CNX--BANK NIFTY- A TECHNICAL VIEW – 22-4-2016

CNX--BANK NIFTY

Closed at 16637.15 on 21-4-2016(Open-16526.55/High-16769.55/Low-16526.55)

Support:16587.25/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16648.30/16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It opened with a huge up gap and moved up further and crossed its bear market threshold point of 16726 intra-day but slipped down and closed below it. It gave a robust up move of more than 400 points intra- day and 287.45 on the closing basis, it is exhibiting good strength on the technical chart and is buy on dip market as of now, but the concerning thing is that the gap it created today is still intact and if it makes an attempt to fill this gap in next 3-4 days which is possible as per theory then it can come down to 16386 level, so be careful in long trade. Since it tested its bear market threshold point of 16726 and it down trend line resistance point  at 16735 (it changes every day) intra-day and made today’s high of 16769.55 then slipped down and closed way below these points. Therefore it would be safe to try fresh long call above 16770, in this regard also note that the range of 16726—16940 is very tough range to cross and it will gather real up momentum only if it gives sustained close above 16940, so handle your trade very carefully till it closes above it.

It is important to mention here that tomorrow will be the 34^th day of entire up move from the bottom of 13407.25 made on 29.2.2016 and it is a Fibonacci number, so this up move may top out also on 22-4-2016. So tomorrow will be a crucial day therefore it would be safe to avoid long call. Going down from here it will find support at 16526.55/16386/16282.75/16188/16011.   

For 22-4-2016 watch the market for sometime before initiating trade. For safe trader avoid long call  instead try short call near 17770 but not above it with a stop loss of above 16830. Or sell below 16526 with a stop loss of above 16650 for a target of 16386/16282.75/16188.  

Remark: - It is already in the long term bear trend since 4-1-2016. In view of the above observation avoid long call for sure instead try short call as suggested above but with 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.

TRADING CALLS FOR 21-4-2016

TRADING CALLS

1.  ACC.

See below -1460, S/L-1469, Target-1440/1437/1430/1425/1411.

2. AUROBINDO PHARMA.

Sell below -765, S/L-771, Target-752/739.

3. AXIS BANK.

Buy above-461, S/L-458, Target-474/480/487.

4. BHARAT FORGE.

Sell below-812, S/L-818, Target-794/773/758.

5. LIC HOUSING FINANCE.

Sell below-465, S/L-468, Target-461/455/446.

6. RELIANCE INDUSTRIES.

Sell below -1035, S/L-1040, Target-1022/1014/1009/1005.

 

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 FOR—21-4-2016

CNX-NIFTY

Closed at 7914.70 on 20-4-2016 (Open-7980.05/High-7950.40/Low-7877.55)

Support: - 7873/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45/7946.35/7961.35/7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It opened with an up gap but could not sustain there and after sometime slipped below the previous day’s close and gave good intra-day correction but closed the day with a negligible rise of .05 point. So technically it was the 6^th straight day of rise, it is needless to mention here that with each passing rising day the vulnerability of down correction on the closing basis is increasing. In this context it is also important to note that it crossed its most crucial points of 7938.45 & 7946.35 for the year 2016 intra day but slipped below, please note that sustained close above the aforesaid points only could keep the on-going up trend intact or else the rally may end, so watch out and wait for the close above 7946.35 level. Furthermore the range of 7923—7980(see my post for 20-4-16) is very tough range to cross. It is therefore suggested to try fresh long call only if it moves and closes above its critical point of 7946.35 for the year 2016 or it would be better and safe to try long call above 7980 because if it moves above 7980 and sustain then it may go beyond 8200+ level also. Its technical setup is o.k. now and indicate that it may give further rise with in between down correction therefore it is buy on dip market now , but since it is near its tough resistance range and has not corrected on the closing basis as yet therefore correction on closing basis may creep in anytime, so to take advantage of the down correction the contrarian trader can try short call also on the rise near 7950 then near 7980 but not above it with stop loss of above 8020. The trend is up therefore It could be a risky trade but worth trying.         

