CNX--BANK NIFTY- A TECHNICAL VIEW FOR – 11-4-2016

CNX--BANK NIFTY

Closed at 15568.35 on 8-4-2016(Open-15519.30/High-15642.70/Low-15483.05)

Support: - 15522/15458.05/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

After three days of fall it took a breather today and  it may inch up further from here but not likely to cross it critical point of 15762.20 on the closing basis as it has closed well below it for the 4^th consecutive day. As you are already aware that it is clearly sell on the rise market now (see my earlier post) therefore long call should be avoided and not to be tried even for short up moves in between because it can trap you at higher levels. Furthermore it is well below its all long term moving averages, few technical indicators are also pointing towards a downside move, it has broken its recent bottom on the line chart and it is also running below its short term moving averages and certain short term moving averages have given negative crossover also which is not a good sign, therefore overall technical setup indicates continuation of the down move. In view of the above long call should be completely avoided till it closes above 15762.20 and sustain for at least 3-4 days, so till then sell on the rise strategy should be followed but not above 15762.20  or  sell if it maintains below 15522 for some time. It would be safe to try sell call below 15522 and below 15450 for sure.  

Please note that moving down it will find support from its Fibonacci retracement point at 15483/15294/15184/14845/14505 and from its medium term moving averages which is in the range of 15450—15050, so it is extremely good support area, however looking at overall technical parameters it seems that it is very likely to hit 15300-15150 range in coming days.

For 11-4-2016 short call can be tried on the rise at proper points but not above 15762 with a stop loss of above 15850 or sell below 15522 with a stop loss of above 15640 and can add on short position below 15450 with a stop loss of above 15540 for a target of 15312/15150/15050.

Remark: - It is already in the long term bear trend since 4-1-2016 and in view sustained close below its critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 3-4 days. Short call can be tried as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW—8-4-2016

CNX-NIFTY

Closed at 7546.45 on 7-4-2016 (Open-7630.40/High-7630.75/Low-7535.85)

Support: - 7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7582.25/7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

It opened on a positive note but immediately slipped into red and as perceived(see my post for 7-4-16) broke its recent bottom of 7582.25 on the bar chart and also broke its crucial point of 7539.50 for the year 2016 intra-day but at the end managed to close just above it. However since the technical indicators points towards decisive break below 7539.50 levels, so it is a matter of time before it happens (see my post for 6 & 7th April-2016). Please note that sustained break below 7539.50 level on the closing basis will accelerate the fall which seems very likely in coming days/weeks as of now. Furthermore today’s fall almost confirms that the on-going up move which started from 29-2-2016 is over, therefore long call should be avoided now and sell on the rise strategy should be followed till it moves above 7645 and sustain.

For 8-4-2016 short call can be tried on the rise but not above 7645 or sell near 7582 or  sell below 7539.50 with a stop loss of above 7645 and 7590 respectively. Please use self defined stop losses for on the rise sell trade with help of resistance point mentioned above. See support points for down targets.      

Remark: - At present it is sell on rise market till it moves above 7645 and sustain, therefore long call should be avoided now and short call can be tried as suggested above.  

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY- A TECHNICAL VIEW – 8-4-2016

CNX--BANK NIFTY

Closed at 15530.75 on 7-4-2016(Open-15668.95/High-15726.60/Low-15458.05)

Support: - 15522/15178.30/14989.40/14761/14754.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

  

It is not showing any sign of strength and continuously moving down and most importantly it closed below its critical point of 15762.20 for the year 2016 for the 3^rd consecutive day today which is a very bad sign and indicates that the on-going fall may accelerate in coming days if it remains below it, chances of which looks very bright because certain technical indicators also points towards that, that it may seek lower levels in coming days/weeks (see my post for 6&7^th April-2016). Therefore long call should be avoided.

 Please note that the up move which started from the level of 13407.25 on 29-2-2016 seems to be over for sure and it is in down move now therefore avoid long call completely till it closes above 15762.20 and sustain for at least 2-3 days. So it is strongly suggested to follow sell on the rise strategy till it closes above 15762.20 and sustain.

