TRADING CALLS FOR--16-2-2016

TRADING CALLS

1. APOLLO  HOSPITAL.

Sell below -1424, S/L-1440, Target-1385/1340/1330/1301/1242.

                                     Or

Sell near 1471 but not above this, S/L-1480, Target-1444/1404/1385/1340/1330.

2. ASIAN PAINTS.

Sell below -853, S/L-860, Target-846.50/826/784/778.

                                     Or

Sell near 875 but not above this, S/L-885, Target-853/846/826.

3. AUROBINDO PHARMA.

Sell below -653, S/L-663, Target-645/620/604/601/588.

                                     Or

Sell near 700 but not above this, S/L-710, Target-677/661/645/620.

4. AXIS BANK.

Buy above -418, S/L-415, Target-429.50/440.

5. BHARAT FORGE.

Buy above-790, S/L-785, Target-811/830

                                     Or

Sell below 773 but not above this, S/L-780,Target-740/720/712.50.

6. DR.REDDYS LAB.

Sell below-2825, S/L-2835, Target-2793/2750/2711.

                                     Or

Sell near 2951 but not above this, S/L-2960, Target-2867/2825/2793.

7. GLENMARK PHARMA.

Sell below-702, S/L-710, Target-676/671/647.50/621.40.

                                     Or

Sell near 730 but not above this, S/L-740, Target-710/702/691/676/671/647.50.

  

8. L & T.

Buy above -1158, S/L-1152, Target-1170/1190/1200.

9. MARUTI SUZUKI.

Buy above-3725, S/L-3700, Target-3789/3810.

                                     

10. RELIANCE INDUSTRIES.

Sell below-934, S/L-940, Target-918/912/909/888/881/826.

                                     Or

Sell near 976 but not above this, S/L-985, Target-906/888/881.

                                     Or

 Buy above-952, S/L-945, Target-976/985/.

                                     

                          

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--16-2-2016

CNX-NIFTY

Closed at 7162.95 on 15-2-2016(Open-7057.35/High-7182.80/Low-7056.80)

Support:-7118.45/ 7057.35/7021/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7241.50/7295/7350.30/7422/7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with an up gap and well above today buying point of 7021(see my post for 15-2-16) thereafter steadily moved up and closed near the high of the day.

Please note that the  gap it created today still exist and if it makes an attempt to fill this gap in next 2-3 days time then it could come down to 7034.80 level.

Today’s moves showed good strength  after the last few days of huge fall, therefore it seems that this up move  may extend  for few more days provided it holds 7057 and 7021 levels on the closing basis. Moving up it would face resistance at 7191/7241-7267/7295 & 7363--7400 and possibly the on-going up move can exhaust at any of these points so be watchful and alert. Similarly support for it exists at 7118/7057/7021/6980 and sustained break below 7021 will signal the end of this rally. Please note that it will gain some strength if it moves above the bear market territory threshold point of 7295 and sustain. Therefore short call should be avoided above this mark

It is also important to mention here that the on-going up move is a pullback rally and can fizzle out any time, therefore for safe trader it is suggested to avoid long call  but aggressive day trader can still try but it  should be handled with utmost caution and care. 

For 16-2-2016 since it gave good rise today and maintained at higher levels after short up move on 12-2-16, therefore it seems that this up move may continue for few more days, so long call can be tried above 7191 with a stop loss of below7150 or try on dip near 7114 then near 7057-7021 with a stop loss of below 7095 & 6980 respectively. Since the trend is down and it is a pullback rally only as of now, therefore an aggressive and contrarian trader can try short call also near 7241—7251 and the near 7295 but not above this with a stop loss of above 7320.    

 Remark:-It is in long term bear trend now. But today’s up move was robust and it may continue for few days, so long call can be tried as suggested above. Similarly the on-going up move is a relief rally only therefore short call can also be tried at suggested points.

