CNX--BANK NIFTY- A TECHNICAL VIEW - 16-3-2016

CNX--BANK NIFTY

Closed at 15326.80 on 15-3-2016(Open-15310.45/High-15386.85/Low-15268.10)

Support:-15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15451.75/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a flat note and moved in a very short range throughout the day and closed with a meager gain of 49 points. Today’s short range movement indicates that it is bracing for a big move on the either side in coming day or two, today’s bar on the chart is pointing towards a possible down move. However  it is within its  critical range now which is between 15451.75—14989.40 (see my post for 14-6-16),furthermore it  has higher top and bottoms on the line chart therefore chances are that it could still move up as long as it holds 15140 on the closing basis. But it will show good strength once it gives sustained upside breakout from its critical range for now i.e. above 15451.75. In view of the above it is suggested to try long call above 15451.75 but it can still be tried if it maintains above 15355 but with extreme caution. Moving up it will face resistance at 15367/15451.75/15565.50/15682.65/15762.20. Similarly going down it will find support at 15140/14989.40/14969/14761/14754/14670. Please note that it will gain strong foothold once it moves above 15762.20 and sustain.

For 16-3-2016 in view of short trading range today please exercise extreme caution in first hour of trade. Long call can be tried if it moves and sustain above 15355 with a stop loss of below 15220 for a target of 15367.90/15451.75/15577/15682.65/15762.20. Similarly short call can also be tried if it maintains below 15220 for some time with a stop loss of above 15310 and add on further position below 15140 with a stop loss of above 15220 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted if it sustains above 15355 and short call can also 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 FOR-15-3-2016

CNX-NIFTY

Closed at 7538.75 on 14-3-2016 (Open-7542.60/High-7583.70/Low-7515.05)

Support:-7512.55/7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a very strong and positive note almost near the high of the previous day and went up further it traded above one of its most critical point of 7539.50 for a long time during the day but closed just below it .However it still technically o.k. on the daily chart but to get strong foothold it is very essential for it to close above 7539.50 level and sustain too. Please note that despite crossing this mark intra-day continuously for last three days, it could not close above it which is slightly concerning but as long as it holds 7480 mark on the closing basis it is o.k. close below this level will indicate first sign of weakness. In view of the above long call can be tried if it moves and sustain above 7539.50 but cautiously. Long call should be avoided for sure below 7480. Moving up it would face resistance at 7551/7600.45/7680; similarly going down it will find support at 7510/7480/7422/7380/7350/7295.      

 For 15-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Short call can also be tried if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7422/7406/7380/7350.    

  Remark:- As long as it holds 7480 level on the closing basis this up move may continue, but fresh long call should only be tried if it moves and sustain above 7539.50.

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 - 15-3-2016

CNX--BANK NIFTY

Closed at 15277.80 on 14-3-2016(Open-15309.05/High-15416.15/Low-15220.15)

Support:-15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a very strong and positive note and moved up further but could not hold on at higher level and slipped down but at the end of the day closed with a gain of 109.60 points. It did give upside breakout from the weekly range of 15354.15—14989.40 and went near the upper band of 15451 of the flag pattern (see my post for 14-3-16) but could not sustain and fallen back within the weekly range  and closed just 57 points above the low of the day this move  shows some sign of exhaustion. But since it is making higher bottom on the line chart it could still move up as long as it holds 15140 levels on the closing basis. Please note that sustained close below 15140 may indicate the end of this on-going up move. In view of the above long call be tried if it moves and sustain above 15355 but long call should be avoided for sure below 15140. Moving up it will face resistance at 15367/15451.75/15565.50/15682.65/15764.20. Similarly going down it will find support at 15140/14989.40/14969/14761/14754/14670.