For 8-4-2016 short call can be tried on the rise at proper points but not above 15762 or sell below 15522 with a stop loss of above 15850 and 15640 respectively. Please see support points for down targets.     

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its 3rd consecutive close below the critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 2-3 days. Short call can be tried as suggested above.

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW—7-4-2016

CNX-NIFTY

Closed at 7614.35 on 6-4-2016 (Open-7636.05/High-7638.65/Low-7591.75)

Support: - 7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

After yesterdays massive fall it moved in a relatively short range today, but failed to show strength although it is still holding on to its recent bottom of 7582.25 on the bar chart and its one of the most critical point of 7539.50 for the year 2016. But certain technical indicators indicates that it may fall further from here and the critical point of 7539.50 is most likely to be taken out in coming days. Here I once again repeat that sustained break below 7539.50 may accelerate the down move which may be kept in mind (see my post for 6-4-2016). In view of the above observation it is advised to avoid long call for now.  

The up rally which started from the bottom of 6825.80 on 29.2.2016 seems to be over after yesterdays fall, however if it is still on then it has to move above 7750 level in next 2-3 days time, chances of which are looking bleak at this point of time. It is therefore suggested to avoid long call till it moves and sustain above 7750. Instead short call can be tried on the rise at appropriate points but not above 7750 or sell below 7582. Please note that since its recent bottom of 7582.30 is still intact,so those who wish to try long call can try above 7582 with a stop loss of below 7510, but it could be a risky trade, therefore not recommended.   

For 7-4-2016 avoid long call now instead short call can be tried on the rise and the possible sell point could be at 7645/7675/7725  or sell below  7582 with a stop loss of above 7650 and add on position if it moves below 7539.50 with a stop loss of above 7590. Please use self defined stop losses for on the rise sell trade with help of resistance point mentioned above. See support points for down targets.      

Remark: - At present it is sell on rise market till it moves above 7750 and sustain, therefore long call should be avoided now and short call can be tried as suggested above.  

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY- A TECHNICAL VIEW – 7-4-2016

CNX--BANK NIFTY

Closed at 15636.95 on 6-4-2016(Open-15750.15/High-15768.55/Low-15578.55)

Support: - 15522/15178.30/14989.40/14761/14754.

Resistance:- 15682.65/15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

After yesterdays massive fall it did not made any effort today to give even a small bounce back instead closed with a  loss of 58.04 points which is exhibiting gross weakness, furthermore it closed below its one of the most critical point of 15762.20 for the year 2016 for the 2^nd consecutive day and if it sustain below this mark for another 2-3 days then fall may accelerate, chances of which are pretty high because certain technical indicators also corroborates it. Therefore it is suggested to avoid long call till it closes above 15762.20 and sustain for at least 2-3 days. Instead short call can be tried on the rise but not above 15762.20.

For 7-4-2016 short call can be tried on the rise but not above 15762 or below 15570 with a stop loss of above 15850 and 15660 respectively. Please see support points for down targets.     

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its 2^nd consecutive close below the critical point of 15762.20 long calls should be completely avoided till it closes above it again and sustain for at least 2-3 days. Short call can be tried as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW—6-4-2016

CNX-NIFTY

Closed at 7603.20 on 5-4-2016 (Open-7736.30/High-7736.30/Low-7588.65)

Support: - 7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance: - 7667/7678/7691/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

I had mentioned in my last two post (see my post for 1-4-16 & 4-4-16) that it may rise from here but the up journey may not be smooth and today it corrected sharply and closed with a loss of 155.60 points. Although it is still holding its recent bottom of 7582.25 on the bar chart and its one of the most critical point of 7539.50 for the year 2016 but the way it corrected today gives an indication that it may go down further from here and certain technical indicators also corroborates it that the important level of 7539.50 may also be taken out in coming days. It is important to mention here that sustained break below 7539.50 may begin a fresh down move which may be kept in mind. In view of today’s sharp down correction it is suggested to watch the market for at least 1-2 days before initiating fresh long calls. However those who wish to can try long call as long as it holds 7539.50 mark but it is not suggested.  

