CNX-NIFTY--A TECHNICAL VIEW--28-1-2016

CNX-NIFTY

Closed at 7437.75 on 27-1-2016(Open-7469.60 High-7477.90/Low-7419.70)

Support:-7422/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7471/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened on a firm note and once again gave upside break from the weekly range upper band of 7470.90 but could not hold on above it today also and just managed to close with a meager gain of 1.60 points. It lacked the required strength to move up but also did not show the desired weakness either. Furthermore it is above some of its short term moving averages and certain other technical indicators also pointing towards an up move provided it holds 7350 on the closing basis then the chances are that it could give moderate to reasonable rise from here, moving up seems likely as of now if it holds 7350 mark.  But long call should be avoided below 7414 for sure. Please note that it will only get stable if it moves and sustains above 7539.50.

For 28-1-2016 long call can be tried above 7445 or if it sustains above 7471 with a stop loss of below 7400 & below 7445 respectively.

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still alive as long as it holds 7350 on closing basis. I once again reiterate that since it is a pullback rally as of now long trader should be extra vigilant in their trade position.    

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--28-1-2016

CNX--BANK NIFTY

Closed at 15534.60 on 27-1-2016(Open-15648.40/High-15673.95/Low-15442.20)

Support:-15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened on a firm note and once again gave upside break from the weekly range upper band of 15575.65 but could not hold on above it today also and closed with a loss of 26.50 points. It is lacking the required strength to move up but also not showing the desired weakness either.  Furthermore it is above its short term moving averages and certain other technical indicators also pointing towards an up move provided it holds 15300 on the closing basis then the chances are that it could give moderate to reasonable rise from here, it seems  that the on-going up rally is likely to continue as of now. But long call should be avoided below 15497 for sure. Please note that it will only get stable if it moves and sustains above 15762.20.

For 28-1-2016 long call can be tried above 15576 with a stop loss of below 15497.  Avoid long call below 15497 but can be tried near 15300 with a stop loss of below 15250(it could be a risky trade but worth trying).

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still alive as long as it holds 15300 on the closing basis.  I once again reiterate that since it is a pullback rally as of now long trader should be extra vigilant in their trade position.   

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-27-1-2016

CNX-NIFTY

Closed at 7436.15 on 25-1-2016(Open-7468.75/High-7487.15/Low-7421.20)

Support:-7422/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

After an excellent gain of more than 140 points on 22-1-2016, as expected it did give upside break from the weekly range upper band of 7470.90(see my post for 25-1-2016) but could not hold on above it and also failed to build on the previous days gain today and barely closed with only 13.69 points gain, which indicate that the earlier rise was because of sheer short covering and lacked real strength therefore this on-going up move may not last long and can fizzle out any time. However as long as it holds 7350 on the closing basis there is some hope that it may  moves sideways with slight  up bias but  fresh long call should be avoided below 7414 for sure. Please note that today’s move was concerning for this up move to continue, so watch out. Please also note that it will only get stable if it moves and sustains above 7539.50.

For 27-1-2016 long call can be tried above 7423, above 7446 and then above 7471 with a stop loss of below 7395, 7414 and below 7450 respectively. It would be relatively safe to try long call above 7446. Although short call could be a risky proposition here, but in view of today’s weak move, it can be tried if it maintains below 7395 with a stop loss of above 7425.

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still alive as long as it holds 7350 on closing basis. I once again reiterate that since it is a pullback rally as of now long trader should be extra vigilant in their trade position.    

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--27-1-2016

CNX--BANK NIFTY

Closed at 15561.15 on 25-1-2016(Open-15667/High-15682.65/Low-15495.10)

Support:-15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

After the robust gain of more than 390 points on 22-1-2016, as expected it did give upside break from the weekly range upper band of 15575.65(see my post for 25-1-2016) but could not hold on above it and also failed to build on the previous days gain today and  had a small gain of only 63.60 points at the end  and just closed below the weekly range upper band, but it is still above its short term moving averages, so the hope of this rally to continue for some more time is still alive as long as it holds 15300 on the closing basis. But fresh long call should be avoided below 15497 for sure. Please also note that it will only get stable if it moves and sustains above 15762.20.

For 27-1-2016 long call can be tried above 15576 and above 15667 with a stop loss of below 15485 and below 15560 respectively. Avoid long call below 15497 but can be tried near 15300 with a stop loss of below 15250(it could be a risky trade but worth trying). Although short call could be a risky proposition here, but in view of today’s subdued movement, it can be tried if it maintains below 15485 with a stop loss of above 15525.