For 15-3-2016 long call can be tried if it moves and sustain above 15355 with a stop loss of below 15168 for a target of 15367.90/15451.75/15577/15682.65/15762.20. Short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted if it sustains above 15355 and short call can also 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 FOR-14-3-2016

CNX-NIFTY

Closed at 7510.20 on 11-3-2016 (Open-7484.85/High-7543.95/Low-7460.60)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened flat but made both ways movement during the day and at the end of the day closed with a gain of 25.05 points. It is still looking good on the daily chart but weekly and monthly charts are still weak. The range for the week starting from 14-3-2016 is between 7547.10----7424.30, the broad range is between 7539.50---7295 on the bar chart and between 7531.80---7485 on the line chart (closing basis) which may be kept in mind. Please note that breakout from the range will decide the direction for the coming week and so on. So plan your trade keeping the above range in mind. Since 7539.50 is one of its most critical point for the year 2016 and it did cross this level in last two days but could not sustain, it is therefore suggested that fresh long call should only be tried if it moves and sustain above 7539.50 but exercise caution if it closes below 7485 because then it may signal the end of this on-going rally if it does not cross 7539.50mark again shortly. It is important to mention here that as long as it holds 7295 it is o.k. because sustained break below this level will trigger fresh and severe fall which may please be noted and looking at the weekly and monthly chart it seems very likely to happen  in coming weeks/months, so be alert in long trades. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45; similarly going down it will find support at 7422/7380/7350/7295/7252.40/7241.50.       

 For 14-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Short call can also be tried if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7422/7406/7380/7350.    

  Remark:-It is moving now in its make or break range which is between 7539.50—7295, so till the either side breakout happens, trade keeping the said range in mind. The bias is up on the daily chart as of now but long trade should be handled cautiously, as it had vertical rise in last few days without reasonable down correction.

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 - 14-3-2016

CNX--BANK NIFTY

Closed at 15168.20 on 11-3-2016(Open-15133.75/High-15343.55/Low-15024.80)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a negative note and gave both ways movement during the day and ended the day with a meager loss of 12.45 points. After giving 2000 points rise in last few days, now it seems that it is consolidating here and making a flag pattern and the range of which is between 15451.75---14989.40 and the range for the week starting from 14-3-2016 is between 15354.15—14989.40. Please note that breakout from the flag pattern will give substantial movement on either side. Please also note that it is still looking good on the daily chart but weekly and monthly charts are still weak. Furthermore it has given some weak indication on the line chart as because after making higher top of 15339.20 it has made a lower top of 15279.05 now but the only bright spot is that it has not violated its bottom of 15146.50 on the closing basis yet, sustained close below this level may indicate the end this on-going up move. In view of the above observation it looks slightly fatigued but technically it is still o.k. So long call can be tried if it moves and sustain above 15280 but it would be safe to try long call if it moves and sustain above 15355. Avoid long call for sure if it maintains below 15146.

For 14-3-2016 long call can be tried if it moves and sustain above 15355 with a stop loss of below 15250 for a target of 15367.90/15451.75/15577/15682.65/15762.20. But aggressive trader can try long call if it maintains above 15280 with a stop loss of below 15146.It could be slightly risky trade.  In view of lower top on the line chart short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14989/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted above 15355 and short call can also 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 FOR-11-3-2016

CNX-NIFTY

Closed at 7486.15 on 10-3-2016 (Open-7545.35/High-7547.10/Low-7447.40)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7512.55/7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a small up gap and above one of its most critical point of 7539.50 for the year 2016 but could not hold at that level even for a minute and immediately moved below previous days close and traded throughout the day in negative territory and ended the day with a loss of 45.64 points. So finally down correction on the closing basis has happened now it has to be seen that how this correction culminates. Technically it still looks good on the daily chart but in view of today’s down move fresh long call should only be tried if it moves and sustain above 7539.50. Moving down in this correction it will find support at 7422/7380/7350/7308/7295. The broad range for it now is between 7539.50---7295 and breakout on either side will decide the further direction for the market in coming days , therefore plan your  trade keeping the above range in mind till  breakout happens .

For 11-3-2016 long call can only be tried if it moves and sustain above 7539.50 with a stop loss of below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Although It is not giving any sign to try short call now but since it is near the upper band of the range i.e. 7539.50---7295 so short call can be tried near 7530 with a stop loss of above 7560 or if it maintains below 7480 for some time then with a stop loss of above 7513 for a target of 7442/7424/7406/7380.    

