CNX-NIFTY--A TECHNICAL VIEW--23-2-2016

CNX-NIFTY

Closed at 7233.30 on 22-2-2016 (Open-7208.85/High-7252.40/Low-7200.70.)

Support:-7226.85/7118.45/7208.85/ 7048.25/7021/6980.95/ 6976.35/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

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 moved in a very short range today, it crossed its first tough resistance point of 7241.50 intra-day but could close above it. Please note that the range of 7241.50---7295 is very important and tough range and if it fails to cross 7295 mark then the on-going rally may be over or it may correct sharply from here. Since it is very close to this range now therefore it is suggested to avoid long trade around this range and should only be attempted if it crosses 7295 mark and sustain because this the bear market territory threshold point. Please note that price wise it still looking o.k. as long as it holds 7140 on the closing basis. So those who wish to try long call can try if it maintains above 7227, but be alert below 7208 and exit trade below 7190.

For 23-2-2016 long call can be tried if it maintains above 7227 with a stop loss of below 7190 for a target of 7241.50/7267/7295/7310-7360. Similarly these points can also be used as sell points provided price show weak movement during the day and with the proper stop losses or sell call can be tried if it maintains below 7140 with a stop loss of above 7215 for a target of 7114/7037/6960. Sell call can also be tried if it falls below 7227 and maintains for some time with a stop loss of above 7245.  Please note that sell call should surely be attempted in the range 7275—7295 with a stop loss of above 7325 because as of now it seems that this on-going up move may not last beyond the point of 7295 for a long time. 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. The price movement is still o.k. but it has entered into a highly important and tough zone, therefore it is suggested to avoid long now and should only be attempted if it crosses 7295 level and sustain. If it shows price weakness sell call can be tried.  

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---23-2-2016

CNX--BANK NIFTY

Closed at 14373.25 on 22-2-2016(Open-14331.20/High-14467.15/Low-14322.65)

Support:- 14344.20/14338.65/14331.20/14258/14120.90/13971.50/13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14445/14602.25/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It moved in a short range today and closed with a small gain of 29.04 points. It has failed to cross its recent top of 14445 on the line chart in last five days which shows lack of strength in it .However some hope of moving up is still alive as long as it holds its recent bottom of 14119.85 on the line chart on the closing basis. Since it is not showing required strength and moreover, it is just a bear market rally therefore it is suggested to avoid long trade till is shows some visible strength but day trader can still try long call  if it sustains above 14330 with a stop loss of below 14250 but with utmost caution and care. Moving up it will face resistance at 14445-470/14590/14670/14754.65 and possibly the on-going up move may exhaust at any of these points so be watchful and alert.

For 23-2-2016 long call can be tried now but not below 14345 with a stop loss of below 14250 for a target of 14445/14590/14670. Since it is in down trend and the on-going 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 price movement with proper stop losses or sell call can be tried if it maintains below 14250 with a stop loss of above 14345 for a target of 14120/13971/13892/13810. 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. It is not showing required strength but still long call can be tried as suggested above because it is  holding on to its recent bottom on the line chart and price movement is not that weak. But if price moves otherwise short call should also be tried and must be 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.

TRADING CALLS FOR 22-2-2016

TRADING CALLS

1. ACC.

Buy above -1281, S/L-1274, Target-1301/1310/1318.

2. APOLLO HOSPITAL.

Sell below -1420, S/L-1430, Target-1409/1380/1370/1340.

                                    

3. ASIAN PAINTS.

Sell below -848, S/L-855, Target-826/784/778.

                                  

4. AUROBINDO PHARMA.

Sell below -645, S/L-655, Target-620/616/604/601/588.

                                     Or

Sell near 675-683 but not above 683, S/L-687, Target-655/645/620/616.

5. AXIS BANK.

Sell below -390, S/L-393, Target-383/380/373--366.

6. BHARAT FORGE.

Sell below-766, S/L-774, Target-751/740/730/720..

7. COLGATE PALMOLIVE.

Sell below-830, S/L-835, Target-821/812/790.

8. DIVIS LAB.

Buy above -1002, S/L-994, Target-1010/1026/1036/1061.

                

9. GLENMARK PHARMA.

Buy above -751, S/L-746, Target-761.85/781/806.80.

                   

10. ICICI BANK.

Sell below-198, S/L-201, Target-190.50/188/185/175.

11. LIC HOUSING FINANCE.

Buy above-421.50, S/L-419, Target-433/442.

12. MARUTU SUZUKI.

Sell below-3559, S/L-3570, Target-3520/3483/3461.

13. RELIANCE INDUSTRIES.

Sell below -936, S/L-943, Target-925/916/910/888.

14. STATE BANK OF INDIA.

Buy above -165.30, S/L-163.70, Target-1168.60/169.50/170.75.

15. TATA MOTORS.

Buy above -320.50, S/L-317, Target-324/330/335/340.

16. TATA STEEL.

Buy above -256.50, S/L-253.25, Target-260/265/276.

17. TECH MAHINDRA.

Buy above -443, S/L-440, Target-458.50/467.85.

18. WOCKHARDT.

Buy above -816, S/L-805, Target-837/868/918.

                                  

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--22-2-2016

CNX-NIFTY

Closed at 7210.75 on 19-2-2016 (Open-7170.55/High-7226.85/Low-7145.95.)