For 21-4-2 In view of the very tough resistance range ahead and keeping in mind that it has not corrected on the closing basis it is suggested to avoid long call now instead  try short call near 7950 level then near 7980 with a stop loss of above 8020. Please watch the market for some time before initiating any trade.

 

Remark: - It is suggested to avoid long call now, and try short call 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 – 21-4-2016

CNX--BANK NIFTY

Closed at 16349.70 on 20-4-2016(Open-16299.50/High-16386.35/Low-16160.55)

Support:16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16587.25/16648.30/16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

After a day’s down correction on the closing basis it moved up today, it is making higher top and bottom on the line chart which is good sign. The technical setup looks o.k. for further rise therefore it is a buy on dip market now  and the on-going up move may remain intact as long as it holds 15960 and finally 15762.20 levels , but moving up it will face huge resistance in the range of 16370—16590---16726--16940. If it moves and sustain above 16940 then the on-going up move may extend further. It is therefore suggested to structure your trade keeping the above resistance range in mind to handle your trade better.

It is important to mention here that it is still in a long term bear market and it could only come out of it, if it moves above 16726 and sustain, so this point will act as a very stiff resistance.

For 21-4-2016 watch the market for sometime before initiating  trade. Long call can be tried if it maintains above 16350 with a short stop loss of below 16270 but the authentic stop loss would be below 16080 or buy on dip but not below 16160 with a stop loss of below 16080. Please see resistance points for targets.  

Remark: - It is already in the long term bear trend since 4-1-2016. But long call can be tried as suggested above but with 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 FOR—20-4-2016

CNX-NIFTY

Closed at 7914.70 on 18-4-2016 (Ope-7908.15/High-7920.60/Low-7842.75)

Support: - 7873/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45/7946.35/7961.35/7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It is moving up vertically and unabated and today was the 5^th straight day of rise. It looks good technically and the trend is up, but with each rising day the vulnerability of correction is increasing, however it may rise few more days before it corrects. But please note that in between down correction is necessary for a steady up move but its vertical up move is concerning because it may have vertical correction also anytime. So one has to be extremely careful  in the long trade now ,furthermore  it is also very near to its critical resistance range of 7923—7980(see my post for 18-4-2016) and after this the next set of resistance range is between 8055---8196. However if it moves above 7980 and sustain then it may go beyond 8200+ level also. Please note that its critical point for the years 2016 are at 7938.45 & 7946.35 and sustained close above these points may keep the up trend intact. So for safe trader it is suggested to wait for it to close above 7946.35 to initiate fresh long trade.

For 20-4-2016 for day trader long call can be tried if it moves and maintains above 7921 with a stop loss of below 7840 and book profit on the rise in the range of 7945—7980+. If it opens with an up gap in the range of 7950--7980 then avoid fresh long call and at least book profit in 50% of the existing long trade on the rise and watch the balance long position till it breaks 7945 and exit long trade below 7910. It would be worth trying 8000 put option around 7980+ range with a stop loss of above 8055. 

Remark: -It view of the above observation existing long trade commitment should be lightened if not exited completely in the range of 7945—7980+ and wait for it to close above 7946.35 for trying fresh long call the next day.

 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 – 20-4-2016

CNX--BANK NIFTY

Closed at 16222.70 on 18-4-2016(Open-16328.70/High-16330.55/Low-16011.90)

Support:16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16282.75/16349.70/16587.25/16648.30/16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

After four days of vertical rise it took a breather today, it may correct further from here but as long as it holds 15960 and finally 15762.20 on the closing basis the on-going up move may be intact. Therefore long call can be tried on decline near 15960 and then near 15762.20 with proper stop losses or above 16283. But since it corrected today and correction may continue further therefore to be on the safe side long call should only be tried if it moves and sustain above 16283. Moving up it will face stiff resistance in the range of 16370—16590---16726--16940. If it moves and sustain above 16940 then the on-going up move may extend further. The short term technical setup still looks good so it may rise from here after correction.  

It is important to mention here that it is still in a long term bear market and it could only come out of it, if it moves above 16726 and sustain, so this point will act as a very stiff resistance.

