CNX-NIFTY-A TECHNICAL VIEW-3-2-2016

CNX-NIFTY

Closed at 7455.55 on 2-2-2016(Open-7566.65/High-77576.30/Low-7428.05)

Support:- 7422/7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7539.50/ 7551.05/7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

As it broke the downside range of 7539.50 for the day (see my post for 2-2-2016) which is also one of the most crucial benchmark point valid for the entire year of 2016. It witnessed a complete breakdown and closed near the low of the day. Furthermore going down it broke almost all its short term moving averages except for one which is at 7431(it changes every day) for 3-2-16  is highly concerning but the only positive point was  in an otherwise devastated day that its higher top and bottom on the line chart is still intact and its recent bottom is at 7424.65. However in view of today’s severe down move it seems that the on-going pullback rally may be over, therefore long call should not be attempted till it moves and sustain above 7539.50 mark again.    

For 3-2-2016 although it seems that the pullback rally is over but short call should only be tried below 7422 and add on position below 7402 for sure with a stop loss of above 7460 or try short call  near 7539.50 with a stop loss of above 7564.

Remark:-The long term trend is still down. In wake of today’s breakdown long call should be completely avoided till it moves and sustain above 7539.50 marks. Instead short call can be tried below 7422.

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-3-2-2016

CNX--BANK NIFTY

Closed at 15068 on 2-2-2016(Open-15353.60/High-15463.45/Low-15018.85)

Support:-14973/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15136.85/15300/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

As yesterday it witnessed complete breakdown today also and closed with a loss of 246.45 points and near the low of the day. In fact it has been making new lows for the last four days giving indication that it is lacking strength. Furthermore it has decisively broken all its short term moving averages, one of its important points of 15300 and making lower top and bottom on the line chart which clearly indicate that   the pullback rally has possibly ended. Therefore long call is completely ruled out and should not be attempted below 15550 as of now and sell on the rise strategy should be adopted till it shows some visible strength.

For 3-2-2016 can sell below 15136.85 for the entire remaining week with a stop loss of above 15180 or on the rise at appropriate points but not above 15540 with a stop loss of above 15580. The possible sell point could be at 15300/15384—15410/15465/15540. Please use self defined stop losses with the help of support and resistance level to exit unfavorable trade with a minimum loss.

Remark:-The long term trend is still down. In wake of yesterdays and today’s severe breakdown long call should be completely avoided till it moves and sustain above 15550 or show some visible strength at lower levels. 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-2-2-2016

CNX-NIFTY

Closed at 7555.95 on 1-2-2016(Open-789.50/High-7600.45/Low-7541.25)

Support:- 7551.05/7539.50/7422/7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 7563.55/7575.65/7589.50/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with an up gap today but could not sustain at higher level and thereafter moved in a short range and closed the day with a minor loss of 7.59 points. It is still above its short term moving averages and crucial benchmark point of 7539.50 for the entire year of 2016 which is a good sign. The range for 2-2-2016 is between 7590—7539.50 and break on either side will decide the direction for the day. It is therefore suggested to avoid long call below 7539.50 for sure. Today’s down close seems to be corrective move of the previous day’s huge rise and the on-going up move may still continue for some more time provided it holds 7539.50 level on the closing basis.

For 2-2-2016 long call should only be tried if it move and sustain above 7564 but get alerted in trade below 7539.50 and exit long position below 7500 for sure. Moving up it will face resistance at 7608/7654-7694/7724 & 7801. Similarly good support exists at 7539.50/7520/7422/7414/7402.

Remark:-The long term trend is still down. Looking at the short term technical setup the on-going up move may still continue for few more days provided it holds7539.50 on the closing basis but long call should be tried only as suggested above. Please not to forget that it is a pullback rally as of now therefore long trade should be handled with extreme caution and care.   