  Remark:- The it gave down move today so fresh long call should only be tried above 7539.50. Short call can also 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--BANK NIFTY- A TECHNICAL VIEW - 11-3-2016

CNX--BANK NIFTY

Closed at 15180.65 on 10-3-2016(Open-15347.55/High-15354.15/Low-15098.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a small up gap but could not hold on at the upper level and drifted down and finally ended the day with a loss of 98.39 points. It did made a higher bottom at 15146.50 yesterday on the line chart but today it made a lower top of 15279.05 on the line chart which is slightly giving weak indication and if it fails to hold the bottom of 15146.50 on the closing basis then the fall may accelerate.  Although it is still looking good on the daily chart but in view of above fresh long call should only be attempted if it moves and sustain above 15340.

For 11-3-2016 long call can only be tried if it moves and sustain above 15340 with a stop loss of below 15180 for a target of 15367.90/15451.75/15577/15682.65/15762.20. In view of lower top on the line chart short call can also be tried if it maintains below 15140 for some time with a stop loss of above 15200 for a target of 15000/14969/14761.

Remark:-It is in long term bear trend since 4-1-2016. The fresh long call should only be attempted above 15340 and short call can also 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 FOR-10-3-2016

CNX-NIFTY

Closed at 7531.80 on 9-3-2016 (Open-7436.10/High-7539/Low-7424.30)

Support:-7512.55/7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-7539.50/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a small down gap and moved in a negative mode for a long time and then in later part of the 2^nd half staged a smart recovery and almost hit one of its most critical point of 7539.50 but could not cross it; however it closed near the high of the day, which is a good sign. Although it is showing good strength on the short term technical chart but the unabated rise tremendously increases the vulnerability for a down correction on the closing basis. However if it moves and sustain above 7539.50 then the on-going up move may last for few more days before the correction happens. Moving up it will face resistance at 7551.05/7600.45/7667/7678 and most importantly from the down trend line which is placed at 7616(it decreases every day) for 10-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further and the next important point of resistance then would be at 7691.50(it changes every day) and sustained close above this level may accelerate the up momentum. In view of the above fresh long call can be tried above 7539.50 but with extreme caution and care.     

For 10-3-2016 long call can be tried above 7539.50 with an alert point below 7505 and exit below 7480 for a target of 7551/7600—7616/7667/7678/7691.50. Long call should be handled with extreme caution. Although It is not giving any sign to try short call now but in view of straight rise and critical point of 7539.50 ahead it is suggested that if it fails to cross this level or after crossing it falls below it again and sustain for some time then short call can be tried with a stop loss of above 7570 for a target of 7485/7442/7424/7406/7380.    

  Remark:-With every rising day the vulnerability of down correction is increasing but looking at its strength long call can still be tried if it moves and sustain above 7539.50 level but with extreme caution.

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 - 10-3-2016

CNX--BANK NIFTY

Closed at 15279.05 on 9-3-2016(Open-15022.35/High-15331.25/Low-14989.40)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a small down gap and went down further but thereafter staged a smart recovery and closed with a gain of 132.55 points. It has established higher bottom on the line chart today at 15146.50 which is good sign and indicate that the correction may be over. So the range for 10-3-2016 is between 15146.50—15339.20 on the closing basis. It is looking good on the technical chart therefore long call can be tried if it move and maintains above 15340 or else near 15146.50 but not below this for sure. Moving up it would face resistance at 15367.90/15451.75/15565.50/15682.65/15762.20. Please note that it will gain strong foothold if it moves and sustain above one of its most critical points of 15762.20 for the year 2016.

For 10-3-2016 long call can be tried if it moves and sustain above 15340 or near 15146 but not below this mark with a stop loss of below 15260 and below 15000 respectively for a target of15367.90/15451.75/15577/15682.65/15762.20. Although it is not showing any weakness now but if it moves and sustain below 15140, short call can also be tried with a stop loss of above 15290 for a target of 15000/14969/14761.

 

Remark:-It is in long term bear trend since 4-1-2016. But short term technical setup is showing strength so long call can be tried above 15340, similarly if it moves below 15140 and sustain short call can also be tried with above mentioned stop loss.

