CNX-NIFTY-A TECHNICAL VIEW FOR—27-4-2016

CNX-NIFTY

Closed at 7962.65 on 26-4-2016 (Open-7828.15/High-7974.50/Low-7822.55)

Support:- 7946.35/ 7938.45/7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

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

It again broke the weekly range of 7980—7842 today on the downside and went below yesterdays low also, but it held the important level of 7800, therefore as perceived (see my post for 26-4-2016) it made a sharp U turn around late afternoon and crossed 7900 level(as expected) decisively and closed above its most critical points of 7938.45 & 7946.35 for the year 2016 first time in this year and also came close to its multiple top range of 7980 but did not cross it, however as long as it holds 7938.45 level on the closing basis it can continue the up move . Although it has closed above its important points for the year 2016 but fresh long call should only be attempted if it moves and sustain above 7980 because then only it may hit 8200+ level and it fails to cross this mark then this up move may end here.

The technical setup is good and indicates that it may further move up from here but even then, I once again repeat that long call should only be tried if it moves and sustain above 7980 otherwise not. Since it is at the make or break juncture therefore short call can also be tried if it fails to cross 7980 mark for sometime but avoid short call above 7980 for sure. The on-going up trend may signal end only either if it fails to cross 7980 or if it closes below 7855 as of now. So watch out.

TRADING OPTION FOR-27-4-2016

1. Long call can be tried if it moves and sustain above 7980 with a stop loss of below 7930 for a target of 8055/8065/8091/8166.

2. Short call can be tried if it fails to cross 7980 level for say at least 2 hours with a stop loss of above 8020 for a target of 7946/7938/7894/7855/7842/7822.

3. Short call can be attempted if it sustain below 7930 with a stop loss of above 7965.

4. Short call can be tried if it maintains below 7890 with a stop loss of above 7920.

5. Short call can safely be tried if moves and close below 7855 because close below it may signal the end of this rally.

NOTE: - Although technical setup do not indicate to try sell call here but as it is at a make or break juncture, so if price pattern breaks down then it is worth trying short call.

Remark: - It gave a robust move today and closed near the high of the day therefore one should be alert in sell call now and only  attempt as suggested above. Similarly long call should only be attempted if it sustain above 7980.

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 – 27-4-2016

CNX--BANK NIFTY

Closed at 17002.55 on 26-4-2016(Open-16647.75/High-17029.85/Low-16572)

Support: 16932.50//16922.05/16824.05/16750/16727/16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance: - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It gave a robust up move today and crossed it bear market threshold point of 16726, double top of 16770 and most importantly its critical points of 16922.20 & 16932.50 for the year 2016 for the first time in this year. It is exhibiting tremendous strength therefore as long as it holds 16922.20 on the closing basis the up- trend seems o.k. Please note that the sustained close below 16922.20 will signal danger bell and close below 16678.85 as of now may end this on-going up move. Therefore it is suggested to avoid long call below 16922.20. It is still a buy on dip market but below 16678 for sure, but to be on the safe side it is advised to avoid long call below 16922.20.

TRADING OPTION FOR-27-4-2016

1. Long call can be tried if it moves and sustain above 17068 with a stop loss of below 16910 for a target of 17174.70/17246.55/17498.35.

2. Short call can be attempted if it sustain below 16900 with a stop loss of above 17010 for a target of 16932/16922/16830/16770/16678. Although technical setup does not permit a clear sell call here but if it sustains below it critical point of 16922.20 for some time it is worth trying.

Remark: - It gave a robust move today and closed near the high of the day therefore one should avoid sell call here. Long call can be tried if it moves and sustain above 17068.