For 20-4-2016 long call can be tried if it maintains above 16283 with a short stop loss of below 16200 but the authentic stop loss would be below 16080 , can add position if it moves above 16350 with a stop loss of below 16270 . Please see resistance points for targets.  

Remark: - It is already in the long term bear trend since 4-1-2016. But long call can be tried as suggested above but with 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.

DOW JONES INDUSTRIAL AVG INDEX- A SHORT TECHNICAL UPDATE-16-4-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 17897.46 ON -15-4-2016.

                                                                           

SUPPORT:- 17750.02/17796.76/17811.48/17484.23/17425.03/17405.48/17399.01/17210/17116.73/16887/16827.86/16510.40/16165.86/15979.95/15942.37/15803/15503/15450.56/15370.33/15340.69/14760/14719.43/14681/14551.27/14444.03.

 RESISTANCE:-

17914.34/17977.85/18137.12/18188.81/18351.36.

(Figures in bold are important)

Further to my last post of 10-4-2016, technically it is still on a sound footing, but please note that it had short movement in last two days, therefore it seems that it is bracing for a big move on either side in a day or two, upside if it moves above 17980 and downside if it moves below 17790 .It is at mid point now. Please note that the trigger point for moving down is at 17867, so if it sustain below this mark for sometime, it is likely to move down. Since it is close to the down trigger point, chances of moving down looks reasonably good. So watch out how this observation goes.    

  

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.

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—16-4-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $40.36 ON 15-4-2016

SUPPORT:-$ 39.91/38.39/37.75/37.60/37.04/35.24/34.53/33.55/32.70/32.40/30.56/29.25.

RESISTANCE:-$42.03/42.21/42.49/43.46/43.97/47.71/48.36/49.33/50.92

.

(Figure in bold are important)

As expected it gave an up move but failed to give upside breakout from the upper band of the range$42.49(see my post for 10-4-2016) after coming so close to it. It made a high of $42.42 on 13.4.2016; and then slipped down in corrective mode but still looking o.k. and moving within the range, but technically it has made a double top, so now $42.49 has become very tough resistance point and if it fails to cross it soon then it could reasonably correct from here. Furthermore it is in the making  a bearish pattern and the range of which is between $42.49---35.24 but it does not look  alarming as of now but if it breaks the lower band of the range i.e. $35.24 and sustain then it could go down sharply. Please note that its important points for the year 2016 are also within and near the range at $37.60/37.04 & 34.53,so the broad range is between $42.49—34.53 therefore one should get alerted in long trade below $37.60 and exit trade below $35.24 & below $34.53 for sure . Since it is stuck in a range now so it is suggested to buy at lower end of the range and book profit at the higher end of the range and vice versa with proper stop losses till it gives either side breakout from the range to trade decisively. Please note that long trade should be handled vigilantly and with extreme caution and care because it is still hugely bearish on the long term charts.

        

REMARKS:-  Long term trend is down , It is moving in a range now so either  trade in the range as suggested above or wait for the breakout to trade decisively. 

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—18-4-2016

CNX-NIFTY

Closed at 7850.45 on 13-4-2016 (Open-7777.15/High-7864.80/Low-7772.20)

Support: - 7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7873/7938.45/7946.35/7961.35/7972.55/7979.30/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

As expected it gave big move today on the upside (see my post for 13-4-2016), it opened with a huge up gap and did not make any effort during the day to fill the gap at all and steadily moved up and closed near the high of the day with a gain of 141.50 points. It is exhibiting tremendous strength but the unfilled gap is concerning because as per theory there is a good possibility for at least next 3-4 trading session that it could make an attempt to fill the gap and if it does then it could come down to 7717 level. Even otherwise, although it is showing good strength but since it had a vertical rise of more than 340 points intraday and 295 points on closing basis in last three days therefore normal correction could also creep in anytime, so be watchful and alert. The bias is on the upside now and the technical parameters indicates that it could give a decent up move from here as long as it holds 7627 and finally 7539.50 levels but it could witness in between  corrective down move  , so long call can be tried at the appropriate levels if it corrects. It is important to mention here that as it still looks good for continuing the up move but as per theory the vertical rise may have a vertical fall also therefore long trade should be handled vigilantly and with extreme caution and care.  