Support:-7118.45/ 7048.25/7021/6980.95/ 6976.35/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:- 7226.85/7241.50/7295/7350.30/7422/7512.55/7539.50/ 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 on a negative note and went down further and thereafter moved in a short range and in the last hour of trade it steadily moved up and closed near the high of the day. The  up move may continue further for few days provided it holds 7162.95 and then 7048.25 on the closing basis which may please be noted. Therefore long call can be tried but with utmost caution and care. Moving up it will face resistance at 7227/7241.50/7267/7295/ 7310/7360—7400 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 on-going 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 price movement.   

 Please note that it is a bear rally only and these rallies can end abruptly also, furthermore it is not very far from it very tough resistance points of 7241.50 and 7295 and it seems that it will not be that easy to cross these point specially 7295 mark, therefore it is suggested to handle long trade very carefully. I would once again caution safe trader not to take advantage of the in between up rallies in bear market as it can trap you unaware at higher levels. However aggressive intra-day trader can try long call if as mentioned below.  The long trade can safely be attempted only if it comes out of the bear territory mark of 7295 and sustain.

  

For 22-2-2016 long call can be tried if it maintains above 7227 or near but not below 7162.95 with a stop loss of below 7200 and 7120 respectively for a target of 7227/7241.50/7267/7295/7310-7360.Trying long call above 7227 would be relatively safe. Similarly these points can also be used as sell points provided price show weak movement during the day and with the proper stop losses or sell call can be tried if it maintains below 7114 with a stop loss of above 7170 for a target of 7037/6960. Sell call can also be tried if it does not cross 7227 mark or if it cross and fall below this level again and sustain then with a stop loss of above 7245.  Please note that sell call should surely be attempted in the range 7275—7295 with a stop loss of above 7325 because it seems that this rally may not last beyond 7295 for a long time. 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. Still long call can be tried but with extreme caution as it is approaching very tough resistance area. But if price moves otherwise short call should also be tried and must be in the range of 7275-7295.  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--22-2-2016

CNX--BANK NIFTY

Closed at 14344.20 on 19-2-2016(Open-14243.45/High-14395.85/Low-14207.35)

Support:- 14338.65/14258/14120.90/13971.50/13810/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 14445/14602.25/14709.10/14754.65/14858.50/15130.35/15136.85/15162.05/15206.30/15300/15522.40/15547.75/15626.90/15682.65/15725.80/15742.05/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/

It opened on a negative note and went down further and thereafter moved in a short range and in the last hour of trade it steadily moved up and closed near the high of the day. It is still not showing good strength, but the up move may still continue further for few days provided it holds 14119.85 on the closing basis which may please be noted. Therefore long call can still be tried but with utmost caution and care. Moving up it will face resistance at 14445-470/14590/14670/14754.65 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 on-going 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 price movement.   

 Please note that it is a bear rally only and these rallies can end abruptly also, I would therefore once again caution safe trader that not to take advantage of the in between up rallies in the bear market as it can trap you unaware at higher levels. However aggressive intra-day trader can try long call as mentioned below. The long trade can relatively safe if attempted above 14754.65.

For 22-2-2016 long call can be tried if it maintains above 14350 with a stop loss of below 14250 for a target of 14445/14590/14670. Similarly these target points can also be used as sell points also provided price show weak movement during the day with proper stop losses or sell call can be tried if it maintains below 14180 with a stop loss of above 14260 for a target of 14120/13971/13892/13810. 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 is respecting the 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 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 VIEW--19-2-2016

CNX-NIFTY

Closed at 7191.75 on 18-2-2016(Open-7177.40/High-7215.10/Low-7127.85.)

Support:- 7118.45/ 7057.35/7048.25/7021/6980.95/ 6976.35/6868.85/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

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 a huge up gap and went further higher and thereafter drifted down to fill the gap and it almost covered the gap and then moved up again and closed the day with a gain of 83.30 points and near the high of the day. Since it has closed above its previous top of 7162.95 on the line chart (see my post for 18-2-2016) and it has already made higher bottom of 7048.25 and now higher top is in the making, therefore as long as it holds 7162.95 and then 7048.25 on the closing basis this up move may continue for few days. But be alert in long trade if it consistently starts trading below 7162.95 during the day and exit long trade below 7100. Moving up it will face resistance at 7215/7241.50/7267/7295/ 7310/7360—7400 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 on-going up move is a bear rally only as of now so the above points could also be used as sell point 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 as mentioned below.  The long trade can safely be attempted only if it comes out of the bear territory mark of 7295 and sustain.

    

For 19-2-2016 aggressive trader can try long call now or near but not below 7162.95 with a stop loss of below 7100 for a target of 7215/7241.50/7267/7295/7310-7360. Similarly these points can also be used as sell points provided price show weakness during the day and with the proper stop losses or sell call can be tried if it maintains below 7100 with a stop loss of above 7165 and add on position if it maintains below 7048 with a stop loss of above 7114 for a target of 6960/6868/6825. Please note that sell call should surely be attempted in the range 7275—7295 with a stop loss of above 7325. 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. In view of the higher top & bottom on the line chart, it seems that the on-going up move may continue for few days, therefore 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 7275-7295.  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--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.