate to sharp fall in coming days/weeks. Therefore long call should be avoided for sure and every rise should be used to initiate sell trade at appropriate points and with an adequate stop loss  till it closes above 17544(it changes every day) and sustain it for 3-4 days (see my post for 29-10-2015) . For 30-10-2015 sell call can be tried below 17174 with a stop loss of above 17280.

Remark:-The long term trend is down. In view of yesterday’s breakdown it is suggested to avoid long call now instead try short call as suggested above.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

                                                                                     

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.

TRADING CALLS FOR-29-10-2015

CNX-NIFTY--A TECHNICAL VIEW--29-10-2015

CNX-NIFTY

Closed at 8171.20 on 28-10-15.

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

Resistance:- 8195.65/8269/8272.80/8282.70/8315.40/8321.75/8337.95/8359.75/8489.55/8504.95/8530.60/8561.35/8626.95/8654.75.

It opened with a down gap at 8188.90 and made a high of 8209.10 and then steadily moved down and made a low of 8131.80 before closing the day at 8171.20. It violated its last long term moving average support point of 8138.11(it changes every day) intra- day but managed to bounce back but closed below its most critical bottom of 8195.65 which is a bad sign and indicates weakness. You would recall that I wrote about it showing sign of fatigue and suggested to avoid long trade below 8285 instead suggested to try short call below 8250& 8195(see my post for 23^rd & 27^th Oct-2015)so restlessness is showing up now in it but even then technically  it is better placed in comparison with Bank Nifty because it is still holding up its  last long term moving average support point of 8138.11(it changes every day),it recent major bottom of 8088.60 and the Head & Shoulder pattern neckline range of 8020—7980 therefore it is still not that bad technically as yet. Although it gave first sign of crack by closing below it critical bottom of 8195.65 but it will exhibit potential weakness if it closes below 8138 & 8088 and sustain and finally it will break down below 7980 level. Please note that looking at last two days price movement and negative divergence on RSI it is likely to break 8138 & 8088 mark in coming days and then may head for further fall also, therefore for safe trader it is suggested to avoid long call now but since it is holding onto three key points now therefore aggressive trader can try long call on  dip but not below 8138 with a stop loss of below 8050, it could be a risky trade mind you. Short call can be tried if it consistently trades below 8195.65 with a stop loss of above 8240 on 29-10-2015.

 

Remark:-The short and intermediate trend is looking up. Since it has closed below it critical bottom of 8195.65 today, therefore it is suggested to avoid long call now till it closes above 8195.65 and sustain it for at least 2-3 days. So long call for safe traders 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--29-10-2015

CNX--BANK NIFTY

Closed at 17373.15 on 28-10-15.

Support:- 17246/17174/16670/16648/16192/15762.20.

Resistance:- 17401.20/17434.05/17502.45/17565/17652.35/17719/17738/17821/18035/18174.20/18411/18586/18728.20/18836.65/18832/18896.45/18922.60.

It opened with a down gap at 17589.35 and made a high of 17682.45 and thereafter plunged down sharply and made a low of 17281.40 before closing the day at 17373.15.

Please note that it could not hold the up side breakout from the neckline it gave again on 23-10-2015 and fell sharply below it on the 4^th day today, decisively broken its short term rising trend line, also broken its last critical long term average support point of 17547.34(it changes every day) and recent multiple bottom range of 17434--17401 and closed below all the important points today, which indicates gross weakness in it and suggest that it could witness moderate to sharp fall in coming days, however in between short up rally cannot be ruled out . You would recall that I wrote about it  showing sign of fatigue and suggested to avoid long trade below 18035 mark , in fact I had given sell call below 17750(see my post for 27-10-2015).

There was a complete breakdown in it today, therefore it seems that the on-going up move has possibly ended for good, so it is suggested to adopt sell on the rise strategy now with adequate stop losses  till it closes above its first critical point of 17547.34(it changes every day) and sustain it for at least 3-4 days. It is important to mention here that since it gave gap down opening it could make an attempt to fill the gap in next 3-4 days time and if it does then it could come to 17738--17780 level. However nothing to fear in short trade even if it comes to this level because looking at overall technical parameters it seems that is not likely to sustain above its critical point of 17547.34 for 3-4 days. Please do not sell beyond 17780 and the final stop loss would be above 17860, safe trader should not sell beyond 17570 and the stop loss would be above 17670. It is suggested to avoid long trade now.

Remark:-The long term trend is down. It had a complete breakdown today so buying is ruled out till it closes above its critical point of 17547.34 and sustains it for 3-4 days, instead it is suggested to try short call on the rise with an adequate 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.