Please note that moving up it will face huge resistance in the range of 7923—7980, furthermore 7938.45 & 7946.35 are one of the most critical points for it for the year 2016. If it moves and sustain above 7946.35 and then crosses 7980 and sustain then the on-going up move may extend further and will face next set of resistance in the range of 8055--8196. In view of the tough resistance range ahead it seems that the up journey from here may not be smooth but the trend is up, so long call can be tried on dip but not below 7700. The range of 7935—7980 looks highly vulnerable for correction therefore fresh long call should be avoided around this range instead existing long trade should be exited completely and one should stay quite around this range as far as fresh long trades are concerned. Please note that fresh long call should only be attempted once it closes above 7946.35 and sustain, if it sustains above this level then it may hit 8200+ levels in coming days/weeks.

For 18-4-2016 long call can be tried if it maintains above 7865 with a stop loss of below 7770 and book profit in the range of 7930—7945—7980. If it opens with an up gap at 7900+ then avoid fresh long call and book profit in existing long trade on the rise in the range mentioned above.  It would be worth trying 8000 or 7900 put option around 7945--7980 range with a stop loss of above 8025. 

Remark: -It view of the above observation all long trade should be exited in the range of 7935—7980 and wait for the close above 7946.35 for trying fresh long call next day.

 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 – 18-4-2016

CNX--BANK NIFTY

Closed at 16278.55 on 13-4-2016(Open-16087.95/High-16349.70/Low-16080.55)

Support:16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:- 16282.75/16349.70/16587.25/16648.30/16727/16750/16824.05/16922.05/16932.50/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a vertical up move of around 900 points in last four days, it is showing strength but its relative strength in comparison with nifty is still weak. However the technical parameters indicates, that it could still move up from here but with an in between down correction. Therefore long call can be tried on dip at the proper levels. It is important to mention here that as it still looks good for continuing the up move but as per theory vertical rise may have a vertical fall also therefore long trade should be handled vigilantly and with extreme caution and care.  

 Today it opened with a huge up gap and steadily moved up during the day and closed near the high of the day with a gain of 398.35 points. It did not fill the gap it created today  therefore chances are that it may make an attempt to fill the gap in next 3-4 days and if it does then it could come down to 15958 level. Even if it does not fill the gap, it could give normal correction anytime because it had a vertical up move. But the bias is on the upside and overall technical indicators as of now points towards that this up move may continue provided it holds 15960 and finally 15762.20 levels. So long call can be tried in down correction but not below 15960.

Please note that moving up it will face huge resistance in the range of 16370—16590---16726--16940. If it moves and sustain above 16940 then the on-going up move may extend further  and will face next set of resistance in the range of 17080---17450. In view of the tough resistance range ahead it seems that the up journey from here may not be smooth but the trend is up as of now, therefore buy on dip strategy can be followed but not below 15960.

It is important to mention here that it is still in a long term bear market and it could only come out of it, if it moves above 16726 and sustain, so this point will act as a very stiff resistance.

For 18-4-2016 long call can be tried if it maintains above 16285 with a short stop loss of below 16240 but the authentic stop loss would be below 16080 , can add position if it moves above 16350 with a stop loss of below 16270 . Please see resistance points for targets.   

Remark: - It is already in the long term bear trend since 4-1-2016. Long call can still be tried as suggested above but with 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 FOR—13-4-2016

CNX-NIFTY

Closed at 7708.95 on 12-4-2016 (Open-7669.25/High-7717.40/Low-7663.35)

Support: - 7691/7678/7667/7582.25/7539.50/7526.70/7422/7405/7350.30/7295/7252.

Resistance: - 7718.05/7738.40/7749.40/7777.60/7840/7863/7938.45/7946.35/7973/7980.