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—26-4-2016

CNX-NIFTY

Closed at 7855.05 on 25-4-2016 (Open-7894.80/High-7911/Low-7827)

Support: - 7842/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

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

It did break the weekly range of 7980—7842 on the downside   but managed to close above it, furthermore it is also holding 7842-- 7800 range which is essential to keep this up move going. But today’s movement was somewhat shaky and showed weakness because it closed below the low of the previous day after eight days which is slightly disturbing. However the technical setup still looks o.k. therefore as long as it holds 7842 for the week on the closing basis and finally if it holds 7800 levels then it could still make an attempt to go beyond 7900+ and try to test 7980 point once again this week and if it does that and fails to cross 7980 mark then this on-going uptrend may end for good and down move may begin. Please also note that sustained close below 7800 may end the up trend here also. Therefore it is suggested that long call should only be tried if it moves and sustain above 7980 and it should be completely avoided below 7842 for the entire remaining week. Since market exhibited some weakness today and it seems that it may be in its last leg of the up move, so any up move from here should not be used for long trade instead one should look for opportunity to sell at the higher levels till it closes above 7980.       

For 26-4-2016 please watch the market for some time before initiating any trade. Long call should be avoided and can only be attempted above 7980, but aggressive day trader can try long call if it maintains above 7860 with a stop loss of below 7827 but it would be relatively safe to try long call above 7915 with a stop loss of below 7880 for a target of 7939/7947/7980/8020. Looking at today’s movement long call could be a risky bet.  Short call can be safely tried if it moves and sustain below 7842 with a stop loss of above 7915 for a target of 7800/7777/7738. Please avoid long call for the entire week if it moves and sustain below 7842. Although technical setup is not clearly spelling out to sell on the rise but In view of the today’s weak movement short call can be tried on the rise also and the possible sell point could be near but below 7895 /7947/7980 with a stop loss of above 7920, 7980&8030.   

Remark: - It is in a range of 7980--7842 now but since it broke the range on the downside today, it is suggested to avoid long call now but aggressive day trader can try long call as suggested above.  It is however better to look for sell opportunity in view of today’s weak movement.

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 – 26-4-2016

CNX--BANK NIFTY

Closed at 16678.65 on 25-4-2016(Open-16746.95/High-16767.90/Low-16605)

Support:16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

It had a down day today and it closed with a small loss of 24.75 points. It went pretty close to its double top range of 16770 but could not cross it and slipped down, furthermore the concern of gap filling is also there for next two days and if it does then it could come down to 16386 and finally it is still below its   threshold point of 16726 for the bear market (see my post for 25-4-2016) therefore it is showing some shakiness  .Although technically it still looks o.k. but despite that it could not go beyond the important points of 16726 & 16770 in last two days  is disturbing. However it could still move up from here but long call should only be attempted if it moves and sustain above 16770. It is important to mention here that moving up the range of 16726—16940--17068 is very tough range  and it will  get  strength and gather real  up momentum only if it gives sustained close above 16940. Therefore even if it moves up the up journey may not be smooth from here. So it is suggested  to be extremely careful in long trade.

For 26-4-2016 watch the market for sometime before initiating trade. Long call can be safely tried but only if it moves and sustain above 16770 with a stop loss of below 16670 for a target of 16825/16940/17067, aggressive day trader can try long even above 16705 with a stop loss of below 16670 but it could be a slightly risky trade mind you. If it does not cross 16770 marks for reasonable time period say 2 hours short call can also be tried near it with a stop loss of above 16840 for a target of 16700/16648/16587/16526/16386 or short call can be tried below 16600 with a stop loss of above 16710 for a target of 16526/16386/16349.  

Remark: - It is still in the long term bear trend since 4-1-2016. Long trade should only be attempted above 16770; similarly 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.

TRADING CALLS FOR 26-4-2016

TRADING CALLS

1. AUROBINDO PHARMA

Sell below -758, S/L-765, Target-751/739/731/720/708.

2.  DR.REDDYS LAB.

Sell below -3097, S/L-3110, Target-3021/2995/2951.

                                        OR

Sell near 3168.S/L-3175,Target-3110/3097/3021/2995.

3.  SIEMENS.

Sell below -1147, S/L-1152, Target-1135/1120/1105/1094.

4. TCS.

Buy above-2457, S/L-2450, Target-2489/2517/2535.

