CNX-BANK NIFTY--A TECHNICAL VIEW--19-2-2016

CNX--BANK NIFTY

Closed at 14298.15 on 18-2-2016(Open-14301.75/High-14385.65/Low-14180.90)

Support:- 14258/14120.90/13971.50/13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

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 with an up gap today but filled the gap during the day and closed with a gain of 178.30 points. It is still looking very weak in comparison with nifty but the positive point is that it has made higher bottom on the line chart at 14119.85, therefore as long as it holds this bottom on the closing basis it could still move up from here. Moving up it will face resistance at 14386/14445/14590/14670/14754.65 and possibly the on-going up move may exhaust at any of these points so be watchful and alert. Since it is in down trend and the today's up move is a bear rally only as of now so the above points could also be used as sell point also provided weakness is visible in the prices during the day.   

Please note that I would once again caution safe trader that not to take advantage of the in between up rallies in bear market, as these rallies are treacherous in nature and can trap you unaware at higher levels. However aggressive intra-day trader can try long call if they wish too at appropriate points.  The long trade can safely be attempted only if it moves and sustain above 14754.65.

For 19-2-2016 aggressive trader can try long call if it maintains above 14300 with a stop loss of below 14180 for a target of 14445/14590/14670 or near 14120 with a stop loss of below  14080  for a target of 14298/14386/14450-475/14590/. Similarly these target points can also be used as sell points provided price show weakness during the day with proper stop losses or sell call can be tried if it maintains below 14100 with a stop loss of above 14190 for a target of 13892/13810/13760. Please note that sell call should surely be attempted in the range 14650--14750 with a stop loss of above 14820.I once again repeat that since it is in down trend therefore long trade should be handled with extreme caution and care.

 Remark:-It is in long term bear trend now. Since it has made higher bottom on the line chart long call can be tried as suggested above.But if price moves otherwise short call should also be tried and must be attempted in the range of 14650-14750. Please note that taking advantage of the pullback rally could be risky, so be alert and watchful in long trade.

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-18-2-2016

CNX-NIFTY

Closed at 7108.45 on 17-2-2016(Open-7058.85.25/High-7123.70/Low-6960.65)

Support:- 7057.35/7048.25/7021/6980.95/ 6976.35/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

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.

As expected it was a hugely volatile day and it had frantic movement for quite a long time in the day but in late hours of trade it moved up sharply and closed near the high of the day with a gain of 60.20 points. The volatility is expected to continue till the Budget Event is over therefore intra-day traders should be extremely careful in their trade position. Today it did break the point of 7021 and its recent bottom of 6976.35 on the line chart (see my post for 16-2-2016) intra-day but closed well above these points, in fact it made a higher bottom at 7048.25 on the line chart and a higher low of 6960.95 on the bar chart, so as long as it holds 7048.25 mark on the closing basis and 6960.95 intra- day basis, it could move sideways to up and if it closes above 7163 then it could move further up. Moving up it will face resistance at 7134/7182/7209/7241.50/7267/7295/7316/7360—7400. Please note that if it sustain today’s rise then this move may last for few days and could possibly exhaust at any of the above mentioned points.  

Please note that I would once again caution safe trader that not to take advantage of the in between up rallies in bear market, as these rallies are treacherous in nature and can trap you unaware at higher levels. However aggressive intra-day trader can try long call if they wish too at appropriate points.  The long trade can safely be attempted only if it comes out of the bear territory mark of 7295 and sustain.

    

For 18-2-2016 aggressive trader can try long call now or near but not below 7048 with a stop loss below 7010 for a target of 7134/7182/7209/7241.50/7267/7295. Similarly sell call can be tried if it maintains below 7040 with a stop loss of above 7070 for a target of 6960/6868/6825. I once again repeat that since it is pullback rally therefore long trade should be handled with extreme caution and care.

