CNX--BANK NIFTY- A TECHNICAL VIEW – 5-5-2016

CNX--BANK NIFTY

Closed at 16274.25 on 4-5-2016(Open-16320.20/High-16465.60/Low-16250.50)

Support: 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: 16282.75/16349.70/16386/16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a down day today and it closed with a loss of 114.44 points. It is exhibiting gross weakness as it is making new low every day. Its overall technical setup is also weakening therefore further fall looks inevitable in coming days/weeks as of now. But it has huge support in the range of 16241---16145—16071--15950, furthermore it has almost retraced up to 50% level from the top & bottom of 17029.85 & 15440 and the point is at 16234, so before breaking this strong support range it may stage a short relief rally from here, but please note that in all probability it is likely to break the aforesaid range in coming days/weeks, because certain technical parameters are indicating it as of now. Therefore long trade should not be tried till it gives visible indication of correction completion. It is clearly a sell on the rise market now but not above 16528 on 5-5-2016 but one should be alert in short trade around the above mentioned support range. 

TRADING OPTION FOR-5-5-2016

1. Sell on the rise but not above 16528 with a stop loss of above 16620. The possible sell point could be at 16465/16526.   

2.  Can try sell trade if it maintains below 16240 with a stop loss of above 16300 for a target of 16205/16188/16149/16090. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above and be alert in short trade in the range of 16241—16071 as it may stage a short relief rally from these level. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 4-5-2016

CNX--BANK NIFTY

Closed at 16388.70 on 3-5-2016(Open-16570.75/High-16719.40/Low-16358.40)

Support: 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: 16526/16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It had a hugely volatile move today but at the end of the day, it showed extreme weakness. I once again repeat that it has fallen inside its down trend line, making lower top & bottom and running below its all short term moving averages and breaking its long term moving average layer every day (see my post for 3-4-2016) and the last such average is being at 15960(it changes every day). Therefore in all probability it is likely to go down further from here, however in between short up move cannot be ruled out. It is therefore definitely a sell on the rise market now till it closes above 16795 as of now. Moving down it will find support from its long term moving averages at 16385/16240/16100/15960 (it changes every day) and from its Fibonacci retracement point’s at 16234/16046/15815. It may stage a relief rally from any of these points, so be vigilant.  Long trade should be avoided till it gives visible indication of correction completion. Please note that It has a strong bed of support in the range of 16245—16220, so it may take a breather here before falling further, so be watchful. The bias is down for sure as of now.

Please note that the range for the on-going week is between 17030—16526. Since it is has broken the range downside therefore long trade is ruled out and short call can be safely tried below 16526. The short range for the day is 16526----16220, so structure your trade keeping this range in mind.

TRADING OPTION FOR-4-5-2016

1. Sell on the rise but not above 16795 with a stop loss of above 16840. The possible sell point could be at 16526/16614/16685/16795.   

2. Sell below 16358 with a stop loss of above 16410 for a target of 16349/16282/16205. It could be a risky trade.

Remark: - It is surely a sell on the rise market now; therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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—4-5-2016

CNX-NIFTY

Closed at 7747 on 3-5-2016 (Open-7824.80/High-7890.25/Low-7735.15)

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

Resistance: - 7772/7777.30/7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It opened on a firm note then after sometime moved up sharply and made a high of 7890.25 for the day, but could not sustain for long at the upper level and plunged down to hit a low of 7735.15 and closed near the low of the day. It is showing gross weakness as it has already broken short term rising trend line, making lower top & bottom and running below its all short term moving averages and breaking its long term moving average layer every day (see my post for 3-4-2016) and the last such average is being at 7630(it changes every day). Therefore in all probability it is likely to go down further from here, however in between short up move cannot be ruled out. It is therefore definitely a sell on the rise market now till it closes above 7849.80. Moving down it will find support from its long term moving averages at 7728/7680/7630(it changes every day) and from its Fibonacci retracement points at 7698/7629. It may stage a relief rally from any of these points, so be vigilant.  Long trade should be avoided till it gives visible indication of correction completion. Please note that It has a strong bed of support in the range of 7728—7714, so it may take a breather here before falling further, so be watchful. The bias is down for sure as of now.

 

Please note that the range for the on-going week is between 7992—7849.80---7788.70. Since it is has broken the range downside therefore long trade is ruled out and short call can be safely tried below 7788.70. The short range for the day is 7714----7788.70---7823, so structure your trade keeping this range in mind.