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY--A TECHNICAL VIEW--16-2-2016

CNX--BANK NIFTY

Closed at 14445 on 15-2-2016(Open-14120.90/High-14548.15/Low-14120.50)

Support:-14338.65/14120.90/13971.50/13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened on a firm and positive note and much above the buying point of 14000(see my post for 15-2-16) and thereafter steadily moved up and closed with a whopping gain of 473.50 points.  The major technical parameters are still not good but looking at today’s up move it seems that this may continue for few more days provided it holds 14258 and 14120 on the closing basis. Moving up it would face resistance at 14590/14650-14690/14755—14775/14830--15000 and possibly the on-going up move can exhaust at any of these points so be watchful and alert. Similarly support for it exists at 14405/14258/14120/13971/13810. Sustained break below 14258 will signal the end of this rally. Please note that it will gain some strength if it moves above 14754.65 and sustain. Therefore short call should be avoided above this mark.

It is also important to mention here that the on-going up move is a pullback rally and can fizzle out any time, therefore for safe trader it is suggested to avoid long call  but aggressive day trader can still try but it  should be handled with utmost caution and care.  

For 16-2-2016 since it gave good rise today and maintained at higher level ,therefore it seems that this up move may continue for few more days , so long call can be tried above 14550 with a stop loss of below 14440 or try on dip near 14258 but not below this  mark with a stop loss of below 14200. Since the trend is down and it is a pullback rally only as of now, therefore an aggressive and contrarian trader can try short call also near 14640--14690 and then near 14754.65 but not above this with a stop loss of above 14840.   

 Remark:-It is in long term bear trend now. But today’s up move was robust and it may continue for few days, so long call can be tried as suggested above. Similarly the on-going up move is a relief rally only therefore short call can also be tried at suggested points.

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---15-2-2016

TRADING CALLS 

1. APOLLO  HOSPITAL.

Sell below -1394, S/L-1410, Target-1340/1330/1301/1242.

                                     Or

Sell near 1440 but not above this, S/L-1450, Target-1404/1340/1330.

2. ASIAN PAINTS.

Sell below -844, S/L-855, Target-826/784/778.

                                     Or

Sell near 882 but not above this, S/L-890, Target-854/846/826.

3. AUROBINDO PHARMA.

Sell below -654, S/L-663, Target-645/620/604/601/588.

                                     Or

Sell near 672 but not above this, S/L-678, Target-661/645/620.

4. AXIS BANK.

Sell below -390, S/L-395, Target-379/373/366.

5. BHARAT FORGE.

Sell below-740, S/L-747, Target-731/720/712.50/679.

                                     Or

Sell near 773 but not above this, S/L-780,Target-740/720/712.50.

6. BANK OF BARODA.

Sell below-113.70, S/L-115, Target-109/104/102/100/86.

                                     Or

Sell near 109 but not above this, S/L-112, Target-104/102/.

7. CANARA BANK.

Buy above-178.30, S/L-176, Target-183/187.

8. GLENMARK PHARMA.

Sell below-689, S/L-692, Target-676/671/647.50/621.40.

                                     Or

Sell near 702 but not above this, S/L-710, Target-691/676/671/647.50.

9. ICICI BANK.

Sell below -190.50, S/L-193.60, Target-185.50/175.30/172.50/169.

10. RELIANCE CAPITAL.

Buy above-331, S/L-328.50, Target-343/349/361.25.

                                      Or

Buy near 305 but not below this, S/L-300, Target-322/331/343.

11. RELIANCE INDUSTRIES.

Sell below-888, S/L-897, Target-881/826/818/796.45.

                                     Or

Sell near 934 but not above this, S/L-940, Target-906/888/881.

                           

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--15-2-2016

CNX-NIFTY

Closed at 6980.95 on 12-2-2016(Open-7023.65/High-7034.80/Low-6869)

Support:-6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7118.45/  7241.50/7295/7350.30/7422/7512.55/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a short up gap today but could not hold on at the upper level and immediately drifted downward and broke yesterday’s low of 6959.95 and also went below 6900 level intra-day but closed the day with a meager gain of 4.60 points and that too after 4 days of continuous fall of more than 640 points intra -day and 410.90 on the closing  basis.

Please note that after yesterdays panic, today it did not behave the way it should have for making a possible short bottom (see my post for 12-2-2016). Therefore it seems that an expected short bottom is still not in place and today’s low of 6869 is likely to be taken out in coming days/weeks. However it will act as a valid support point for the entire week starting from 15-2-2016, therefore one should be alert in short call above this mark. Furthermore it has very strong support range between6825—6713 and then 6685—6580, so it may make short bottom around these range. But please note that sustained break below 6580 can drag it down to much lower levels. 