 Remark:-It is in long term bear trend now. Since it has made higher bottom on line chart and higher low on the bar chart intra-day trader can try long call as suggested above. But if price moves otherwise short call must be tried. Please note that taking advantage of the pullback rally could be risky, so be alert and watchful in long trade.

  

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-18-2-2016

CNX--BANK NIFTY

Closed at 14119.85 on 17-2-2016(Open-14165.25/High-14186.10/Low-13892.10)

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

Resistance:- 14120.90/14338.65/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened flat and went up little higher then moved down and went way below the previous day’s low and also closed below the low. As thought it exhibited volatility today and it is expected to continue till the Budget Event is over therefore intra-day traders should be extremely careful in their trade position. Unlike nifty it had a lower close today, but the silver lining is that it made higher low of 13892.10 on the bar chart and still holding its recent bottom of 13971.50 on the line chart, therefore as long as it holds 13971.50 on the closing basis and 13892.10 on intra -day basis it could move sideways to up from here. Moving up it will face resistance at 14260/14346/14450-475/14590/14670/14754.65. Please note that if it begins to move up tomorrow then it may last for few days and could possibly exhaust at any of the above mentioned points. 

Please note that I would once again caution safe trader that not to take advantage of the in between up rallies in bear market, as these rallies are treacherous in nature and can trap you unaware at higher levels. However aggressive intra-day trader can try long call if they wish too at appropriate points.  The long trade can safely be attempted only if it moves and sustain above 14754.65.

For 18-2-2016 aggressive trader can try long call if it maintains above 14190 with a stop loss of below 14100 for a target of 14260/14346/14450-475/. Similarly sell call can be tried if it maintains below 14100 with a stop loss of above 14190 for a target of 13892/13810/13760. I once again repeat that since it is in down trend therefore long trade should be handled with extreme caution and care.

 Remark:-It is in long term bear trend now. Although it closed negative today but still holding on to its recent bottom on the line chart and made higher low on the bar chart, so long call can be tried as suggested above. But if price moves otherwise short call must be tried. Please note that taking advantage of the expected pullback rally could be risky, so be alert and watchful in long trade.

  

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--17-2-2016

CNX-NIFTY

Closed at 7048.25 on 16-2-2016(Open-7201.25/High-7204.65/Low-7037.70)

Support:- 7021/6980.95/ 6976.35/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:- 7057.35/7118.45/ 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 an up gap today and went little higher but could not hold on at that level and immediately drifted down and thereafter steadily moved down during the day and closed below the low of the previous day. It almost filled the yesterday’s gap also. It was a perfect copy book key down reversal today, therefore in all probability the pullback move is over. But it may witness huge volatility in coming days in light of the ensuing   National Budget Event-2016, so there is still weak hope of a short rise from here as long as it holds 7021 and its recent bottom of 6976.35 on the line chart. Please note that it is already in the bear market ,therefore, I once again reiterate that do not try long call to take advantage of the in between bear market rallies. It is therefore suggested to sell on the rise at appropriate points but not above 7241.50 and above 7295 for sure.     

I cautioned not to try long call in the pullback rally as these rallies can fizzle out abruptly also and this is what has exactly happened today (see my post for 16-2-2016).Therefore it is suggested to try long call only after if it shows sustained strength for some time at lower levels or if it moves and sustain above 7295 and then above 7539.50 levels, chances of happening this does not seems bright as of now. In fact weekly and monthly chart are so badly placed and as of now indicates that it may seek unbelievably lower levels in coming weeks/months( see my earlier post)and  the possible time frame could be between March to May-2016. However chart has to be viewed on regular basis and any positive development on the chart can change the interpretation also which may please be noted, so watch out.   

 For 17-2-2016 sell below 7021 with a stop loss of above 7050 and add on  position below 6976 with a stop loss of above 7021  for a target of 6976/ 6869/6825/6787or sell on the rise but not above 7165 as of now with a stop loss of 7209.    