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still alive as long as it holds 15300 on the closing basis.  I once again reiterate that since it is a pullback rally as of now long trader should be extra vigilant in their trade position.   

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--25-1-2016

CNX-NIFTY

Closed at 7422.45 on 22-1-2016(Open-7355.70/High-7433.40/Low-7327.60)

Support:-7422/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

As perceived it seems that it has made bottom at 7241.50 for now but how long this is going to be sustained has to be seen (see my post for 19-1-2016). As anticipated it gave rise today but this stupendous gain of 145.65 points was not expected (see my post for 22-1-16). Although overall it is very weak technically but looking at the strong positive divergence in the RSI on the daily chart it seems that this rise may continue for few days provided it holds 7350 on the closing basis. Moving up it will face resistance from the top of 7435.10/ 4562.40 & 7601.35 on the line chart, from the fibonacci retracement points at 7521/7607/7693/7800 and most importantly from its one of the  crucial point at 7539.50 for the year 2016. The range for the week is between 7470.90---7241.50 and break on either side will decide the direction for the week starting from 25-1-2016. Since it is close to the upper band of the range and in light strong positive divergence in the RSI it is likely to give upside break and may cross the tops of 7562.40 & 7601.35 on the line chart in coming days. Please note that it will only get stable if it moves and sustains above 7539.50.

It is important to mention here that it is in down trend and this up move of today is a pullback rally as of now and how it will culminate has to be seen but as you are already aware that pullback rallies are treacherous in nature and may end abruptly also so be alert and careful and handle long call with extreme caution and care.

For 25-1-2016 long call can be tried above 7435.10 with a stop loss of below 7390, can add on position if it moves and sustain above 7471 with a stop loss of below 7420 for added long position for a target of 7540—7570 and then 7610. Please note that once it crosses 7539.50 and sustain then elevate your stop loss below 7500.

  

Remark:-The long term trend is still down. In view of the robust up move today and strong positive divergence on RSI, long call can be tried if it moves above 7435.10 with suggested stop loss, but since it is a pullback rally as of now long trader should be extra vigilant in their trade position.    

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--25-1-2016

CNX--BANK NIFTY

Closed at 15497.55 on 22-1-2016(Open-15343.15/High-15575.65/Low-15274.90)

Support:-15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

As perceived it seems that it has made bottom at 14754.65 for now but how long this is going to be sustained has to be seen (see my post for 19-1-2016). As anticipated it gave rise today but this stupendous gain of 396.35 points was not expected (see my post for 22-1-16). Although overall it is very weak technically but showing some sign of improvement as it has crossed certain short term moving averages furthermore looking at the strong positive divergence in the RSI on the daily chart it seems that this rise may continue for few days provided it holds 15250 on the closing basis. Moving up it will face resistance from the top of 15871.85/16142.65 & 17039.25 on the line chart, from the fibonacci retracement point’s at 15638/15910/16184/16522 and most importantly from its one of the crucial point at 15762.20 for the year 2016. The range for the week is between 15575.65---14754.65 and break on either side will decide the direction for the week starting from 25-1-2016. Since it is close to the upper band of the range and in light strong positive divergence in the RSI it is likely to give upside break and it may cross the tops of 15871.85 & 16142.65 on the line chart in coming days. Please note that it will only get stable if it moves and sustains above 15762.20.

It is important to mention here that it is in down trend and this up move of today is a pullback rally as of now and how it will culminate has to be seen but as you are already aware that pullback rallies are treacherous in nature and may end abruptly also so be alert and careful and handle long call with extreme caution and care.

For 25-1-2016 long call can be tried now or on dip but not below 15290 with a stop loss of below 15250, can add on position if it moves and sustain above 15580 with a stop loss of below 15470 for added long position for a target of 15762.20/15871.65 & 16142.65. Please note that once it crosses 15762.20 marks and sustain then elevate your stop loss below 15700.

Remark:-The long term trend is still down. In view of the robust up move today and strong positive divergence on RSI, long call can be tried as suggested above, but since it is a pullback rally as of now long trader should be extra vigilant in their trade position.   

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-22-1-2016

CNX-NIFTY

Closed at 7276.80 on 21-1-2016(Open-7376.65/High-7398.70/Low-7250)

Support:-7241.50/7118.45/6868.85/6638.55.

Resistance:- 7295/7422/7425.80/7435.10/7463.65/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

As expected it broke and closed below its most crucial point of 7295 today and if it sustain below this mark the on-going fall may accelerate and going down it will find support at 7118.45/6869—6825/6650. Although technically it is on a very weak footing but one technical indicator is showing some positive sign, so it may give some rise from here provided it moves and sustain above 7295. Please note that it will only get stable if it moves and sustains above 7539.50.

