CNX--BANK NIFTY -A TECHNICAL VIEW FOR—19-5-2016

CNX--BANK NIFTY

Closed at 16728.95 on 18-5-2016(Open-16671.70/High-16759.05/Low-16556.60)

Support: 16726/16648.30/16587.25/16518.75/16205/16188/16186.25/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16750/16922.05/16932.50/16962/ - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

After two days of volatile movement on 17^th & 18^th   the on-going up trend still seems to be in place as long as it holds 16186 and finally 15959(it changes every day) levels on the closing basis (See my post for 16-5-2016). Please note that sustained close below 16431.65 will be the first signal of the end of this up move and break and sustained close below 16186 will be a potential indication of the end of this up move.

It is making lower top and bottom on the line chart so it is in the correction mode now and it may move down further from here, furthermore it could not cross its recent top of 17029.85 in last nine trading sessions which indicate some weakness in it. But since the overall technical setup looks o.k. now therefore long call can be attempted on decline in the strong support range of 16357—16186 but not below 16186 or long call can  be attempted if  it moves and sustains  above 16765. Please note that moving up it will face huge resistance at 16903/16962/17029.85/17067.45 and it will regain the up momentum only if it gives sustained close above 17067.45 which may please be noted. It is range bound now therefore both long and short side trade can be attempted depending on the daily price movement but any side trade should be handled with extreme caution.

                           TRADING OPTION FOR-19-5-2016

1. Long trade can be attempted in the range of 16357—16186 but not below 16186 with a stop loss of below 16180. It could be a risky trade but worth trying, so handle it very cautiously.

2. Long call can be tried above if it maintains above 16765 with a stop loss of below 16700.

3.  Can try sell call if it sustains below 16700 with a stop loss of above 16765 for a target for 16614/16574/16482/16357/16186 

 Remark: - Since it is range bound now, one can try both side trades depending on the price movement. Take your trading call as suggested above. Please initiate your trade after watching the market for at least 30 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—16-5-2016

CNX-NIFTY

Closed at 7814.90 on 13-5-2016 (Open-7871.45.65/High-7916.05/Low-7849.65)

Support: - 7780.90/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7822.70/7849.80/7890.25/7938.45//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 85.50 points.   Please note that as long as it holds 7628(it changes every day) and finally 7539.50 levels the up-trend may be in place but in between down correction may happen as it is happening now. It has established a lower top of 7916.05 on the bar chart recently and broken the recent bottom of 7848.85 on the line chart, so it is definitely in correction mode now and may move down further from here, before it resumes the up move again. Going down it will find good support at 7780/7753/7733/7714/7678/7628 it may bounce back from any of these points, but break below 7733 may take it down to 7678 and break and close below 7678 will be a potential indication of the end of this up move. The overall bias is slightly tilted towards upside as of now, so long call can be attempted in down move in the range of 7733—7678, but not below 7678. Since it is correction mode now one can take advantage of the expected fall also therefore sell call can be tried on the rise but not above 7900 or can sell below 7804, but one should be quick and swift in handling short trade because overall technical setup is still not that bad as of now for up move to continue except for its recent lower top formation of 7916.05 on the bar chart which is only the concerning thing. Please note that it will gain strength above 7917 and regain up momentum only if it moves and sustains above 7992 else danger of this up move fizzling out will always be there which may be kept in mind.    

 

                     TRADING OPTION FOR-16-5-2016

1. Long trade can be attempted in the range of 7733—7678 but not below 7678 with a stop loss of below 7620. It could be a risky trade but worth trying, so handle it very cautiously.