It is extremely weak on the chart but it took a short breather today and this move may extend for few days provided it closes above 7021 and sustain else it can fizzle out anytime and may resume the down move again, moving up it would face resistance at 7118.45/7191/7241-7267/7295 & 7360 and possibly the expected up move can exhaust at any of these points so be watchful and alert. But since the trend is down, so it is suggested and would be safe to avoid long call for taking advantage of in between up move and it should be avoided for sure below 6869 for the entire coming week and sell on the rise strategy should be followed now. Please note that long call can only be tried if it shows some visible strength but it would be safe to try long call if it moves above the bear market territory threshold point of 7295 and sustain.

For 15-2-2016 can sell below 6970 with a stop loss of above 7021 for a target of 6869 and sell below 6869 for sure with a stop loss of above 6900 for a target of 6825/6787/6758-6722-6700. Since it gave up close today after a huge fall so this up move may continue for a day or two therefore the aggressive and contrarian trader can try long call also if it moves and sustain above 7021 with a stop loss of below 6970 for a target of 7095—7110, but be vigilant and extra careful in long trade.    

 Remark:-It is in long term bear trend now.  It seems that a short bottom is still not in place therefore it is better to avoid long call till it shows some strength but  in view of the present setup both long and short call can be tried depending on the price movement and 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--15-2-2016

CNX--BANK NIFTY

Closed at 13971.50 on 12-2-2016(Open-14088.60/High-14154.55/Low-13810.60)

Support:-13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14338.65/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened on a positive note and went up further but could not hold on at the higher level and steadily moved down and closed below the physiological level of 14000 with a loss of 57.05 points. In last 5 days it lost more than 1550 points intra-day and more than 1070 on the closing basis which speaks of its inherent weakness.

Please note that after yesterdays panic, today it did not behave the way it should have  for making a possible short bottom (see my post for 12-2-2016). Therefore it seems that an expected short bottom after such decline is still not in place and today’s low of 13810 is likely to be taken out in coming days/ weeks. However it will act as a valid support point for the entire week starting from 15-2-2016, therefore one should be alert in short call above this mark. Furthermore it has very strong support in the range of 13750—13690—13650—13520—13414--13303, so it may make short bottom around these range. But please note that sustained break below 13414.30 &13303.60 can drag it down to much lower levels. 

It is extremely weak on the chart but since it has been falling for last 5 days so it may take a breather here and may give a short relief rally, if it does and crosses 14260 mark and sustain then  up move may extend for few days else the down move may continue again , moving up it would face resistance at 14406/14590/14775 and most importantly from its long term rising trend line on the daily chart which is at 14460(it moves up every day)for 15-2-2016 and on the monthly chart at 14565--610 and possibly the expected up move can exhaust at any of these points so be watchful and alert if it happens. But since the trend is down, so it is suggested and would be safe to avoid long call for taking advantage of in between up move and it should be avoided for sure below 13810 for the entire coming week and sell on the rise strategy should be followed. Please note that long call can only be tried if it shows some visible strength

For 15-2-2016 can sell below 13950 with a stop loss of above 14010 for a target of 13810 and sell below 13810 for sure with a stop loss of above 13870 for a target of 13690/13650/13520. Since it has been falling for last five days, so it may take a breather here and may give a short up move but as of now there is no sign of it, however the aggressive and contrarian trader can try long call also if it moves and sustain above 14000 with a stop loss of below 13950 for a target of 14155 and then 14242--14289, but be vigilant and extra careful in long trade, it could be a risky trade mind you.   

Remark:-It is in long term bear trend.  It seems that a short bottom is still not in place therefore it is better to avoid long call till it shows some strength. Since it is giving mixed signal now therefore both long and short call can be tried as suggested above depending on the price movement of the day and 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.

GOLD IN $ TERMS-- A TECHNICAL VIEW-15-2-2016

GOLD IN $ TERMS

Gold closed at $1239.40 on 12-2-2016

SUPPORT:- $1191.70/1181.60/1169.80/1141.60/1130.40/1128/1122/1103.80/1061.50/1060.20/1044.50.