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 FOR-9-3-2016

CNX-NIFTY

Closed at 7485.30 on 8-3-2016 (Open-7486.40/High-7527.15/Low-7442.15)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-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/

It opened on a flat note today and then moved up but could not cross its critical point of 7539.50 valid for the year 2016 and thereafter went down to correct  but at the end of the day closed absolutely flat ,so the desired down correction on closing basis is still awaited. But it has given some indication today that the down correction may set in soon as it has violated its previous days low today for the first time in last five days. But since its short term technical setup looks o.k. it may take few more days before correction really happens, but the vulnerability for down correction is pretty high as of now. It is therefore advised to be extra vigilant in existing long trade and it would be better and safe to try fresh long call only if it moves and sustain above 7539.50 mark or else in down correction at appropriate points but not below 7295. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45; similarly going down it will find support at 7417/7380/7350/7295/7252.40/7241.50.       

For 9-3-2016 it would be safe to try long call only if it moves and sustain above 7539.50 but aggressive traders if they wish to can try long call above 7506 with a stop loss of below 7475 for a target of 7513/7539.50/7551/7600—7625. It could be a risky trade mind you. Looking at its vulnerability for down correction ,if it fails to move above 7506 for quite some time then short call can also be tried with a stop loss of above 7550.     

  Remark:- It is suggested to try fresh long call only if it moves and sustain above 7539.50 level . It looks worthwhile here to try short call if price movement supports as mentioned 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 - 9-3-2016

CNX--BANK NIFTY

Closed at 15146.50 on 8-3-2016(Open-15323.45/High-15326.65/Low-15066.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened on a flat to negative note and thereafter steadily went down and closed the day with a loss of 192.20 points .So finally correction sets in after six days of straight rise. This down move may last few days but since its short term technical setup looks good it may stage an early recovery also. Please note that if it moves below 14969 and sustain then it could correct more sharply. Moving down it will find good support at 15000/14969/14761/14754/ 14602.25/14445/14180/13892/13810. In view of today’s down move it is suggested to avoid long call now and try only if it moves and sustain above 15340 or on dip at proper points but not below 14754.     

For 9-3-2016 it would be safe to try long call if it moves and sustain above 15340 with a stop loss of below 15260 for a target of 15367.90/15451.75/15577/15682.65/15762.20 or else near 14754 but not below this mark. Although it has not given any potential indication to try short call now but In view of down move today day trader can try short call also if it moves and sustain below 15060 with a stop loss of above 15160 for a target of 15000/14969/14858.

Remark:-It is in long term bear trend since 4-1-2016. It gave down move today, so possibly down correction has set in, therefore long call should be avoided now and can only be tried if it moves and sustain above 15340.

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.

LETTER TO VALUED READERS---7-3-2016

Dear Readers,                                                                         7^th March, 2016

                    Hi,

Hope you are enjoying reading my blog and I am very pleased that off late the daily hits in my blog have increased tremendously so the readership is rising but I get very few comment and remarks from the valued readers. Therefore it is earnest requested to share your view and comments and put forward suggestion if you have any because that will help me to evolve and write better.

 I am writing this note with a special purpose, please note that stock trading is a very specialized line and it cannot be done successfully on just whims and fancy .The technical analysis is one such tool which is really effective in daily or in positional trade. The end result of the trade could be much better with the help of technical analysis then without it. But I feel that most of the day traders do not have direct access to it therefore they have to depend on others technical interpretation. So for those I have devised a system following which one can trade effectively and with relatively less mistake than he would have otherwise. Please note that it will need training and practice for at least 10-15 days to get a feel of it. So those who wish to   know about it can call me.      

Wish you all the best and with warm regards.

Sincerely Yours

Narendra Kumar Surana 

CNX-NIFTY- A TECHNICAL VIEW FOR-8-3-2016

CNX-NIFTY

Closed at 7485.35 on 4-3-2016 (Open-7505.40/High-7505.90/Low-7444.10)

Support:-7422/7350.30/7295/7252.40/7241.50/7208.65/7204.65/7118.85/6960.65/ /6869/6825/6638.55/6432.70/6357.10/6338.50/6300/6275/6129.

Resistance:-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/

It opened today as perceived (see my post for 4-3-2016) and gave very short intra-day correction but did not correct as expected and on the closing basis instead closed with a small gain of 9.75 points. Although it is showing extremely good strength but the vertical rise without correction on the closing basis is concerning, so with each straight  rising day the vulnerability for down correction is increasing and as it is said in technical parlance that vertical rise may have vertical fall, therefore it is advised to be extra careful in long trade.