For 22-1-2016 since it has closed below its most important point, therefore short call can be tried if it maintains below 7295 with a stop loss of above 7340, similarly long call can tried if it maintains above 7295 with a stop loss of below 7240 . Long call can be tried successfully if it moves and sustain above 7435 with a stop loss of below 7400. I once again reiterate that long trade could be a risky proposition below 7539.50 which may be kept in mind.  

  

Remark:-The long term trend is down. Since it broke and closed below its most important level of 7295, so long call should be avoided below this mark for sure, similarly short calls above 7295.   

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--22-1-2016

CNX--BANK NIFTY

Closed at 15101.20 on 21-1-2016(Open-15132.20/High-15364.60/Low-14918.15)

Support:-14935.50/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15269.65/15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It had volatile a day today but after yesterdays huge loss it managed to close with a gain of 165.70. Although technically it is on a very weak footing and no technical parameters are supporting it except for RSI which is showing positive divergence on the daily chart, so it may give some rise from here before falling a fresh. The range for 22-1-2016 is between 14935---15270 and break on either side will decide the course of action for the day so watch out. It is important to mention here that it will show some stability only if it moves and sustain above 15762.20.

For 22-1-2016 both long and short call can be tried keeping the range of 14938—15270 in mind but certain specific trades are also suggested. Long call can be tried above 15170 with a stop loss of below 15100 but it would be relatively safe to try long call if it sustains above 15270 with a stop loss of below 15200. Moving up it will get resistance at 15300/15500/15638/15762.20.  Short call can be tried below 15100 with a stop loss of above 15170 or below 14918 with a stop loss of above 14970. Traders are requested to be circumspect in their trade position.

Remark:-The long term trend is down. But in view of RSI positive divergence long call can be tried as suggested above. Short call can be tried below 14918.  

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-21-1-2016

CNX-NIFTY

Closed at 7309.30 on 20-1-2016(Open-7357/High-7470.90/Low-7241.50)

Support:-7295/ 7241.50/7118.45/6868.85/6638.55.

Resistance:- 7422/7425.80/7437.80/7463.65/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It is so weak technically that as perceived it could not hold yesterday’s gain even for a day and today opened with a down gap and in intra-day hammered it down by more than 190 points and closed with a loss of 125.80 points. It broke its most crucial point of 7295 during the day but managed to close just above it. Please note that this is the benchmark point and sustained break below this level can drag it down to 7118.45/6869—6825/6650, chance of which looks reasonably good because of today’s intra-day break of this level, but anyway short call should be avoided above this level for sure and can only be tried if it moves and sustain below 7295 with a stop loss of above 7340. Please note that if it maintains above this level it may give a relief rally which can possibly take it to 7539.50 levels. It will only get stable if it sustains above 7539.50 which may please be noted.

Since the overall technical position is very fluid it is suggested to avoid long call till it exhibits some visible strength at the lower levels or moves above 7539.40. Long call can also be tried successfully if it moves and sustain above 7435 with a stop loss of below 7400. However for those who want to   take advantage of in between short relief rallies can try long call if it maintains above 7295 with a stop loss of below 7240. Please note that long trade could be a risky proposition below 7539.50 which may be kept in mind.  

Remark:-The long term trend is down. It could not sustain yesterdays up move which speaks of terrible weakness. It also broke its most crucial point of 7295 intra-day but managed to hold. So both long and short trade can be tried as suggested above but one should be circumspect in long trade at least.  

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--21-1-2016

CNX--BANK NIFTY

Closed at 14935.50 on 20-1-2016(Open-15059.50/High-15533.45/Low-14754.65)

Support:-14858.90/14709.10/14338.65/13414.30.

Resistance:- 14956.95/ 15154.35/ 15165.20/ 15206.30/15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

 It is needless to mention here that technically it is on a very weak footing but yesterdays rise gave a hope that it could move up further from here but unfortunately it could not hold yesterdays gain even for a day and today opened with a down gap and in intra-day hammered it down by more than 600 points and closed with a loss of 334.15 points which speaks of gross weakness in it. Please note that intra-day it went below its 261.8% retracement point of 14764.54 and came near one of its important double bottom at 14709 but closed reasonably above these levels, so the range of 14764—14709 can be construed as good support point for now but break below this range can drag it down to 14338/13425, breaking of this range seems very likely in coming days/weeks as of now.  Please note that it will show some stability only if it moves and sustain above 15762.20.