RESISTANCE: - $1255.60/1263.90/1297.60/1307.80/1324.30/1346.80/1361.80/1392.60/1434/1487.20/1539.

I was bullish on gold and had perceived an upside range of $1191—1256(see my post of 18-1-2016).In fact it hit a high of $1263.90 on 11-2-2016. It is still looking extremely good and made lot of bullish pattern on the chart, so further rise is not ruled out but moving up from here, it would face huge resistance in the range of $1263—1308—1370 and then $1520—1660.But looking at the overall technical setup now it seems that it is likely to cross at least first range of $1263-1308-1370 for sure if not second one. Please note that it has good support at $1191.70/1181.60/1141—1122,therefore as long as it holds $1141—1122 range this up move may continue off course with in between down correction from time to time. In view of the above buy on dip strategy should be followed, but if it goes below $1191.70 and $1181.60 level then try long call near $1141-1122 with a stop loss of below $1103 or if it moves and sustain above $1191.70 again. Please note that it would be safe to try long call above $1191.70 with a stop loss of below $1180.The bias is clearly on the upside.

REMARKS:-Long term trend is down but short and medium term trend is up. It is therefore suggested to adopt buy on dip strategy as suggested above.

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY--A TECHNICAL VIEW--12-2-2016

CNX-NIFTY

Closed at 6976.35 on 11-2-2016(Open-7203.60/High-7208.65/Low-6959.95)

Support:-6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7118.45/ 7241.50/7295/7350.30/7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened on a flat to negative note but did not open with a down gap and thereafter went down steadily during the day, but in late hours of trade it plunged down sharply breaking the physiological level of 7000 and closed below it and near the low of the day with a whopping loss of 239.35 points. It was a sheer panic today therefore it seems that a short bottom may be in sight in a day or two or may be tomorrow itself around the possible points of 6825 or 6685—6600. It is important to mention here that break below 6580 can trigger fresh fall which can drag it down to further lower levels again. In view of the above if it panics tomorrow and comes near the aforesaid range it is suggested to avoid fresh short call and square existing one and can try long call near the range.  

For 12-2-2016 can sell below 6959 with a stop loss of above 7010 for a target of 6868/6825/6685&6600. It is suggested to exit short trades around the said levels and can try long call near the said range with a stop loss of below 6790 and 6560 respectively.

Remark:-It is in long term bear trend now. Today’s panic indicates that a short bottom may be in sight therefore it is suggested to avoid fresh short trade around the range of 6825-6685-6600 and existing short call should be squared off and long call can be tried near  the range with the above mentioned stop losses.

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

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

Note: Price stated here is of spot market.

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

CNX-BANK NIFTY--A TECHNICAL VIEW--12-2-2016

CNX--BANK NIFTY

Closed at 14028.55 on 11-2-2016(Open-14518.65/High-14530.80/Low-13969.85)

Support:-13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14338.65/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened on a negative note and went down steadily during the day, but in late hours of trade it plunged down sharply breaking the physiological level of 14000 intra-day but closed above it ,but near the low of the day with a whopping loss of 559.90 points. It also broke its major rising trend line decisively which was at 14388-400 for today. It was a sheer panic today therefore it seems that a short bottom may be in sight in a day or two or may be tomorrow itself around the possible points of 13600/13414—13303 or 13150. It is important to mention here that break below 13150 level can trigger fresh fall which can drag it down to further lower levels again. In view of the above if it panics tomorrow and comes near the aforesaid range it is suggested to avoid fresh short call and square existing one and  can try long call around the aforesaid range.

For 12-2-2016 can sell below 13969 with a stop loss of above 14040 for a target of 13840/13600/13414--13303. It is suggested to exit short trades around the said levels and can try long call  but not below 13150 with self defined stop losses with the help of support levels mentioned above. 

Remark:-It is in long term bear trend. Today’s panic indicates that a short bottom may be in sight therefore it is suggested to avoid fresh short trade around the range of 13600/13414—13303 and 13150  and existing short call should be squared off and long call can be tried near  the range with self defined stop losses.

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--11-2-2016

CNX-NIFTY

Closed at 7215.70 on 10-2-2016(Open-7264.30/High-7271.85/Low-7177.75)

Support:-7118.45/6868.85/6638.55.