For 6-4-2016 avoid long call now instead short call can be tried below 7582 with a stop loss of above 7650 and add on position if moves below 7539.50 with a stop loss of above 7585. Please see support points for targets.      

Remark: - In view of today’s sharp down correction long call should be avoided for at least 1-2 days. Short call can be tried as suggested above.

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY- A TECHNICAL VIEW – 6-4-2016

CNX--BANK NIFTY

Closed at 15695 on 5-4-2016(Open-16127.45/High-16147.15/Low-15659.75)

Support:-15682.65/15522/15178.30/14989.40/14761/14754.

Resistance:- 15762.20/15967.85/16188.05/16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

I had mentioned in my last post (see my post for  4-4-16) that it may rise from here but the up journey may not be smooth and today it corrected sharply and closed with a loss of 495.60 points. The way it corrected today further fall looks certain and some technical indicators also corroborates it. Furthermore today it closed below one of its most critical point of 15762.20 for the year 2016, which is bad sign and if it sustain below this level fall may accelerate, therefore it is suggested to avoid long call till it closes above 15762.20 levels again and sustain. Instead short call can be attempted if it maintains below this mark.

  For 6-4-2016 avoid long call now instead short call can be tried on the rise but below 15762 or below 15650 with a stop loss of above 15850 and 15780 respectively. Please see support points for targets.      

Remark: - It is already in the long term bear trend since 4-1-2016 and in view of its close below the critical point of 15762.20 long calls should be avoided till it closes above it again and sustain for at least 2-3 days. Short call can be tried as suggested above.

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW—4-4-2016

CNX-NIFTY

Closed at 7713.05 on 1-4-2016 (Open-7718.05/High-7740.15/Low-7666.10)

Support:-7691/7678/7667/7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance:-7738.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

It opened on a negative note and then tried to move up but as expected faced resistance from its long term moving averages (see my post for 1-1-16) and corrected sharply intra-day but closed relatively with a small loss of 25.35 points. Please note that as long as it holds 7597 level on the closing basis and finally 7539.50 for the year 2016 it still seems o.k. for moving up. The technical setup looks good but I once again repeat that the up journey may not be smooth from here as it will face resistance from its long term moving average which is in the range of 7745—7775--7845---7893---7942(it changes every day) and from its most important resistance points at 7938.45 & 7946.35 for the year 2016, if it move above this and sustain then further good up move can be expected. Similarly it will find good support moving down from its long term moving average at 7694 & 7645(it changes every day),then from its recent bottom of 7582 and finally from its one of the most critical point of 7539.50 for the year 2016 but please note that sustained break below 7539.50 may begin fresh down move. The long call can be tried on dip but not below 7645 and avoid below 7580 for sure. It would be safe try long call above 7740. Long call should be handled with caution in view of the tough resistance range ahead.

For 4-4-2016 long call can be tried if it sustains above 7740 with a stop loss of below 7690 and fresh long position can be added if it sustains above 7780 with a stop loss of below 7738 for added position or try long call on dip near 7645 with a stop loss of below 7580. Please see resistance points for targets.      

Remark: - Long call can be tried above 7740 or on dip near 7645 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 – 4-4-2016

CNX--BANK NIFTY

Closed at 16174.90 on 1-4-2016(Open-16099.65/High-16235.80/Low-16020.60)

Support:-16141.65/16099.65/15967/15762.20/15682.65/15522.

Resistance:- 16282.75/16587.25/16648.30/16670.55/16727/16741/16824.05/16922.05/16932.50/17067.45.