 Remark:-It is in long term bear trend now. In view of key downward reversal today long call is completely ruled out ,instead short call should be tried as suggested above.

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

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

Note: Price stated here is of spot market.

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

TRADING CALLS FOR 17-2-2016

TRADING CALLS

1. ACC.

Sell below -1225, S/L-1230, Target-1205/1199/1146.

2. ASIAN PAINTS.

Sell below -836,S/L, Target-826/784/778.

                                    

3. AUROBINDO PHARMA.

Sell below -623, S/L-630, Target-604/601/588.

                                     Or

Sell near 677 but not above this, S/L-686, Target-661/645/620/604.

4. AXIS BANK.

Sell below -405, S/L-407, Target-395.60/391.10/379.

5. ASHOK LEYLAND.

Sell below-86.90, S/L-88, Target-84.70/8275/81.50.

6. CANARA BANK.

Sell below-169, S/L-171, Target-161.20/155.

7. DR.REDDYS LAB.

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

                                    

8. GLENMARK PHARMA.

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

9. ICICI BANK.

Sell below-195.50, S/L-197, Target-190.50/188/185/175.

10. ITC.

Sell below-293.65, S/L-296, Target-285/281/272.

11.JET AIRWAYS.

Sell below-532, S/L-536, Target-514/489..

12. L & T.

Sell below -1099, S/L-1108, Target-1069/1016.

13. LIC HOUSING FINANCE.

Sell below -408, S/L-412, Target-399/393/389.25/.

14. LUPIN.

Sell below -1746, S/L-1755, Target-1725/1715/1688/1660.

15. RELIANCE CAPITAL.

Sell below -323.50, S/L-327, Target-303.25/296/289.50.

16. STATE BANK OF INDIA.

Sell below -155.60, S/L-157, Target-148.25/145.27/143/.

17. SIEMENS.

Sell below -990, S/L-997, Target-968/950/905.

18. TATA MOTORS.

Sell below -297.90, S/L-302, Target-288/279.10/271.60.

19. TITAN.

Sell below -346.50, S/L-648.50, Target-341/336/329/326.95.

                                     

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-BANK NIFTY--A TECHNICAL VIEW--17-2-2016

CNX--BANK NIFTY

Closed at 14166.45 on 16-2-2016(Open-14602.25/High-14602.25/Low-14136.80)

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

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 with an up gap today and the open was the high also and it immediately drifted down and thereafter steadily moved down during the day and closed below the low of the previous day. It was a perfect copy book key down reversal today, therefore in all probability the pullback move is over. But it may witness huge volatility in coming days in light of the ensuing   National Budget Event-2016, so still there is a weak chance of a short rise from here as long as it holds its recent bottom of 13971.50 on the line chart. Please note that it is already in the bear market for quite some time ,therefore, I once again reiterate that do not try long call to take advantage of the in between bear market rallies. It is therefore suggested to sell on the rise at appropriate points but not above 14445 as of now.    

I cautioned not to try long call in the pullback rally as these rallies can fizzle out abruptly also and this is what has exactly happened today (see my post for 16-2-2016).Therefore it is suggested to try long call only after if it shows sustained strength for some time at lower levels or if it moves and sustain above 14754.65 level, chances of happening this does not seems bright as of now.  In fact weekly and monthly chart are so badly placed and as of now indicates that it may seek unbelievably lower levels in coming weeks/months( see my earlier post)and  the possible time frame could be between March to May-2016. However chart has to be viewed on regular basis and any positive development on the chart can change the interpretation which may please be noted, so watch out.   

For 17-2-2016 sell below 14120 with a stop loss of above 14180 and add on position below 13970 with a stop loss of above 14120 for a target of 13810/13750/13690-650 or sell on the rise but not above 14445 for now with a stop loss of 14550.   

 Remark:-It is in long term bear trend now. In view of key downward reversal today long call is completely ruled out ,instead short call should be tried as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

TRADING CALLS FOR--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.