2. Since it is correction mode short call can be tried on the rise but not above 7900 with a stop loss of above 7950.

3. Sell below 7804 with a stop loss of above 7870 for a target for 7780/7753/7733/7714/7678.

 Remark: - Both side trades can be tried depending on the price movement. So take your trading call as suggested above. Please initiate your trade after watching the market for at least 30 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 – 16-5-2016

CNX--BANK NIFTY

Closed at 16716.90 on 13-5-2016(Open-16891.70/High-16891.70/Low-16594.55)

Support: 16750/16726/16648.30/16587.25/16518.75/16205/16188/16186.25/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

Resistance:16726/16750/16922.05/16932.50/16962/ - 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 206.79 points.    Please note that as long as it holds 16186.25 and finally 15955(it changes every day) levels on the closing basis the up-trend may be in place but in between down correction may happen as it is happening now. It has established a lower top of 16962 on the bar chart recently and broken the recent bottom of 16754.45 on the line chart, so it is definitely in correction mode now and may move down further from here before it resumes the up move again. Going down it will find good support at 16665/16574/16482/16357/16186, it may bounce back from any of these points, but break below 16357 may take it down to 16186 and break and close below 16186 will be a potential indication of the end of this up move. The overall bias is slightly tilted towards upside as of now, so long call can be attempted in down move in the range of 16357—16186 but not below 16186. Since it is correction mode now one can take advantage of the expected fall also therefore sell call can be tried on the rise but not above 16925 or can sell below 16700, but one should be quick and swift in handling short trade because overall technical setup is still not that bad as of now for the up move to continue except for its recent lower top formation of 16962 on the bar chart which is only the concerning thing. Please note that it will regain up momentum only if it moves and sustains above 17030 else danger of this up move fizzling out will be there which may be kept in mind.   

                                 TRADING OPTION FOR-16-5-2016

1. Long trade can be attempted in the range of 16357—16186 but not below 16186 with a stop loss of below 16180. It could be a risky trade but worth trying, so handle it very cautiously.

2. Since it is in correction mode short call can be tried on the rise at proper points but not above 16950 with a stop loss of above 17030.

 

3. Sell below 16700 with a stop loss of above 16785 for a target of 16574/16482/16357/16186 

 Remark: - Both side trades can be tried depending on the price movement. So take your trading call as suggested above. Please initiate your trade after watching the market for at least 30 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—12-5-2016

CNX-NIFTY

Closed at 7845.85 on 11-5-2016 (Open-7804.65/High-7893.10/Low-7780.90)

Support: - 7822.70/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7249.80/7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It opened with a huge down gap and went down further but recovered sharply and at one point of time came into positive territory but finally closed with a loss of 38.94 points. Even after this wild swing technical setup is o.k. and as long as it holds 7627(it changes every day) level this up move may be in place in broader sense, however in between short down move could be there, but close below 7678 could be an indication of the end of this rally.  Please note that it will gather good up momentum it if it gives sustained close above its last long term moving average which is at 7875 (it changes every day) &its recent previous top of 7890.25 on the bar chart. Since it’s short and intermediate trend is up now so it is suggested to adopt buy on dip strategy at proper points. Avoid sell trade for sure.

                                 TRADING OPTION FOR-12-5-2016

1. Long trade can be tried now or on the dip but not below 7830 with a stop loss of below 7780 or if it moves and maintains above 7900 with a stop loss of below 7840. It would be relatively safe to try long call above 7900.

 Remark: - Long call can be tried as suggested above but short call should be avoided now. Please initiate your trade after watching the market for at least 30 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 – 12-5-2016

CNX--BANK NIFTY

Closed at 16754.45 on 11-5-2016(Open-16544.25/High-16861.95/Low-16518.75)

Support: 16750/16726/16648.30/16587.25/16526/16386/16349/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

  

It opened with a huge down gap and went down further but recovered sharply and at one point of time crossed its previous day’s high but finally closed with a loss of 30.50 points. Even after this wild swing technical setup is o.k. and as long as it holds 15950(it changes every day) level this up move may be in place in broader sense, however in between short down move could be there, but close below 16186 could be an indication of the end of this rally. Please note it will gather good up momentum it if it gives sustained close above its last long term moving average which is at 16765 (it changes every day) &its recent previous top of 16795 on the line chart. Since its short and intermediate trend is up now long trade is suggested but above 16795 on 12-5-2016 as it is still making lower top and bottom on the line chart, so let it close above 16795 once then buy on dip strategy can be followed. Avoid sell trade for sure.