As expected it showed strength and moved up and crossed one of its most important point of 15762.20 for the year 2016(see my post for 18-3-2016) and reasonably above it now. It is still showing strength and technical setup also look good therefore it may further move up from here as long as it holds 15762.20 but the up journey may not be smooth as it will face stiff resistance from its long term moving average which are placed at 16258—16342—16402—16552--16719—16865--17011 (it changes every day) for 4-4-2016 and from its most important resistance points at 16727,16922.20 & 16932.50 for the year 2016, if it move above these points and sustain then further good up move can be expected. Similarly it will find good support moving down from its long term moving average at 16050(it changes every day), then from its one of the most critical point of 15762.20 for the year 2016. Please note that sustained break below 15762.20 may begin fresh down move. The bias is on the upside therefore long call can be tried on dip near 16050 and then near 15762.20 but not below this mark for sure. It would be safe try long call above 16180. Long call should be handled with caution in view of the tough resistance range ahead.

It is important to mention here that it is still in long term bear trend and can only come out of it if it moves above 16727 and sustain which may be kept in mind.

For 4-4-2016 long call can be tried if it sustains above 16180 with a stop loss of below 16000 and fresh long position can be added if it sustains above 16283 with a stop loss of below 16090 for added position or try long call on dip near 16099 and then near 15762.20 with a stop loss of below 16000 and 15650 respectively. Please see resistance points for targets.     

Remark: - It is still in long term bear trend since 4-1-2016. Long call can be tried above 16180 or on dip near 16099 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-NIFTY-A TECHNICAL VIEW—1-4-2016

CNX-NIFTY

Closed at 7738.40 on 31-3-2016 (Open-7727.65/High-7777.60/Low-7702)

Support:-7691/7678/7667/7582.25/7539.50/7422/7405/7350.30/7295/7252.

Resistance:-7840/7863/7938.45/7946.35/7973/7980.

After closing above 7539.50 level on 18-3-2016,( it was an important level see my earlier post) it is  steadily moving up and did not break the said level even in intra-day , it is showing good strength and it may give further rise from here but moving up it will face very stiff resistance from its long term moving average which is in the range of 7750—7847---7895---7944(it changes every day)and from its most important resistance points of 7938.45 & 7946.35 for the year 2016 ,if it move above this and sustain then further good  up move can be expected. Similarly it will find good support moving down from its long term moving average at 7696 & 7646(it changes every day),then from its recent bottom of 7582 and finally from its one of the most critical point of 7539.50 for the year 2016 but please note that sustained break below 7539.50 may begin fresh down move. The up journey from here may not be smooth but since technically it looks good now, therefore buy on dip strategy should be followed till it closes below 7597 and then breaks and sustain below 7539.50 level.   

For 1-4-2016 since it will be the first day of the new series therefore initiate trade after watching the market for some time.   Long call can be tried above 7728 with a stop loss of below 7690 and fresh long position can be added if it sustains above 7780 with a stop loss of below 7738 for added position. Please see resistance points for targets.      

Remark: - Long call can be tried as suggested above but with some caution as stiff resistance range is ahead.

  

 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—18-3-2016

CNX-NIFTY

Closed at 7512.55 on 15-3-2016 (Open-7557.40/High-7585.30/Low-7479.40)

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/ 7551.05/7585.30/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened with a huge up gap and went up further and remained above its most critical point of 7539.50 for the year 2016 almost throughout the day, but in last 45 minutes of trade it plunged down and broke the aforesaid level convincingly and went on to break the   previous day’s close and ended near the low of the day and that too in a negative territory in real time but eventually after adjustment managed to close with a gain of 13.79 points. Please note in last six trading days it crossed 7539.50 level for five days but could not close above it ,which shows gross weakness in it, furthermore since it has made lower bottom on the line chart ,it is still sell on the rise market till it closes above 7539.50 mark (see my post for 17-3-2016). It is therefore suggested that long call can safely be tried only after it closes above 7539.50 levels because it failed to close above this mark in last five attempts. Please note that long call should be avoided if it moves and sustain below 7450 and short call can be tried below this mark with proper stop losses. Moving up it will face resistance at 7539.50/7551/7585/7600.45/7667/7678/7691.20 and going down it will find support at 7480/7450/7424/7405/7380/7350.