  

 Since the overall technical position is very fluid therefore it is suggested to avoid long call till it exhibits some visible strength at the lower levels or moves above 15762.20 and sustain. Long call can also be tried successfully if it moves and sustain above 15270 with a stop loss of below 15150. Short call can be tried on the rise now but not above 15150 with a stop loss of above 15210 in this on- going week.  

Remark:-The long term trend is down. It could not sustain yesterdays up move which speaks of terrible weakness. It is therefore suggested to try long call only if it sustains above 15270. 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--20-1-2016

CNX-NIFTY

Closed at 7435.10 on 19-1-2016(Open-7381.80/High-7462.75/Low-7364.15)

Support:-7425.80/7422/7295/7118.45/6868.85/6638.55.

Resistance:- 7437.80/7463.65/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It closed with a gain of 84.10 points today but the under tone is still terribly weak. Although it posted gain today and respected its crucial support of 7295 yesterday but looking at the overall technical weakness it cannot be said convincingly that whether it will hold this level in coming days/weeks or not and if this level is taken out then it will trigger bigger fall which can drag it down to 7118.45/6825/6650 levels. 

In view of the overall weak technical setup it would be safe to try long call only if it moves and sustain above 7539.50 with a stop loss of below 7500 but aggressive trader can try long call for this on- going week if it maintains above 7420.35 with a stop loss of below 7400 similarly short call can be tried if it maintains below 7400 for some time with a stop loss of above 7465. Please note that long trade could be a risky proposition below 7539.50 which may be kept in mind.   

Remark:-The long term trend is down. Although it gave a pull back today but the required strength was missing therefore it is suggested to avoid long call below 7539.50. But aggressive trade can still try long 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-BAN NIFTY--A TECHNICAL VIEW--20-1-2016

CNX--BANK NIFTY

Closed at 15269.65 on 19-1-2016(Open-15086.75/High-15338.20/Low-15086.75)

Support:-15206.30/15165.20/15154.35/14956.95/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

 It closed with a gain of 248.85 points today. Although it’s overall technical setup is still weak but today move raised some hope of moving up from here because it crossed previous day’s high after 11 trading session and closed just below it. Therefore chances are that it could move up further from here provided it manages to hold 15206 & then 15154 for the week. Please note that it will show stability only if it moves and sustain above 15762.20.

For 20-1-2016 long trade can be tried on dip but not below 15206 with a stop loss of below 15150 similarly short calls can be tried if it maintains below 15130 for some time with a stop loss of above 15210. 

 Remark:-The long term trend is down. Since it has crossed previous day’s high after 11 trading sessions, long call can be tried as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW--19-1-2016

CNX-NIFTY

Closed at 7351 on 18-1-2016(Open-7420.35/High-7463.65/Low-7336.40)

Support:-7295/7118.45/6868.85/6638.55.

Resistance:- 7422/7425.80/7437.80/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It has closed with a loss of 86.79 points today. It is just refusing to stop going down and technically also very weak which is negative sign therefore this fall may continue. But please note that it has a very strong support at 7295 which it may hold but if this level is taken out and sustained then it will trigger bigger fall and then the next good support levels will be at 7118.45/6868.85—6825. It is therefore suggested not to go for long trade till this fall is arrested and it starts showing some sign of strength or try it if it moves and sustain above 7438 with a stop loss of below 7400. Short call can be tried on the rise but below 7425 with a stop loss of above 7450.

It is important to mention here that looking at the time taken in the making of tops and bottoms in recent past it seems that it could make a short bottom by   the end of this week or early next week but at what level has to be seen. . Therefore traders are requested to be circumspect in their trade position. It is needless to mention here that long term trend is down now.

Remark:-The long term trend is down. It is falling relentlessly, therefore it is suggested to avoid long call till the on-going fall is arrested and it shows strength.

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---19-1-2016

CNX--BANK NIFTY

Closed at 15020.80 on 18-1-2016(Open-15165.20/High-15270.40/Low-14956.95)

Support:-14858.90/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15166/15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It has been falling relentlessly for last few days with no respite. It is already in a long term bear trend, so it is difficult to predict that when this fall is going to be arrested, but moving down it will find good support at 14709.10/14338.65/14130 hopefully it could take a breather at any one of these levels and stage a short relief rally. In view of the above it is suggested not to go for long trade till this fall is arrested and it start showing some sign of strength or try it if it moves and sustain above 15210 with a stop loss of below 15130. Short call can be tried on the rise but below 15154 with a stop loss of above 15210.