                                  TRADING OPTION FOR-12-5-2016

1. Long trade can be tried if it maintains above 16795 but not below it for a target of 16860/16933/17030 with a stop loss of below 16700. 

 Remark: - Long call can be tried as suggested above. Short call should be avoided now. Please initiate your trade after watching the market for at least 30 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—11-5-2016

CNX-NIFTY

Closed at 7887.80 on 10-5-2016 (Open-7873.55/High-7896.90/Low-7837.70)

Support: - 7849.80/7822.70/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

After yesterdays huge up move it gave a small follow up rise today and crossed it’s last long term moving average at 7877(it changes every day) and the recent top of 7890.25 on the bar chart intra day but closed  within it. The technical setup is o.k. and it seems that this rally may continue for some time as long as it holds 7820 on the closing basis. It is therefore suggested to adopt buy on dip strategy but not below 7830. I once again repeat that it will gather good up momentum it if it gives sustained close above 7877(it changes every day) & 7890.25(see my post for 10-5-2016) else rally fizzle out fear will  be there, although there is no immediate threat to the up move as of now. The bias is on the upside now and overall it is showing strength; therefore long trade can be tried but with caution and short trade should be avoided for now.

                                  TRADING OPTION FOR-11-5-2016

1. Long trade can be tried if it moves and maintains above 7900 with a stop loss of below 7870 or on dip but not below 7830 with a stop loss of below 7790.

 Remark: - Long call can be tried as suggested above but it would be safe to try it above 7900 on 11-5-2016.Short call should be avoided now. Please initiate your trade after watching the market for at least 30 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 – 11-5-2016

CNX--BANK NIFTY

Closed at 16784.95 on 10-5-2016(Open-16710.05/High-16812.20/Low-16613.90)

Support: 16750/16726/16648.30/16587.25/16526/16386/16349/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

After yesterdays huge up move it gave a small follow up rise today and crossed its last long term moving average at 16776(it changes every day) and the recent top of 16795 on the line chart intra day but closed within it. The technical setup is o.k. therefore it seems that this rally may continue for some time. But since it is still making lower top and bottom on the line chart therefore buy on dip strategy may not be safe till it closes above 16795. It is therefore suggested to try long trade only above 16813 on 11-5-2016.  I once again repeat that it will gather good up momentum if it gives sustained close above 16776(it changes every day) & 16795(see my post for 10-5-2016) else rally fizzle out fear will  be there and here it is very much alive now because it has not closed above its recent top of 16975 on the line chart. However the bias is on the upside now and overall it is showing strength, therefore  long trade can be tried but with caution and short trade should be avoided for now.

                                  TRADING OPTION FOR-11-5-2016

1. Long trade can be tried if it maintains above 16813 but not below it for a target of 16933/17030, please get alerted below 16780 and may exit trade below 16700 but the authentic stop loss would be below 16600 which please note. 

  

 Remark: - Long call can be tried as suggested above. Short call should be avoided now. Please initiate your trade after watching the market for at least 30 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—10-5-2016

CNX-NIFTY

Closed at 7866.05 on 9-5-2016 (Open-7755.25/High-7873.65/Low-7753.55)

Support: - 7849.80/7822.70/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

 A reasonable up move was expected but this robust up rally was beyond expectation. It opened with an up gap and it did not make an attempt to fill the gap and steadily moved up and closed near the high of the day with a huge gain of 132.60 points, which shows good strength. Please note that from the recent top of 7992 it took seven days to make a bottom at 7678.35 but it retraced  more than 61.8% of  the total fall in just one day, furthermore it decisively moved above its short term and long term moving averages  except for one long term moving average which is at 7882(it changes every day) ,therefore today’s up rally seems to be an impulse move and if it is so than this rally may last for few more days and in this run it may surpass its recent top of 7992  provided it crosses its last long term moving average  at 7882 and the recent top of 7890.25 on the bar chart and sustain otherwise this move  may end here also. Since it is making higher top and bottom on the line chart therefore long trade can be tried on dip but not below 7820 or try above 7891. Avoid short call for now.