After giving robust up move yesterday it moved in a short range of 54 points today and closed with a gain of 37.55 points. The short range movement again indicates (see my post for 11-4-2016) that there could be another big move ahead on either side in a day or two as it happened on 11-4-2016 therefore be watchful and alert. The short term parameters suggest that long can still be tried above 7720 or on dip but not below 7650 and short call should be avoided  for now and only be attempted below 7600. In view of the volatility it witnessed yesterday long trade should be handled very cautiously because chance of this up move ending abruptly cannot be ruled out although technically it looks good as of now.

For 13-4-2016 long call can be tried if it maintains above 7720 with a stop loss of below 7700 or try on dip but not below 7650 with a stop loss of below 7600. It would be safe to try long call above 7720. Please see resistance points mentioned above for targets.

Remark: -Long call can be tried as suggested above. In view of the huge volatility it witnessed on 11-4-2016 trade should be handled with extreme  caution and care as this volatility may trap you at higher levels. 

 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 – 13-4-2016

CNX--BANK NIFTY

Closed at 15880.20 on 12-4-2016(Open-15809.10/High-15958.80/Low-15794.15)

Support:15762.20/15704.75/15682.65/ - 15522/15451.75/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

 After yesterdays good up move it relatively had a quite day today but it closed with a gain of 61.70 points. It is still above its crucial point of 15762.20 for the year 2016, so as long as it holds this level short call should be avoided because chances are that it may still move up from here, therefore long call can be tried if it maintains above 15890 but moving up it will face huge resistance in the range of 15968—15980. Therefore it would be safe to try long call if it sustains above 15980 and if it does sustain then the up move may accelerate. Please note that in view of the volatility it witnessed yesterday trade should be handled very cautiously. Furthermore its relative strength in comparison with nifty is also weak therefore one should be extremely cautious in the long trade because chance of this up move ending abruptly cannot be ruled out.

For 13-4-2016 long call can be tried if it maintains above 15890 with a stop loss of below 15760 or try long call above 15980 with a stop loss of below 15870. Short can be tried if it moves and sustain below 15762 with a stop loss of above 15850. Please see resistance and support points for targets.   

Remark: - It is already in the long term bear trend since 4-1-2016. It looks slightly shaky but could still move up, take your trading call as suggested above but with extreme caution and care.

  

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—12-4-2016

CNX-NIFTY

Closed at 7671.40 on 11-4-2016 (Open-7577.80/High-7678.80/Low-7516.85)

Support: - 7667/7582.25/7539.50/7526.70/7422/7405/7350.30/7295/7252.

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

As expected it gave a big move but unexpectedly on the upside whereas the overall technical setup was indicating continuation of the down move. It did break its critical point of 7539.50 for the year 2016 intra-day and went down further but all of a sudden made a U turn and closed near the high of the day with a gain of 116.20 points. Please note that this kind of volatility is not good for the market and it has to be seen whether it will sustains today’s up move or not. But since it has closed above 7650(see my post for 11-4-2016), moved above its short term moving averages and in the process of making a higher top on the line chart therefore short call should be avoided till it holds 7582 level and long call can be tried if it sustains above 7630(it changes every day) but not below it. In view of the extreme volatility it is advised to handle your trade very cautiously because it may reverse the move also.       

For 12-4-2016 watch the market for sometime before initiating trade avoid short call now, long call can be tried if it maintains above 7630 but not below it with a stop loss of below 7580 or try long call above 7680 with a stop loss of below 7630.Please see resistance points mentioned above  for targets.  

Remark: - Today’s robust up move has changed the dynamics for now; therefore short call should be avoided till it holds 7582 and long call can be tried as suggested above. In view of the huge volatility trade should be handled with extreme care as this volatility can trap you unaware. 