Resistance:-7241.50/7295/7350.30/7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

Today it opened with a down gap again and went down further and as expected broke the bottom of 7241.50 on the bar chart and closed the day well below its threshold level of 7295 for the bear market territory and also below its recent bottom of 7241.50 on the bar chart with a loss of 82.50 points. It is showing gross weakness on the chart, therefore long call should not be attempted till it moves and sustain above 7295 or it gives visible indication of some strength at the lower level and the possible points could be 7118/7020/ 6825, so watch out. The bias is on the downside therefore sell on the rise strategy should be followed now but be alert in short call if it moves and sustain above 7295. Although the trend is down but in between short relief rally cannot be ruled out but it is advised not to take advantage of these rallies as it can trap you.

It is important to note that today was the second day of gap down open and the gap still exist, so there is two down gaps in a row and if tomorrow it opens with a down gap i.e. below 7177.75 and go down further then one should be alert in short position and it is suggested to exit short trades then , because generally after 3^rd gap it makes an effort to fill the gaps and if it does then it could come up to 7364-7400 levels. But in any case please be alert in short trade above 7241.50 and exit trade if it move and sustain above 7295.  

For11-2-2016 can sell now or on the rise but not above 7241.50 with a stop loss of above 7295 or can sell below 7190 with a stop loss of above 7245 for a target of 7118—7095.

Remark:-The long term trend is still down. Since it has entered the bear market territory, therefore don’t think of long call till it moves and sustain above 7295 at least. Short call still seems to be good option but 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---11-2-2016

CNX--BANK NIFTY

Closed at 14588.45 on 10-2-2016(Open-14740.20/High-14779.15/Low-14490.20)

Support:-14338.65/13414.30.

Resistance:- 14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

Today it opened with a down gap and broken the bottom of 14834.05 and 14754.65 on the line and the bar chart respectively. It filled the gap immediately and thereafter went down further breaking its double bottom at 14709.10 and closed the day way below the aforesaid bottoms and with a loss of 286.64 points, which is bad sign. It is exhibiting huge weakness on the chart and indicates that the down move may continue but in between short relief rally cannot be ruled out from time to time, but it is suggested to avoid taking advantage of these rallies.  The bias is on the downside, therefore long trade is ruled out till it shows some strength at the lower levels. It would find good support at 14356-14338 and break below 14338 will trigger fresh fall .In view of the above sell on the rise strategy should be followed now but be alert in short trade if it maintains above 14754.65.

For 11-2-2016 can sell now or on the rise but below 14754.65 with a stop loss of above 14840 or can sell below 14580 with a short stop loss of above 14620 for a target of 14356-14338 and then 14164.

Remark:-It is in long term bear trend. Since it has broken all its recent bottoms and other support levels, therefore buying is ruled out for now till it exhibit some strength .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-10-2-2016

CNX-NIFTY

Closed at 7298.20 on 9-2-2016(Open-7303.95/High-7323.45/Low-7275.15)

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

Resistance:-7350.30/7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a down gap today breaking decisively the bottom of 7361.80 and 7350.30 on the line and the bar chart respectively. It also broke the threshold level of 7295 for entering into the bear market territory intra -day but it respected its recent bottom of 7241.50 on the bar chart made on 20-1-2016 and at the end of the day closed just above the threshold mark of 7295 with a loss of 89.04 points. Today’s move exhibited tremendous weakness  and now it is a matter of time only before the bottom of  7241.50 is taken out and it heads for much lower levels in coming days/weeks and months. Moving down it will find support at 7241.50/7197/7118-7095/6868. However since it has closed just above the threshold mark of 7295 and opened with a down gap therefore if it makes an attempt to fill the gap in 2-3 days time it could come to 7364 or may be around 7395 level but any rise should be used for selling. The long call should only be attempted if it moves and sustain above 7539.50 or else at lower levels when it show some visible strength.  

For10-2-2016 In view of the above fresh short call can safely be tried below 7275 and then below 7241 for sure with a stop loss of above 7310 for a target of 7197 and then 7122 or sell on the rise but not above 7512 with a stop loss of above 7540. Moving up the possible sell point could be at 7364/7395/7440.It is suggested but not recommended that those who want to take advantage of the in between short relief rally can try long call above 7295 with a stop loss of below 7235; it could be a risky trade mind you.