                                       TRADING OPTION FOR-10-5-2016

1. Long trade can be tried on dip but not below 7820 with a stop loss of below 7770.

2. It would be safe to try long trade if it moves and sustain above 7891 with a stop loss of below 7860.

 Remark: - In view of today's robust up move long call can be tried on dip as suggested above but it would be safe to try long call  above 7891.Short call should be avoided now. Please initiate your trade after watching the market for at least 30 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 – 10-5-2016

CNX--BANK NIFTY

Closed at 16686.10 on 9-5-2016(Open-16357/High-16712.90/Low-16357)

Support: 16648.30/16587.25/16526/16386/16349/16282.75/16205/16188/16141.65/16099.65/16080.55/16011/15958/15762.20/15682.65/15522/15440.25/15178.30/14989.40/14761/14754/14445/13810.6013407.25.

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

As anticipated it gave an up move but it was a robust one which was not expected. It opened with a small up gap and it did not make an attempt to fill the gap and steadily moved up and closed near the high of the day with a huge gain of 389.50 points, which shows good strength. Please note that from the recent top of 17029.85 it took eight days to make a bottom at 16186.25 but it retraced more than 61.8% of the total fall in just one day, furthermore it decisively moved above its short term and long term moving averages except for one long term moving average which is at 16787(it changes every day), therefore today’s up rally seems to be an impulse move and if it is so than this rally may last for few more days and in this run it may surpass its recent top of 17029.85 provided it crosses its last long term moving average at 16787 and recent top of 16795 on the line chart and sustain otherwise this move  may end here also. Since it is still making lower top and bottom on the line chart till it crosses 16795, it is therefore suggested that long trade can only be tried above 16720. Avoid short call for now.

  

   TRADING OPTION FOR-10-5-2016

1. Long trade can be tried if it maintains above 16720 but not below it and get alerted below 16680 and exit trade below 16600 for a target of 16787/16795/16830/16935/17030.

2. It would be safe to try long call if it moves and sustain above 16795 with a stop loss of below 16700.

 Remark: - In view of today's robust up move long call can be tried as suggested above but it would be safe to try long call above 16795.Short call should be avoided now. Please initiate your trade after watching the market for at least 30 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—9-5-2016

CNX-NIFTY

Closed at 7733.45 on 6-5-2016 (Open-7717.65/High-7738.90/Low-7678.35)

Support: - 7723.85/7714/7706.55/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7777.60/7822.55/78/7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

As expected in early trade it gave an impression that yesterday up move may fizzle out, but later in the day it recovered and closed the day with a meager loss of 2.04 points. Its technical  setup is weak but not that bad but it is  not good either as it is running below its short term and few long term moving averages but the good point is that it respected its strong support range of 7692—7627(it changes every day) and bounced back, furthermore its recent bottom of 7706.55 on the line chart is intact, so as long as it holds this bottom on closing basis, chances are that it may  move up from here and if it does move up how long it  will last has to be seen because moving up it will face very stiff resistance from its tops, bottoms and from short, medium and long term moving averages which are in the range of 7771—7825--7890(it changes every day) and from its Fibonacci retracements points at 7753/7799/7836/7872/7918. Therefore it seems that the up journey may not be smooth and it can abruptly end also at any of these points, so be watchful and alert in long trade at least. In view of the above observation it is suggested to avoid short trade if it moves and sustain above 7736 but since the overall technical setup is slightly weak now therefore short trade can still be tried on the rise at strong resistance points with proper stop losses or can be tried if it moves and sustain below 7700. In view of the stiff resistance range ahead, it would be safe to try long call above 7890 but day trader can even try if it maintains above 7736.      