5. TECH MAHINDRA

Sell below -469, S/L-473, Target-460/456/442.

                                       

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—25-4-2016

CNX-NIFTY

Closed at 7899.30 on 21-4-2016 (Open-7891.80/High-7923.35/Low-7873.35)

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 on a negative note and went down further then recovered from the low of the day and went above previous day’s close but finally closed with a loss of 12.75 points. The technical setup is looking good and in short term as long as it holds 7842—7800 range on the closing basis it seems that the up move may continue with in between short down correction. Please note that the long term uptrend  will remain good till it holds 7629(it changes every day) and only sustained break below 7539.50 will end the up move for good for sometime and may trigger severe down correction. So be alert below 7800 because then the on-going uptrend could be in danger.

The range for the week starting from 25-4-2016 is between 7980—7842 and breakout on the either side will decide the direction which way it will move during the week .So till breakout happens one can  trade the range both ways. In this regard please note that the sustained close above its most crucial points of 7938.45 & 7946.35 for the year 2016 and crossing of 7980 level is very essential  for the up momentum to continue. Therefore the range of 7938.45—7980 could be termed as a make or break range and if it fails to cross 7980 level soon then this rally may end here and down journey may begin. Therefore it is suggested to attempt long trade only above 7980 because if it sustains above it then it could hit 8200+ levels. At present it is critically poised, so be alert and watchful.  

       

For 25-4-2016 please watch the market for some time before initiating any trade. It would be safe to try long call if it moves and sustain above 7980 but aggressive day trader can try long call if it maintains above 7925 with a stop loss of below 7890 for a target of 7939/7947/7980/8020, it could be a risky trade mind you. Short call can be safely tried if it moves and sustain below 7842 with a stop loss of above 7915 for a target of 7800/7777/7738, but short trade can also be initiated if it maintains below 7870 for some time with stop loss of 7925 for a target of 7842/7800/7777/7738. Please avoid long call for the entire week if it moves and sustain below 7842.    

Remark: - It is in a range of 7980--7842 now so one can trade the range both ways or trade as suggested above but as far as long trade is concerned it would be safe to try it above 7980 only.  

 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 – 25-4-2016

CNX--BANK NIFTY

Closed at 16703.40 on 22-4-2016(Open-16641.05/High-16755.85/Low-16549.10)

Support:16648.30/16587.25/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

It had a positive day today and closed with a gain of 66.25 points. It is showing good strength and could still move up from here, but the concerning thing is that, it is still below its threshold point of 16726 for the bear market, the gap it created yesterday is still intact and it may  make an attempt to fill the gap in next 2-3 days and if it does then it can come down to 16386 level, it had eight weeks of rise(which is a Fibonacci number) and lastly it did not cross yesterday high and almost made a double top at 16770, so it could still make a down move from here  before it moves further, if it fails to cross and sustain16770 level soon. Going down it will find support at 16526.55/16386/16282.75/16188/16011.   

The range for the week starting from 25-4-2016 is between 16770---16011 and since it closed near the upper band of the range therefore it seems that it could give an upside break, but looking at the above observation it may give down move also. Therefore fresh long call should only be tried if it moves and sustain above 16770. In this regard please also note that moving up the range of 16726—16940--17068 is very tough range  and it will  get  strength and gather real  up momentum only if it gives sustained close above 16940, so handle your trade very carefully till it closes above it.

For 25-4-2016 watch the market for sometime before initiating trade. Long call can be tried but only if it moves and sustain above 16770 with a stop loss of below 16680 for a target of 16825/16940/17067. If it does not cross 16770 marks for reasonable time period  short call can also be tried near it with a stop loss of above 16840 for a target of 16700/16648/16587/16526/16386.  

Remark: - It is still in the long term bear trend since 4-1-2016. Long trade should only be attempted above 16770; similarly 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.

TRADING CALLS FOR 25-4-2016

TRADING CALLS

1. APOLLO HOSPITAL

Sell below -1356, S/L-1360, Target-1337/1324/1305/1293.