                                   TRADING OPTION FOR-4-5-2016

1. Sell on the rise but not above 7850 with a stop loss of above 7900. The possible sell point could be at 7788/7820/7832/7850

2. Sell below 7714 with a stop loss of above 7750 for a target of 7680/7663/7630/7587.

Remark: - It is surely a sell on the rise market now, therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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—3-5-2016

CNX-NIFTY

Closed at 7805.90 on 2-5-2016 (Open-7822.70/High-7829.80/Low-7777.30)

Support: - 7777.30/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7822.70/7842/7850/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It had a down day today and it closed with a loss of 43.89 points.It is making lower top and bottom on the line chart and broken bottom on the bar chart, it has broken its short term rising trend line also which was at 7820 for today and would be at 7845 for 3-5-2016 and it is running below its short term moving averages and few long term moving averages also. Overall it is showing weakness and it is correcting now and looking at the present technical setup it seems that the on-going correction may deepen further, therefore it is definitely a sell on the rise market till it closes above its recent top of 7849.80. So be alert in short trade if it closes above 7849.80. But please note that it will resume the up momentum only if it moves and sustain above its long term moving average upper band which is placed at 7898 now (it changes every day) and then finally if it crosses the recent top of 7992. Moving down it will find support from its long term moving averages at 7777/7728/7680/7630(it changes every day) and from its Fibonacci retracement points at 7754.42/7698/7629. It may stage a relief rally from any of these points, so watch out.  Long trade should be avoided till it gives visible indication of correction completion.

   

Please note that the range for the on-going week is between 7992—7849.80---7788.70. It did break the lower band of the range today but managed to close above it. Please note that if it breaks the 7788.70 level again and sustain then long trade should be avoided for the entire week, instead short call should be tried for sure.

                                  TRADING OPTION FOR-3-5-2016

1. Sell on the rise but not above 7850 with a stop loss of above 7900.

2. Sell below 7777 with a stop loss of above 7830 for a target of 7777/7772/7723/7714.

Remark: - It seems that it is sell on the rise market now, therefore long call should be avoided. Instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 3-5-2016

CNX--BANK NIFTY

Closed at 16543 on 2-5-2016(Open-16614/High-16674.15/Low-16519.55)

Support: 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: 16587.25/16648.30/16726/16750/16824.05/16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It exhibited gross weakness today, it made lower top and broken recent bottom and is in the making of lower bottom on the line chart, it closed below its bear market threshold point of 16726 and it is running below its short term and some of its long term moving averages also which is a bad sign and indicates that the on-going down move may deepen further from here. Furthermore since it is making lower top and bottom therefore as of now it is clearly a sell on the rise market till it closes above 16795, but one should be alert in short trade above it. Please note that even if it closes above 16795 it will gather momentum only once it crosses the range of 16850----16940---17030---17068. In view of the above observation long trade should be avoided below 16850. Moving down it will find support from its long term moving averages at 16385/16240/16100/15960 and from its Fibonacci retracement points at 16422/16234/16046/15815. It may stage a relief rally from any of these points, so watch out.

Please note that the range for the on-going week is between 17030—16526. It did break the lower band of the range today but managed to close above it. Please note that if it breaks the lower band of 16526 again and sustain then long trade should be avoided for the entire week, instead short call should be tried for sure.

  

TRADING OPTION FOR-3-5-2016

 1. Sell on the rise but not above 16795 with a stop loss of above 16850.    

3. Sell below 16526 for sure with a stop loss of above 16630 for a target of 16386/16349/16282/16205.

Remark: - Since it is making lower top and bottom on the line chart long trade is ruled out for now, instead short call can be tried as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.  

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.

S &P—500 INDEX A TECHNICAL VIEW-2-5--2016

S &P—500 INDEX

CLOSED AT 2065.30 ON -29-4-2016.

                                                                           

SUPPORT:-2043.94/2038.20/2033.80/2022.49/2019.39/1993.26/1990/1969.25/1947/1904.78/1891/1871.91/1867.01/1820.66/1812.20/1810.10.

RESISTANCE:-2075.07/ 2099.89/2103.47/2111.05/2116.48/2119.59/2129.87/2132.82/ 2134.82.