  

Please note that the range for the week starting from 9-5-2016 is between 7890.25---7678.35 and the either side breakout will decide which way it will move else it will move within the range. It is therefore suggested to structure your trade keeping the above range in mind. The bias is on the downside as of now but today’s move created some hope that it can still move up , therefore traders can try both side trade depending on the price movement and considering the above range.

                                     TRADING OPTION FOR-9-5-2016

1. Long trade can be tried if it maintains above 7736 with a stop loss of below 7700 for a target of 7778/7825/7850/7890. But in light of stiff resistance range of 7771---7890 ahead, it would be safe to try long trade above 7890.

2. Sell if it moves and sustain below 7700 with a stop loss of above 7750 for a target of 7680/7663/7630/7587 and can add on position if it moves and sustain below 7678 with a stop loss of above 7710.

  

3. In view of the huge resistance range of 7771—7890 ahead short call can be attempted on the rise but not above 7835 and the possible sell points could be at 7790/ 7835 with a stop loss of above 7875. It could be a risky trade but worth trying.

 Remark: - In view of today’s move long call can be attempted above 7736 but should be handled with extreme caution because of tough resistance ahead. Short call can be attempted if it moves and sustain below 7700. 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 – 9-5-2016

CNX--BANK NIFTY

Closed at 16296.60 on 6-5-2016(Open-16264.45/High-16346.25/Low-16186.25)

Support: 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: 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.

As expected in early trade it gave an impression that yesterday up move may fizzle out but later in the day it recovered and recouped the losses and closed with a small gain of 15.59 points.  Its technical  setup is weak but not that bad but it is  not good either as it is running below its short term and few long term moving averages but the good point is that it respected its strong support range of 16242---16071--15950 (it changes every day) and bounced back, furthermore its recent bottom of 16274.25 on the line chart is intact, so as long as it holds this bottom on closing basis, chances are that it may  move up further from here and if it does move up how long it will last has to be seen because moving up it will face very stiff resistance from its tops, bottoms and from short, medium and long term moving averages which are in the range of 16400---16530---16650--16800(it changes every day) and from its Fibonacci retracements points at 16386/16509/16608/16708/16830. Therefore it seems that the up journey may not be smooth and it can abruptly end also at any of these points, so be watchful and alert in long trade at least. In view of the above observation it is suggested to avoid short trade if it moves and sustain above 16297 but since the overall technical setup is slightly weak now therefore short trade can still be tried on the rise at strong resistance points with proper stop losses or can be tried if it moves and sustain below 16240. In view of the stiff resistance range ahead, it would be safe to try long call above 16800 but day trader can even try if it maintains above 16297.       

Please note that the range for the week starting from 9-5-2016 is between 16719.40---16186.25 and either side breakout will decide which way it will move or else it will move in this range. It is therefore suggested to structure your trade keeping the above range in mind. The bias is on the downside as of now but today’s move created some hope that it can still move up , therefore traders can try both side trade depending on the price movement and considering the above range .

                                    TRADING OPTION FOR-9-5-2016

1. Long trade can be tried if it maintains above 16297 with a stop loss of below 16240 for a target of 16450/16560/16650. But in light of stiff resistance range of 16400---16530---16650--16800 ahead, it would be safe to try long trade above 16800.

2. Sell if it moves and sustain below 16240 with a stop loss of above 16300 for a target of 16186/16071/15950/15850 and can add on position if it moves and sustain below 16186 with a stop loss of above 16240.

3. In view of the huge resistance range of 16400---16530---16650--16800 ahead short call can be attempted on the rise but not above 16610 and the possible sell points could be at 16510/16610 with a stop loss of above 16720. It could be a risky trade but worth trying.