Please note that it is moving up unabated without making higher bottoms on the charts and the recent bottom on the bar chart and line chart are way below at 6825.80 and 6987.05 respectively and it cannot continue to move up like this, furthermore two unfilled gaps are still there, so in view of the above the threat of giving down   correction is always on. The longer time it takes to correct the impact could be severe which may be kept in mind.  However looking at its strength now it could still move up further from here for few more days before it corrects, but the day correction sets in it could be sharp and severe. Therefore I once again caution to be extra vigilant and alert in long trade.

The short term technical setup is o.k., so the long call can be tried above 7486 and then fresh position can be added if it moves and maintain above 7513 but with caution. It is important to mention here that one of its most critical point is at 7539.50 for the year 2016 and it is within the close proximity now, if it moves and sustain above this mark then it will show good strength  which may please be noted. Moving up it would face resistance at 7512.50/7539.50/7551/7600.45 and most importantly from the down trend line which is placed at 7625(it decreases every day) for 8-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further.     

For 8-3-2016 long call can be tried above 7486 and then add on position if it moves and sustain above 7513 and 7539.50 for a target of 7513/7539.50/7551/7600—7625/ 7667. The alert point for long trade is at 7417 and the authentic stop loss   would be below 7365. It is therefore suggested to use self defined stop losses with the help of support point mentioned above to manage the trade better. In view of more than 650 points rise in last four days long call should be handled with extreme caution and care because correction may set in anytime.     

  Remark:-It is showing good strength but rising without any respite increases its vulnerability for down correction with each passing up day. But since its short term technical setup looks o.k. so possibly this up move may last for few more days before it corrects, therefore long call can still be tried as suggested above but very cautiously.   

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 FOR-- 8-3-2016

CNX--BANK NIFTY

Closed at 15339.20 on 4-3-2016(Open-15243.75/High-15451.75/Low-15005.50)

Support:-15130.35/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 15367.90/15565.50/15682.65/15762.20/16188.05/16192/16309.70/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45.

It opened with a short up gap today but filled the gap during the day, but please note that the gap it created on2-3-2016 is still intact, furthermore it has risen by more than 2000 points straight in last six days and has left its recent bottoms on the charts far below which are  at 13555.70 and 13407.25 on the line and the bar chart respectively. Please note that it cannot keep on moving up vertically, it has to come down to make higher bottom even if it has to move up further, therefore with  each passing up day vulnerability for down correction is increasing and in technical parlance also it is said that the vertical rise may have a vertical fall too. The longer time it takes to correct the impact could be severe which may be kept in mind.  However looking at its strength now it could still move up further from here for few more days before it corrects, but the day correction sets in it could be sharp and severe.  Therefore it is advised to be extra vigilant in long trades.

The short term technical setup is o.k., so the long call can be tried above 15340 and then fresh position can be added if it moves and maintain above 15455 but with caution. It is important to mention here that one of its most critical point is at 15762.20 for the year 2016 and it not very far away from this, if it moves and sustain above this mark then it will show good strength  which may please be noted. Moving up it would face resistance at 15367.90/15451.75/15565.50/15682.65/15762.20 and most importantly from the down trend line which is placed at 16170(it decreases every day) for 8-3-2016, if it gives up side break from the down trend line and sustain then the rise can extend further. It is important to mention here that it is still in long term bear market territory and can only come out if it moves above 16725 mark, which may please be noted.    

For 8-3-2016 long call can be tried above 15340 and then above 15455 for a target of 15367.90/15451.75/15577/15682.65/15762.20   . The alert point for long trade is at 15170 and 15140 and the authentic stop loss   would be below 15000 .It is therefore suggested to use self defined stop losses with the help of support point mentioned above to manage the trade better. In view of more than 2000 points rise in six days long call should be handled with extreme caution because correction may set in anytime.    

  Remark:-It is in long term bear trend since 4-1-2016.    It is showing good strength but rising without any respite increases its vulnerability for down correction with each passing up day. But since its short term technical setup looks o.k. so possibly this up move may last for few more days before it corrects, therefore long call can still be tried as suggested above but very cautiously.  

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.