(Figures in bold are important)

It is still looking good on the weekly and monthly chart but turned weak on the daily chart.  It had a vertical rise of 11 weeks from 1810.10 to 2111.05 but now it is correcting and showing weakness on the daily chart therefore further down correction from here looks imminent. Moving down, it will find support from its critical points for the year 2016 which are at 2043.94 & 2038.20 and then from its long term moving averages which are in the range of 2029.30---1995 on the daily chart as of now (it changes every day).Therefore as long as it holds 1995 on the closing basis the up move may be in place but one should get alerted below 2029.30. Please note that  sustained close below 1995 will trigger further fall and then it may find the next potential support from its long term moving averages on the weekly chart which are in the range of 1972---1801(it changes every day). So 1801 is a very solid support point and sustained close below it may trigger panic button which can take it to much lower levels.

It is important to mention here that, it made an all time high of 2134.72 on 20-5-2015 and thereafter in last eleven months it made five attempts to cross this high but every time it made a lower top at 2132.82/2129.87/2119.59/2116.48 and the recent top was made at 2111.05 on 20-4-2016 and it slipped from there, this was the fifth failed attempt, so it seems that it may have topped out for now and the on-going correction may be much deeper this time, so be alert and watchful and structure your trade keeping the points and range mentioned in the foregoing paragraph. Please note that to regain up momentum it has go beyond 2134.72 and sustain but even then the up journey may not be smooth because it will encounter huge resistance at 2169/2203 & 2230(it changes every day)points.

   

REMARKS:-The trend is up. But it is in correction mode now therefore long call should be avoided till it gives visible indication of correction completion.

  

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—2-5-2016

CNX-NIFTY

Closed at 7849.80 on 29-4-2016 (Open-7844.25/High-7889.05/Low-7788.70)

Support: - 7842/7820/7772/7723.85/7714/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It had a volatile day and it gave wild swings of more than 100 points both ways before closing the day just 2.54 points above the previous day’s close. The overall technical setup is not that bad but since it broke its recent bottom of 7855.05 on the line chart and is also below its short term moving averages, therefore it is slightly on a weak footing so one can still   follow sell on the rise strategy till it moves and closes above 7992(see my post for 28-4-2016), but one should be alert in short trade if it moves and sustain above 7901 and then 7947.However until and unless it closes above 7992 it is not likely to regain the up momentum and at this point of time it looks slightly difficult to cross this level. 

The range for the week starting from 2-5-2016 is between 7992---7847.25--7788.70 and it is near the lower end of the range now,  since it is showing weak sign chances of it drifting lower are quite bright. The trader should structure their trade keeping the above range in mind. Since it is sell on the rise market now, therefore it is suggested to avoid long trade in general but the contrarian trader who wish to try long call can try it, if it maintains above 7850 but do not attempt long trade below 7847.25 in any case. Similarly short call can be tried on the rise at proper points or sell for sure if it trades below 7842. Please note that if it breaks the 7788.70 level and sustain the long trade should be avoided for the entire week, instead short call should be tried for sure.

  

TRADING OPTION FOR-2-5-2016

1. Long call is not suggested but the aggressive and contrarian trader can still try it, if it maintains above 7850 with a stop loss of below 7810 for a target of 7889/7901/7915/7938/7947. It could be a highly risky trade.

2. Sell on the rise but not above 7992 with a stop loss of above 8055. The possible sell points could be at 7901/7915/7930-50/7992.The ultimate stop loss is above 8065. But it is advised to use self defined stop losses with the help of resistance points mentioned above for the suggested sell point’s trade to manage your trade in a better way.

3. Sell below 7842 with a stop loss of above 7910 for a target of 7822/7788/7777/7772/7723/7714, can add fresh position below 7810 with a stop loss of above 7855.

 4. If it moves below 7788.70 and sustain sell for sure for the entire week with a stop loss of above 7810.

Remark: - It seems that it is sell on the rise market now, therefore long call should be avoided but if initiated should be handled with extreme caution. It looks better and safe to try short call at this point of time.  Please initiate your trade after watching the market for at least 30-45 minutes.   

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 – 2-5-2016

CNX--BANK NIFTY

Closed at 16795 on 29-4-2016(Open-16712.95/High-16841.30/Low-16527.55)

Support: 16750/16726/16648.30/16587.25/16526/16386/16349.70/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

It exhibited huge volatility and had a wild swing of more than 300 points both ways during the day but at the end it closed with a gain of 78.09 points. Its technical setup is still good. It is holding its recent bottom of 16678.85 on the line chart, closed above its bear market threshold point of 16726 and still above its short term moving averages, therefore it could still move up from here as long as it holds 16678.85 on the closing basis. However the up journey from here may not be smooth because it will face very stiff resistance in the range of 16726—16855--16940—17068. Please note that it almost crossed this range recently and then slipped down, so crossing it for the second may be slightly difficult for it.