 Remark: - In view of today’s move long call can be attempted above 16297 but should be handled with extreme caution because of tough resistance ahead. Short call can be attempted if it moves and sustain below 16240. 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—6-5-2016

CNX-NIFTY

Closed at 7735.50 on 5-5-2016 (Open-7731/High-7777.55/Low-7706.85)

Support: - 7723.85/7714/7706.55/7691.20/7691/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

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.

                      

As perceived it took a breather today and gave an up move and closed with a gain of 28.95 points. After the fall from 7992 level it gave two up moves on the closing basis the first one was terribly weak and the move it gave today was also was feeble in nature, furthermore the overall technical setup has turned weak and indicates that further fall is in the offing as of now, so it seems that today’s up move is not going to last long and may fizzle out tomorrow itself or may be a day later. Therefore long call should be completely avoided for now instead sell on rise strategy should be followed till it closes above 7850.

I once again reiterate (see my post for 5-5-2016) that it has bed of supports in the range of 7691—7628(it changes every day) therefore it seems slightly difficult to break this range easily, but certain technical indicators as of now indicates that this range may be taken out and it may hit 7540 level in coming days/weeks. It is therefore suggested to handle your trade very carefully in the said range. It is also important to mention here that sustained close below 7540 level may accelerate the fall. The bias is on the downside now.

                                     TRADING OPTION FOR-6-5-2016

1. Sell on the rise but not above 7800 with a stop loss of above 7850.  

2.  Sell if it moves and sustain below 7700 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 till it closes above 7850; 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 – 6-5-2016

CNX--BANK NIFTY

Closed at 16281 on 5-5-2016(Open-16292.40/High-16398.25/Low-16193.30)

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.

 As perceived it gave an up move but it was feeble in nature and showed gross weakness, however it closed with a meager gain of 6.75 points. The overall technical setup is weak and indicates that it could fall further from here, so it seems that today’s short up move is not going to last long and may fizzle out tomorrow itself or may be a day later. Therefore long call should be completely avoided till visible sign of correction completion emerges, instead sell on rise strategy should be followed till it closes above 16795 as of now but avoid short trade above 16528 on 6-5-2016.

 

I once again reiterate (see my post for 5-5-2016) that it has bed of supports in the range of 16242---16071--15950, (it changes every day) therefore it seems slightly difficult to break this range easily, but certain technical indicators as of now indicates that this range may be taken out in coming days/weeks. It is therefore suggested to handle your trade very carefully in the said range. It is also important to mention here that sustained close below 15950 level may accelerate the fall. The bias is on the downside now.

TRADING OPTION FOR-6-5-2016

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.  Sell if it moves and sustain below 16270 and below 16237 for sure 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. 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—5-5-2016

CNX-NIFTY

Closed at 7706.55 on 4-5-2016 (Open-7724.15/High-7749/Low-7697.25)

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

Resistance: -7714/7723.85/ 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 had a down day today and it moved in a very short range but price weakness continues as it is making new low every day. Technically also it is on a very weak footing now and looking at overall technical setup further fall looks inevitable as of now. But it has huge support in the range of 7691---7629, furthermore it has retraced up to 61.8% level from the top & bottom of 7992 & 7516.85 and the point is at 7698, 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 and may hit 7540 level in coming days/weeks, because certain technical parameters are indicating it as of now, so it is a matter of time before it happens. 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 7825 on 5-5-2016 but one should be alert in short trade around the above mentioned support range. 

It is important to mention here that it has critical support point at 7539.50 for the year 2016 and sustained close below this mark may accelerate the fall.

                                     TRADING OPTION FOR-5-5-2016

1. Sell on the rise but not above 7825 with a stop loss of above 7850. The possible sell point could be at 7788/7825.

2.  Can try sell trade if sustain below 7691 for some time with a stop loss of above 7750 for a target of 7680/7663/7630/7587. 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 7691—7629 as it may stage a short relief rally from these level on5-5-2016. 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.