 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 – 12-4-2016

CNX--BANK NIFTY

Closed at 15818.50 on 11-4-2016(Open-15623.35/High-15853.85/Low-15440.25)

Support:15762.20/15704.75/15682.65/ - 15522/15451.75/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

After giving four days close below its most critical point of 15762.20 for the year 2016 it bounced back today and closed above it and near the high of the day, whereas the overall technical setup was pointing towards continuation of the down move. The kind of volatility it exhibited today is not good for a steady market, so be watchful because it may reverse it also. Although it closed above its critical point of 15762.20 but it has to be seen that whether it will sustain above it or not on the closing basis for next 3-4 days. Since it closed above 15762.20 mark therefore short call should be avoided till it moves and close below it again. For safe long trader it is suggested to wait and watch tomorrow but aggressive day trader can try long call above 15855.   

For 12-4-2016 in view of today's up move long call can be tried above 15855 with a stop loss of below 15760, similarly short call can also be tried if it moves and sustain below 15760 with a stop loss of above 15810. Watch the market for sometime before initiating trade.  

Remark: - It is already in the long term bear trend since 4-1-2016. In view of today’s volatility take your trading calls as suggested above but with extreme caution and care.

  

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

                                                                                     

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

Note: Price stated here is of spot market.

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

GOLD IN $ TERMS A TECHNICAL UPDATE-10-4-2016

GOLD IN $ TERMS

Gold closed at $1243.80 on 8-4-2016

SUPPORT:- $1232/1210.30/1206/1191.70/1181.60/1167.30/1162.10/1141.60/1130.40/1103.80/1061.50/1060.20/1044.50.

RESISTANCE: - $1246.80/1255.60/1263.90/1271.90/1287.80/1307.80/1324.30/1346.80/1361.80/1392.60/1434/1487.20/1539.

Technically it has been bullish for last few months (see my post for 18-1-16 & 15-2-2016) and it is still looking good on the chart. After making a recent high of $1287.80 on 11-3-2016 it corrected and has been consolidating for last few weeks in the range of $ 1263.90---1206 and now it seems that technically it is ripe to give an upside breakout from $1263.90 the upper band of the range and if it does and sustain the breakout then it would be heading for good rise and may surpass its recent high of $1287.80. Moving up it would face huge resistance in the range of $1263.90---1287.80—1308—1355 but looking at the overall technical setup it seems that it may cross or hit the said resistance points this time. Please note that if it moves down it has good support at $1191.50 & 1181.60 and then from its long term moving averages which are in the range of 1176—1131. The bias is on the upside now therefore it is suggested to follow buy on dip strategy but not below $1206 and get alerted in long trade below $1191.50 and exit trade if it moves and sustain below $1181.60.   Since it is having support in the range of $1176—1131 from its long term moving averages, so if it goes below $1191.70 and $1181.60 level then one can try long call near 1131 also with a stop loss of below $1120.But please note that it would be safe to try long call above $1191.70 only with a stop loss of below $1180.

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

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—10-4-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $39.72 ON 8-4-2016

SUPPORT:-$ 38.14/37.60/37.04/35.24/34.53/33.55/32.70/32.40/30.56/29.25.

RESISTANCE:-$39.84/40.06/42.21/42.50/43.46/43.97/47.71/48.36/49.33/50.92

.

(Figure in bold are important)

It was hugely bearish on the technical chart when I last wrote about it on 18-1-2016 and it is still bearish on the long term chart as it is way below its long term moving averages on the weekly and monthly chart. But it is showing some improvement on the daily chart, as it is making higher top and bottom, it is above some of its long term moving averages and of course above its short term moving averages too. Therefore an up rally could be in the offing from here in coming days . In this regard please note that at present it is moving in a range of $42.49—37.04—34.53 and sustained break above $42.49 can take it to the level of 49--50.90. Please also note that its important points for the year 2016 are at $37.60/37.04 & 34.53 and it is reasonably above it now, therefore as long as it holds the aforesaid levels there is a good chance of moving up from here and looking at the overall pattern on the daily chart it seems that upside breakout from the level of $42.49 is very likely, so watch out. In view of the above observation it is suggested to follow buy on dip strategy but not below $37.04 with proper stop loss and add further long position if it gives a sustained breakout above $42.49.

        

REMARKS:-  Long term trend is down ,but pattern on the daily chart indicates that in short term it could give an up move from here , therefore 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.