It is also important to mention here that although its technical setup looks o.k. on the chart but preceding two days move and certain technical indicators and patterns indicates that it may correct from here also. Therefore the overall bias is mixed at this point of time but slightly in favor of upside. Therefore long call can be tried if it moves and sustain above 16855 but I once again repeat that it would be safe to try long call above 17030 only(see my post for 28-4-2016) . Similarly short call should be tried if it moves and sustain below 16678.85 or in wake of advance technical parameters indication sell on the rise at proper point or near but not above 17030 can also be attempted but with extreme caution.

The range for the week starting from 2-5-2016 is between 17030—16526 and it is at the midpoint now, so it is difficult to say which way it will move, therefore be watchful and alert. The trader should structure their trade keeping the above range in mind. But long trader should get alerted if it consistently trade below 16795 and exit long trade for sure if it moves and sustain below 16678. Similarly short trader should get alerted if it moves and sustain above 16855 but attempt short trade for sure below 16678.

TRADING OPTION FOR-2-5-2016

1. Long call can be tried if it maintains above 16855 with a stop loss of below 16750 for a target of 16940/17003/17030/17068/17124. But it would be safe to try long call if it moves and sustain above 17030.

2. Sell on the rise but not above 17030 with a stop loss of above 17080 and the possible sell points could be at 16900/16952/17025.Please use self defined stop losses with the help of resistance point mentioned above for suggested sell points trade to manage your trade better. Please be alert above 16855 in short trade because then it may give you chance to go short at a much higher levels.    

3. Sell below 16678 for sure with a stop loss of above 16800 for a target of 16572/16526/16386.

Remark: - It is giving mixed indication here therefore both side trade can be tried depending on the price movement. Take your trading call as suggested above. Please initiate your trade after watching the market for at least 30-45 minutes.  

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 TECHNICAL UPDATE-29-4-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 17830.76 ON -28-4-2016.

                                                                           

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

 RESISTANCE:- 17914.34/17977.85/18084.66/18167.63/18188.81/18351.36.

(Figures in bold are important)

When I, last wrote on 16-4-2016 it was bracing for a big move on the either side. It did go up from there but failed to cross the upper band of the resistance range which was between 17800—18352(see my post of 10-4-2016). It slipped down after hitting 18167.63 on 20-4-2016, now it is showing sign of fatigue; it is also making lower top and bottom on the bar and the line chart, so either it is correcting before resuming the up move again or the on-going up move may be over. The technical setup is still good but certain technical indicators point towards a possible down slide from here, however as long as it holds the critical levels of 17425.03 & 17405.48 for the year 2016 the up move may be in place, furthermore even if it breaks the aforesaid points it will get very good support from its long term moving averages which are in the range of 17332—17006(it changes every day). Therefore only sustained close below 17000 can trigger a bigger fall. Since it is having good support in the range of 17425—17006, so long call can be tried on dip around this range but not below 17332 with proper stop losses.

REMARKS:-The trend is up. But it is in correction mode now so let it give visible indication of correction completion before initiating fresh long trade. However, long call can be attempted around the range of 17425---17332.

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—29-4-2016

CNX-NIFTY

Closed at 7847.25 on 28-4-2016 (Open-7942/High-7992/Low-7834.45)

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/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It could not sustain the upside breakout even for a single day and plunged down sharply, breaking its most critical points of 7946.35 & 7938.45 for the year 2016 decisively. It also broke its recent bottom of 7855 on the line chart and closed below it, which is a bad sign and almost confirms that this on-going up move may be over if it does not cross 7992 level in 2-3 days time. Looking at today’s breakdown it seems difficult to cross the said level. Therefore in all probability the on-going rally is over and it has turned sell on the rise market now till it moves and closes above 7992. The range for it now is between 7992---7822, so one can sell on the rise at appropriate levels but not beyond 7992 or can sell below 7822. In wake of today’s breakdown long trade is not suggested but contrarian traders can use the aforesaid range for trying long trade as well if they wish too.   

TRADING OPTION FOR-29-4-2016

1. Sell on the rise but not above 7992 with a stop loss of above 8055. The possible sell points could be at 7915/7930-50/7992.The ultimate stop loss is 8055. But it is advised to use self defined stop losses with the help of resistance points mentioned above  for the suggested sell points trade to manage it in a better way.

2. Sell below 7822 with a stop loss of above 7855 for a target of 7772/7723/7714.

Remark: - In view of today’s breakdown long trade is ruled out for now, instead short call can be tried on the rise or below 7822.