For 18-3-2016 long call should only be tried if it moves and sustain above 7539.50 with a stop loss of below 7475. Since it has made lower bottom on the line chart therefore sell call can be tried if it maintains below 7450 with a stop loss of above 7513 for a target of 7405/7380/7350/7308/7295. Aggressive day traders can initiate sell call if it maintains below 7475 for some time with a stop loss of above 7513 and add on position below 7450.      

Remark: - In view of its five failed attempts in last six days to close above one of its most critical point of 7539.50, it would be better and safe that long call should only be tried once it closes above this mark. Sell call can be tried as suggested above.

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY- A TECHNICAL VIEW - 18-3-2016

CNX--BANK NIFTY

Closed at 15444 on 16-3-2016(Open-15622.30/High-15704.75/Low-15312.50)

Support:-15367.90/15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 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 with a huge up gap and went up further and remained in the positive range almost throughout the day but in last 45 minutes of trade it slipped down and went on to break the   previous day’s close and ended near the low of the day in real time but eventually even after adjustment it closed with a small loss of 17.70 points. Although  higher top and bottom on the line chart are still intact therefore as long as it holds 15146 on the closing basis it could still move up but today’s move was disturbing so caution should be exercised in long trade . It is therefore suggested that long call should only be tried if it move and maintains above 15465 and then near 15168 and not in between and avoid long trade completely below this mark. Moving up it will face resistance at 15565.50/15682.65/15762.20. Similarly going down it will find support at 15312.50/15178/15168/15146/15000/14989/14767—14754/14445. Please note that it will gain strong foothold once it closes above 15762.20 and sustain, it came pretty close to it today.

For 18-3-2016 long call can be tried if it moves and maintain above 15465 or else try near 15168 but not below 15168 levels for sure for a target of 15565.50/15682.65/15762.20. Please use self defined short stop losses with the help of support levels to manage your long trade effectively because the authentic stop loss for long trade would be below 15130. Short call can be attempted if it moves below 15146 and sustain with a stop loss of above 15230 but in view of today’s move aggressive day traders can try short call even if it maintains below 15300  with a stop loss of above 15462 for a target of 15178—146/15000/14989.

Remark:-It is in long term bear trend since 4-1-2016. Long call should only be attempted if it maintains above 15465 for some time.

  

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 - 17-3-2016

CNX--BANK NIFTY

Closed at 15461.70 on 15-3-2016(Open-15304.35/High-15489.50/Low-15178.30)

Support:-15451.75/15367.90/15130.35/14989/14858.50/14754.65/14709.10/14602.25/14467.15/14338.65/13892.10/13810.60/13519.90/ 13407.25/13414.30/13303.60/13150/12738.60/12514.75/12430.85.

Resistance:- 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.

As expected it gave good  move today and it has also given upside breakout from the flag pattern range which was between 15451.75—14989.40 (see my post for 14-6-16), furthermore higher bottom and now higher top on the line chart is intact, therefore as long as it holds 15146 on the closing basis it seems that further up move will be on, therefore long call can be tried now or on the dip but be alert in long trade if it consistently starts trading below 15339 and avoid long trade for sure below 15168. Moving up it will face resistance at 15565.50/15682.65/15762.20. Please note that it will gain strong foothold once it closes above 15762.20 and sustain.

For 17-3-2016 long call can be tried now or on dip near 15339 and the near 15168 but not below 15168 level for sure  for a target of 15565.50/15682.65/15762.20. Please use self defined stop losses with the help of support levels to manage your trade effectively because the authentic stop loss for long trade would be below 15130.

Remark:-It is in long term bear trend since 4-1-2016. Long call can be tried as suggested above.