2.  ASIAN PAINTS.

Sell below -869, S/L-875, Target-859/842/829.

3.  BHARAT FORGE.

Sell below -812, S/L-816, Target-805/794/773.

4. BHEL.

Sell below-126.30, S/L-127.70, Target-123/120/116.

5. DIVI’S LAB.

Sell below -1064, S/L-1071, Target-1048/1027/1009.

                                        OR

Sell near 1100--1105.S/L-1110,Target-1070/1048/1027/1009.

6. HINDUSTAN UNILEVER.

Sell below-883, S/L-886, Target-873/860/851.

7. STATE BANK OF INDIA.

 Buy above-201.50, S/L-200, Target-207/210/214.

8. SUN PHARMA.

Sell below-818, S/L-822, Target-810/804/798/790/770.

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—22-4-2016

CNX-NIFTY

Closed at 7912.05 on 21-4-2016 (Open-7953.65/High-7978.45/Low-7884.10)

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.

 At last after 6 days of rise it had a very short down day today and closed with a meager loss of 2.70 points. It corrected on the closing basis but not in a desired way after a straight rise of more than 450 points, so it may correct further from here before it resumes the up move again. Furthermore it crossed its most crucial points of 7938.45 & 7946.35 for the year 2016 for the 2nd day today and almost hit the upper band of the resistance range of 7923—7980(see my post for 21-4-2016) but slipped down from there and corrected by more than 90 points and finally gave a negative close. Although it is technically looking extremely good on the chart, but since it has not closed above its critical points of 7938.45 & 7946.35 and failed to cross the 7980 point is a concerning thing. Please note that if it fails to cross and close above the aforesaid points soon this on-going up move may end here. Furthermore last three days close in an extremely short range indicate that a big move is ahead on the either side so be careful and watch it out. In view of the above observation, it is suggested to try fresh long call once it closes above 7946.35 but it would be safe to try long call if it moves and sustain above 7980 because if it does then it may go beyond 8200+ level also.      

It is important to mention here that tomorrow will be the 34^th day of entire up move from the bottom of 6825.80 made on 29.2.2016 and it is a Fibonacci number and furthermore today it hit its multiple top range of 7980 and slipped down sharply, so this up move may possibly can top out here, if it does not move above 7980 soon. Going down from here it will find support from its down trend line at 7845(it changes every day) and then from its long term moving average which are in the range of 7818—7629(it changes every day). Please note that break below the down trend line can accelerate the fall. In view of the above I once again reiterate that long call should only be tried if it moves and sustain above 7980.    

For 22-4-2016 avoid long call now, short call can be tried near 7980 but not above it with a stop loss of above 8020 or if it moves and sustain below 7908 with a stop loss of above 7950 for a target of 7884/7877/7845/7818. Please watch the market for some time before initiating any trade.

 

Remark: - 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 22-4-2016

TRADING CALLS

1.  ACC.

Sell below -1428, S/L-1435, Target-1411/1390/1380.

2.  ADANI  PORT.

Sell below -228, S/L-230, Target-222/221/214.

3. APOLLO HOSPITAL

Sell below -1366, S/L-1377, Target-1337/1324/1305..

4. BHEL.

Sell below-127.90, S/L-129.50, Target-123/120/116..

5. CUMMINS.

Sell below -873, S/L-877, Target-860/850/845.

6. DLF.

Sell below-122, S/L-123.30, Target-120/118/115.

7. DIVI'S LAB.

 Buy above-1096, S/L-1090, Target-1120/1161/1175.

8. EICHER MOTORS.

Sell below-20200, S/L-20350, Target-19900/19700/19550.

9. L&T.

Sell below -1246, S/L-1255, Target-1225/1210/1195.

10. SIEMENS.

Sell below -1172, S/L-1180, Target-1152/1135/1110.

11. TITAN.

Sell below -366.75, S/L-370, Target-361/356/350/344.

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX--BANK NIFTY- A TECHNICAL VIEW – 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.