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--2-2-2016

CNX--BANK NIFTY

Closed at 15314.45 on 1-2-2016(Open-15547.75/High-15565.50/Low-15281.35)

Support:-15300/15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened on a firm note and thereafter had a breakdown and it went down sharply and closed near the low of the day with a loss of 207.95 points .Today’s move showed gross weakness which is concerning . Furthermore after making higher top and bottom it immediately made lower top and bottom on the line chart and also broke almost all its short term moving averages except for one which is at 15313 for 2-2-2016 and holding one of its important points of 15300 where it could find solace. Therefore as long as it holds 15300 level on the closing basis there is some hope that it can move up again but long call should only be tried  if it move and sustain above 15562.

For-2-2-2016 it would be safe to try long call if it moves and sustain above 15562 with a stop loss of below 15500.But aggressive trader can try long call above 15300 and the near 15136 with a stop loss of below 15270 and 15090 respectively. Please note that it could be a risky trade mind you therefore it is suggested and not recommended.  Moving up it will face resistance at 15548/15638/15683/15762.20/15910&16184. Similarly good support exists at 15300/15136.85/15130.35/14754.65.

Remark:-The long term trend is still down. Today’s breakdown is concerning, therefore long call should only be tried above 15562.

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-1-2-2016

TRADING CALLS FOR 1-2-2016

1. AUROBINDO PHARMA

Buy above-838, S/L-833, Target-850/863/876

                                     Or

Buy near 828.50 but not below this, S/L-822.

2. DR.REDDYS LAB

Buy above-3120, S/L-3107, Target-3172/3266/3283.

                                     Or

Buy near 3080 but not below this, S/L-3070.

3. RELIANCE INDUSTRIES

Buy above-1040, S/L-1033, Target-1067.85/1089.75/1133/1140..

                                     Or

Buy near 1025 but not below this, S/L-1017.

4. BHARAT FORGE

Buy above-839.75, S/L-833, Target-850/876/893.

                                     Or

Buy near 822 but not below this, S/L-816.

5. GLENMARK PHARMA

Buy above-779.50, S/L-775, Target-800/807/816/821.

                                    

Note: Price stated here is of spot market.

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.

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW-1-2-2016

CNX-NIFTY

Closed at 7563.55 on 29-1-2016(Open-7413.35/High-7575.65/Low-7402.80)

Support:- 7551.05/7539.50/7422/7402.80/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:- 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 moving in a short range for three days, as perceived (see my post for last four day) it gave a robust up move today and it has crossed all its short term moving averages and most importantly it has closed above it’s one of the very crucial and benchmark point of 7539.50 for the entire year of 2016 which is a very good sign. Furthermore it has made higher top and bottom on the line chart and certain technical indicators also points towards further rise.  Therefore it seems that this rally may continue for few more days provided it holds its recent bottom of 7424.65 on the line chart on the closing basis (it is likely to hold).

In view of the above it is suggested that one can buy now or on dip but not below 7539.50 with a stop loss of below 7500,if this stop loss is triggered then try long call near 7440—7425 with a stop loss of below 7400 or else when it  moves above 7539.50 mark again. Please note that it would be relatively safe to try long call above 7539.50. Moving up it will face resistance at 7608/7654-7694/7724 & 7801. Similarly good support exists at 7539.50/7520/7422/7414/7402.

 Please note that profit should also be booked in favorable trade from time to time at the appropriate points(see support and resistance) so that you can take advantage of the market swings and can re- enter again at lower levels.

It is important to mention here that the on-going up move is a pullback rally as of now and as you are already aware that these rallies can end abruptly also, so be extra watchful in long trade.

Remark:-The long term trend is still down. Today’s stupendous up move suggest that this on-going up move may continue for few more days, therefore long call should be tried as suggested above but not below 7539.50. Please not to forget that it is a pullback rally as of now therefore long trade should be handled with extreme caution and care.   

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY-A TECHNICAL VIEW--1-2-2016

CNX--BANK NIFTY

Closed at 15522.40 on 29-1-2016(Open-15140.15/High-15554.90/Low-15136.85)

Support:-15136.85/15130.35/14858.50/14754.65/14709.10/14338.65/13414.30.