It is important to mention here that looking at the time taken in the making of tops and bottoms in recent past it seems that it could make a short bottom by   the end of this week or early next week but at what level has to be seen. Therefore traders are requested to be circumspect in their trade position. I once again reiterate that it is in long term bear market.

Remark:-The long term trend is down. Since it has been falling continuously and is in long term bear market therefore it is suggested to avoid long call till the on-going fall is arrested and it shows strength.

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--AN IMPORTANT OBSERVATION--18-1-2016

CNX-NIFTY

Please note that from the bottom of 7714.15 it took 12 days to make a top at 7979.30 and then went down and that correction lasted for 9 days and it made a bottom at 7551.05 and then again it started moving up and made a top at 7972.55 in 14 days and started correcting and the on- going down move is already 11 days old. You would find that it has taken less time to make a bottom on first occasion and at present the situation is similar. However it could take 1or 2 days more also to complete the process.  Therefore the week starting today looks crucial and it could make a short bottom in this week and the possible downside before it makes a short bottom may not be below 7295. It is therefore suggested to avoid short call if it maintains above 7422. Long call can be tried if it maintains above 7422 with a stop loss of below 7400 or near 7295 with a stop loss of below 7265.  

    

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

Note: Price stated here is of spot market.

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

BSE-SENSEX-A TECHNICAL UPDATE-18-1-2016

BSE-SENSEX

Closed at 24455.04 on 15-1-2016

SUPPORT: -24530/24387.69/24163.62/24156.47/24020/22912.52/22286.26/22197.51/21573.48.

RESISTANCE: - 24833.54/24867.73/24878.66/24892/25018.46/25232.82/25287.33/25298.42/25453.32.

 (Figures in bold are important)

 After two days of see saw movement it gave breakdown today. It closed near the low of the week with a loss of more than 300 points, furthermore it is below its entire short and long term moving averages, it is well below its one of the most important level of 24833.54 valid for the entire year of 2016 for the 2^nd consecutive day and most importantly today it has broken its yearly rising trend line drawn from the bottom of 8047.17 of 2009 which is at 24530 for the year 2016 is a very bad sign and indicates gross weakness in it. Technically it is already on a weak footing and if it maintains below 24530 then the on –going fall may continue for few days before it takes a breather and moving down it will find potential support from it threshold point for entering it into bear market which is at 24020 and sustained break below this could trigger bigger fall which may please be noted. Please note that it will show some respite if it maintains above 24530 and show some strength if it moves and sustain above 24833.54.It is needless to mention here that the long term trend is down. Therefore long call should be avoided now and can only be tried at the lower levels if visible sign of some kind of bottom formation emerges or else try if it moves and sustain above 24833.50.

Remark:-The long term trend is down. It was a breakdown today and break below yearly trend line is highly concerning and the overall technical setup is extremely weak, therefore long call should be avoided till it exhibits visible strength.

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 Update for- 18-1-2016

CNX-NIFTY

Closed at 7437.80 on 15-1-2016(Open-7561.65/High-7566.50/Low-7427.30)

Support:- 7425.80/7422/7295/7118.45/6868.85/6638.55.

Resistance:- 7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened on a positive note and traded in a very short range for the major part of the day but in last 1- hour trade it fell down sharply and almost hit the low of 7425.80 it made on 13-1-2016. It closed near the low of the week with a loss of 99 points and most importantly well below its one of the most important level of 7539.50 valid for the entire year of 2016 for the 2^nd consecutive day which is a bad sign and indicates gross weakness in it. Technically it is already on a weak footing and today’s move suggest that the on –going fall may continue for few days before it takes a breather and moving down it will find support at 7295/7118.45/6868.85.  The range for the week starting from 18-1-2016 is between 7422—7539.50 and sustained breakout on either side will decide the direction of the market for the week. It is needless to mention here that the long term trend is down.

It is important to mention here that long call should be avoided for the entire year of 2016 if it remains below 7539.50 and below 7422 for the entire week starting from 18-1-2016. Please note that the copy book threshold level for it entering the bear market it at 7295, so sustained break below this mark can trigger big fall. Long call can be tried at lower levels only if visible sign of some kind of bottom formation emerges or else as stated above.

For 18-1-2016 it is suggested to try short call below 7422 with a stop loss of above 7460 or sell on the rise but not above 7539.50 with a stop loss of above 7570. Looking at the overall technical setup long trade is not recommended till it shows some strength at the lower levels or until and unless it moves and sustain above 7539.50 levels. It is advised to watch the market for some time before initiating trade.

Remark:-The long term trend is down. After two days of see saw movement it was a sort of breakdown today which showed weakness, therefore short call is recommended below 7422 or take trading 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.