Remark:-The long term trend is still down. Since it is knocking at the door of bear market territory ,therefore long call is ruled out  for now and sell on the rise strategy should be followed  and long call should only be attempted if it moves and sustain above 7539.50 till then try short call  as suggested above or below 7241 for sure.

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--10-2-2016

CNX--BANK NIFTY

Closed at 14875 on 9-2-2016(Open-14830/High-14964.90/Low-14760.80)

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

Resistance:- 15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened with a down gap today and went down further and intra-day broken the bottom of 14834.05 on the line chart and tested the bottom of 14754.65 on the bar chart but at the end of the day respected both the bottoms and closed above them but  with a loss of 171.80 points. It also filled the gap completely during the day. The technical setup is looking weak but the silver lining is that even after today’s fall it has not broken its bottom on the line and bar chart. Therefore as long as it holds 14834.05 and 14754.65 on the closing basis there is a ray of hope that it could still move up from here before the fresh fall begins. Please note that the fresh fall looks inevitable as of now and it will seek much lower levels in coming weeks/months. Therefore every rise should be used for selling and buying should only be attempted if it closes above 15370 and sustain.

For10-2-2016 In view of the above fresh short call can safely be tried if it maintains below 14834 and then below 14754 for sure with a stop loss of above 14880  and above 14834 respectively for a target of 14595 or sell on the rise but not above 15370 with a stop loss of above 15430. Moving up the possible sell point could be at 15060/ 15174/15340/.It is suggested but not recommended that those who want to take advantage of the in between short relief rally can try long call above 14875  with an alert point at 14834 and exit point below 14754 it could be a risky trade mind you.

Remark:-It is in long term bear trend. But despite today’s fall it is still holding on to its recent bottom on the bar and the line chart. So it could still move up before fresh fall begin, therefore take you’re trading call as suggested above but one should be circumspect 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-9-2-2016

CNX-NIFTY

Closed at 7387.25 on 8-2-2016(Open-7489.70/High-7512.55/Low-7463.25)

Support:-7350.30/7295/7241.50/7118.45/6868.85/6638.55.

Resistance:-7422/7539.50/ 7551.05/7563.55/7589.50/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

An important annual event of Budget-2016-17 is ahead therefore lot of action and volatility is expected in the market, so one should be cautious in trade till the event is over.

It opened flat today and desperately tried to move up but could not and went down sharply in last hour of trade and closed with a loss of 101.85 points. Short term technical setup was not that encouraging and looks terribly weak after today’s severe down move. The only positive point now is that it is still holding it recent higher bottom of 7350.30 on the bar chart and bottom of 7361.80 on the line chart, so if it holds the aforesaid bottom range it could still rally. The negative points are that it fell well below its short term moving average range which is between-7436--7487 (it changes every day) for 9-2-2016 , it has broken its short rising trend line today which was at 7393 and it is at 7410 for 9-2-2016  and it is far below its short term down trend line which is at 7505 for 9-2-2016. The overall bias is down now ,therefore long call should only be tried if it moves and sustain above 7539.50 which is one of its most crucial benchmark point and is valid for the entire year of 2016.

It is important to mention here that its threshold point for entering the bear market is at 7295 and it is not very far away from here. Please note that sustained break below this level could drag it down faster and to much lower levels. So this would be the benchmark point for initiating or exiting both ways trade.

For 9-2-2016 In view of the above fresh short call can safely be tried if it breaks the bottom of 7361.80 and then below 7350 for sure with a stop loss of above 7410 or on the rise but not above 7490 with a stop loss of above 7515 similarly aggressive trader can try long call also provided it move above its recent top of 7489.10 on the line chart and sustain for some time with a stop loss of below 7435. It is suggested and would be safe to try long call if it moves and sustains above 7539.50.

Remark:-The long term trend is still down. After previous days good rise it had a breakdown today, therefore long call is ruled out for now and should only be attempted if it moves and sustain above 7539.50 till then try short call on the rise as suggested above or below 7350 for sure.

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.