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 – 29-4-2016

CNX--BANK NIFTY

Closed at 16716.90 on 28-4-2016(Open-16885.80/High-17023.35/Low-16692.70)

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.

As perceived that it is showing sign of fatigue and exhaustion, it went down further today and closed with a loss of 156.04 points. It came below the bear market threshold point of 16726 also which is a bad sign. But as long as it holds 16678.85 on the closing basis, it could still make an attempt to move up, but looking at last two days move it seems slightly difficult to move up from here because there is huge resistance in the range of 16726—16940--17068. It did cross the range of 16726—16940 once two days back but could not sustain above it and slipped down, so now crossing it for the second time will be really difficult. It is therefore suggested to avoid fresh long call now and can try it only if it moves and sustain above 17030. However aggressive day trader can still try long trade above 16726 with a stop loss of below 16670 but it could be a risky trade. In wake of last two days move it is suggested and would be better and safe at this point of time to look for an opportunity to sell on the rise rather than trying long trade.   

                                  TRADING OPTION FOR-29-4-2016

1. Sell on the rise but not above 17030 with a stop loss of above 17080 and the possible sell points could be at 16858/16897/16950/17025.Please use self defined stop losses with the help of resistance point mentioned above for suggested sell points trade to manage your trade better.   

2. Sell below 16678 with a stop loss of above 16750 for a target of 16572/16526/16386.

Remark: - It is showing sign of exhaustion therefore fresh long call should only be attempted above 17030. Short call seems a safer bet and 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 FOR—28-4-2016

CNX-NIFTY

Closed at 7979.90 on 27-4-2016 (Open-7942/High-7991/Low-7940.55)

Support:- 7979.30/7972.45/7946.35/ 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: - 8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

It gave an upside breakout from the weekly range of 7980(exact point was 7979.30)—7842 today and closed above it, which is a good sign. The technical setup is also good and indicates that it may further move up from here if it holds 7979.30 levels, but as long as it holds 7938 on the closing basis the on-going uptrend may be in place and as of now a close below 7855 only may signal the end of this rally.  In this regard please note that the sustained close above 7979.30 only may take it to 8200+ levels in coming days else the rally may fizzle out. Therefore it is suggested to try long trade above 7979.30 only and traders should get alerted if it consistently starts trading below it. The bias is on the upside now so do not think of short trade now but if there is price breakdown it can be tried as suggested below.

TRADING OPTION FOR-28-4-2016

1. Long call can be tried if it moves and sustain above 7991 with a stop loss of below 7938 for a target of 8055/8065/8091/8166. It is needless to mention here that fresh long trade should not be initiated below 7979.30.

2. Short call can be attempted if it moves and sustain below 7938 with a stop loss of above 7980 for a target of 7894/7855/7842/7822. It could be a risky trade but worth trying.

Remark: - It gave an upside breakout today, so it is advised to try long trade 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 – 28-4-2016

CNX--BANK NIFTY

Closed at 16872.95 on 27-4-2016(Open-16869.35/High-16995/Low-16827.35)

Support: 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:16922.05/16932.50 - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It could not sustain the close above its critical points of 16922.20 & 16932.50 for the year 2016 even for a day and closed below it, which is disturbing, today’s move showed some sign of fatigue or it may be indicating that this on-going up rally is near its end. However technically it is still looking o.k. so if it could still move above these points in a day or two and crosses 17068 mark  then it may hit 17250---17498 levels in coming days, else this rally may end here. It is looking slightly shaky at this point of time, therefore now the fresh long trade can be tried if it moves and sustain above 17030, but it would be safe to try long call above 17068 only. Since it has shown some weakness today and if it fails to move above 17030 then short call can also be attempted near it with caution.

TRADING OPTION FOR-28-4-2016

1. Long call can be tried if it moves and sustain above 17030 with a stop loss of below 16910 for a target of 17174.70/17246.55/17498.35. But it would be safe to try long call if it moves and sustain above 17068 with a stop loss of below 16920.   

2. Aggressive day trader can try long call if it maintains above 16935 with a stop loss of below 16860, but it could be a risky trade mind you.

3. If it fails to cross 17030 level for reasonable period of time then short call can be tried near it but not above it with a stop loss of above 17080 for a target of 16932/16922/16872/16824/16770/16726/16.

4. Short call can also be tried if it sustain below 16820 with a stop loss of above 16935 for a target of 16770/16726/16678/16648/16587.

Remark: - It is showing sign of exhaustion therefore fresh long call should only be attempted above 17030. Short call seems a safer bet and 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.