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW—17-3-2016

CNX-NIFTY

Closed at 7498.75 on 15-3-2016 (Open-7457.05/High-7508/Low-7405.15)

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/ 7551.05/7600.45/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/

It opened on a flat to negative note and went down further but in last hour of trade it staged a smart recovery and ended the day near the high of the day. Despite strong up move today it still seems to be sell on the rise market till it moves and sustain above 7539.50. It is important to mention here that now it is moving within its critical range of 7539.50---7295(see my earlier post), furthermore it moved above the upper band of the critical range i.e. 7539.50 four times in last five days but could not close above it, so until and unless it closes above 7539.50 one should be extremely cautious and careful in the long trade. It is therefore suggested that long call should only be tried above 7539.50, but aggressive day traders can try it above 7513 also. Please note that long call should be avoided if it moves and sustain below 7450 and short call can be tried below this mark with proper stop losses. Moving up it will face resistance at 7539.50/7551/7565/7600.45/7667/7678/7691.20 and going down it will find support at 7450/7424/7405/7380/7350.

For 17-3-2016 long call should be tried if it moves and sustain above 7539.50 but aggressive day traders can try it above 7513 with a stop loss of below 7450. Since it has made lower bottom on the line chart therefore sell call can be tried if it maintains below 7450 with a stop loss of above 7490 for a target of 7405/7380/7350/7308/7295.      

Remark: - In view of last hour robust recovery aggressive day traders can try long call also above 7513 but it would be safe to try long call above 7539.50 only. Short call can be attempted only if it moves below 7450.

 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 16-3-2016

TRADING CALLS

1.  APOLLO HOSPITAL.

Sell below -1350, S/L-1360, Target-1340/1330/1305/1290/1242.

2. AUROBINDO PHARMA.

Sell below -704, S/L-710, Target-689/675/645.

3. ASIAN PAINTS

Sell below -882, S/L-887, Target-870/858/852/841/829/826.

4. CIPLA.

Sell below-521, S/L-526, Target-513./505/486.

5. GLENMARK PHARMA.

Sell below-807, S/L-814, Target-796/780/761/745.

6. HDFC.

Sell below -1105, S/L-1112, Target-1077/1058/1046.

  

7. HERO MOTOR CORP.

Sell below-2806, S/L-2814, Target-2788/2738/2705.

8. LUPIN.

 Sell below-1716, S/L-1723, Target-1695/1688/1636.

9. SUN PHARMA.

Sell below -840, S/L-845, Target-833/818/802/780.

10.ZEE ENTERTAINMENT.

Sell below-384,S/L-387,Target-374/364/350.

                                        

   

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—16-3-2016

CNX-NIFTY

Closed at 7460.60 on 15-3-2016 (Open-7535.85/High-7545.20/Low-7452.80)

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 on a flat to negative note and crossed once again one of its most critical point of 7539.50 on the fourth consecutive day but could not sustain even for a minute and thereafter steadily moved down and closed near the low of the day and most importantly closed below 7480 mark (see my post for 15-3-16). Today’s move  is showing   sign of some weakness but it is still within its major range of 7539.50---7295(see my post for 14-3-16) so going down from here it will find good support at 7424—7417/ 7380/7350/7308/7295/7235. It may bounce back from any of these points but if it breaks the range of 7424-7417 and sustain then it could go down further. Furthermore it has broken its bottom of 7486.15 & 7485.30 on the line chart therefore technically it will be a sell on the rise market now till it moves and close above 7539.50 level or one can sell below 7417. Similarly contrarian trader  who wish to try long call can try near 7424 and then, near 7295 but not below this mark for sure.

 For 16-3-2016 in view of today’s move long call should be avoided till it moves and sustain above 7539.50 but aggressive traders can try  near 7424 with a stop loss of below 7400 and then near 7308—7295 with a stop loss of below 7230,it could be a risky trade mind you. Since it has broken the bottom on the line chart therefore it is sell on the rise market now till it moves and closes above 7539.50 and sustain or sell if it maintains below 7450 with a stop loss of above 7490 and add on short position if it moves below 7417 with a stop loss of above 7450 for added position for a target of 7380/7350/7308.     

Remark:- In view of today’s down move and breaking of bottoms on the line chart sell on the rise strategy should be followed till it moves above 7539.50 and sustain. Take your trading call as suggested above but long call should only be tried either above 7539.50 or near 7295.

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

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

Note: Price stated here is of spot market.

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