Resistance:- 15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

After two days of down move it had a breakdown today in the early trade and it broke its important point of 15300 also intra-day but staged a solid recovery in the 2^nd half of the day and managed to close well above its important point of 15300 in fact near the high of the day which is a good sign. Furthermore it has made higher bottom on the line chart after long time, still above some of its short term moving averages and certain technical indicators also points towards further rise.  Therefore  as expected (see my last few post) now it seems that this rally may continue for few more days provided it holds its recent bottom of 15381.45 on the line chart on the closing basis (it is likely to hold). It is important to mention here that it will get stable only if it moves and sustain above its most crucial and one of the benchmark point 15762.20 valid for the entire year of 2016.

In view of the above it is suggested that one can buy above 15523 or above 15562 with a stop loss of below 15480, if this stop loss is triggered then try long call near 15385 with a stop loss of below 15300 or else when it moves above 15562 mark again. Please note that it would be relatively safe to try long call above 15562. Moving up it will face resistance at 15638/15683/15762.20/15910&16184. Similarly good support exists at 15425/15300/15136.85/15130.35.

 Please note that profit should also be booked in favorable trade from time to time at the appropriate points(see support and resistance) so that you can take advantage of the market swings and can re- enter again at lower levels.

It is important to mention here that the on-going up move is a pullback rally as of now and as you are already aware that these rallies can end abruptly also, so be extra watchful in long trade.

Remark:-The long term trend is still down. Today’s stupendous up move suggest that this on-going up move may continue for few more days, therefore long call should be tried as suggested above. Please not to forget that it is a pullback rally as of now therefore long trade should be handled with extreme caution and care.   

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--29-1-2016

CNX-NIFTY

Closed at 7424.65 on 28-1-2016(Open-7426.50/High-7468.85/Low-7409.10)

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 has been oscillating in a short range for last two days and today closed with a loss of 13.10 points. It is not showing the required strength for moving up but at the same time it is also holding on to its important point of 7414 and 7350 for the on-going up move to continue. Therefore as long as it holds 7350 level on the closing basis, chances of giving a short up move is still alive. But fresh long call should be avoided below 7414 for sure. It is important to mention here that it will get stable only if it moves above 7539.50 and sustain.

For 29-1-2016 long call can be tried if it sustains above 7441 with a stop loss of below 7400. Although short call could be a risky proposition here, but in view of today's down close, it can be tried if it maintains below 7395 with a stop loss of above 7425.

Please do not forget that it is in down trend and the on-going up move which started from 7241.50 is a pull back rally and as you are already aware that these rallies can end abruptly also, so be watchful in long trade at least.

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still there as long as it holds 7350 on the closing basis, so long call be tried as suggested above but since it is a pullback rally as of now therefore 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--29-1-2016

CNX--BANK NIFTY

Closed at 15381.45 on 28-1-2016(Open-15569.55/High-15572.20/Low-15349.75)

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 has been falling for last two days and today went down sharply in last hour of trade and closed with a loss of 153.14 points. It is not showing the required strength for moving up in fact it showed weakness today but at the same time it is holding on to its important point of 15300 for the on-going up move to continue. Therefore as long as it holds 15300 level on the closing basis, chances of giving a short up move is still alive. But fresh long call should be avoided below 15300 for sure. It is important to mention here that it will get stable only if it moves above 15762.20 and sustain.

For 29-1-2016 long call can be tried if it sustains above 15562 with a stop loss of below 15475 or 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 down move, it can be tried if it maintains below 15300 with a stop loss of above 15355.

Please do not forget that it is in down trend and the on-going up move which started from 14754.65 is a pull back rally and as you are already aware that these rallies can end abruptly also, so be watchful in long trade at least.

Remark:-The long term trend is still down. In view of the above chances of the on-going up move to continue is still there as long as it holds 15300 on the closing basis, so long call be tried as suggested above but since it is a pullback rally as of now therefore 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--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.