CNX--BANK NIFTY -A TECHNICAL VIEW FOR—6-6-2016

CNX--BANK NIFTY

Closed at 17680.80 on 3-6-2016(Open-17657.20/High-17762.05/Low-17649.05)

Support: 17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 17719/17762.05/18029.05/18226/18580.65/18662/19030.

It is showing good strength on the technical chart and the up move seems to be intact. But it is important to mention here that it has retraced more than 58% fall from the all time top of 20907.55 and recent bottom of 13407.25 and theoretically the last retracement point of 61.8% is at 18042.43 or say 18045. It is not far away from this point, please note that it will catch up fresh up momentum only if it moves and sustain above this mark and if it fails to do that soon, it may correct sharply from here before resuming the up move again.

Although it is not showing any sign of fatigue as yet ,but today’s small range movement indicates that it is bracing for a big move in a day or two on the either side and in view of its recent vertical rise chances are that it could head down. So for 6-6-2016, 17762.05 and 17620 are the decider levels. Please note that break below 17620 can bring it down to 17423/17350 and sustained break below 17350 can drag it down for a deeper correction to the level of 17157/17067/17029/17962. Similarly break above 17762.05 can take it to the level of 17842/18023/18045/18226.It is therefore suggested to take your trading call after the breakout and not within the range of 17762.05---17620. Contrarian trader can try short call also for correction if it sustains below 17620.

It is important to mention here that the up-move will only be threatened if it breaks 17067 & 17029 and finally 16920 and sustain below it. Therefore if it corrects then fresh long call should surely be attempted in the range of 17067---16962 with a stop loss of below 16920 .The bias is up as of now.

                            TRADING OPTION FOR-6-6-2016

1. Long call can be tried above 17681 with a stop loss of below 17620 for a target of 17762/17842/18030/18045. It could be risky trade.

2. It would be safe to try long call if it moves and maintains above 17762.05 with a stop loss of below 17660.

3. Contrarian trader can try short call for correction only if it sustains below 17620 with a stop loss of above 17685 for a target of 17423/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up and it is indicating that a big move on the either side is ahead, therefore one can try both side trade depending on the breakout from 17762.05 and 17620 point. Try long trade above 17762.05 and can try short call as well below 17620 for correction only. Please initiate your trade after watching the market for some time.  

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW FOR—3-6-2016

CNX-NIFTY

Closed at 8218.95 on 2-6-2016 (Open-8156.90/High-8229.50/Low-8154.75)

Support: - 8213.60/8180/8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8245/8336/8375/8550-8600.

                      

It opened on a weak note and traded in a short range before picking the up momentum in last 45 minutes trade and closed near the high of the day. It is exhibiting tremendous strength and it seems that the correction on the closing basis may be over, as it has made higher bottom of 8160.10 and crossed recent top of 8178.50 on the line chart. Therefore long call can be tried now or on decline but not below the recent bottom of 8160 on the closing basis because break below this level may drag it down to 8050—8000 range where one should attempt long trade for sure. The up-move will only be threatened if it breaks 7992--7972 and finally 7938 and sustain below these levels.   Moving up it will face stiff resistance at 8245---8336---8380---8560—8700---8821.

TRADING OPTION FOR-3-6-2016

1. Long call can be tried if it sustain above 8213.60 with a stop loss of close below 8160 for a target of 8245/8336/8375.

2.  It is suggested to try long trade on decline but not below 8160 as of now with a stop loss of below 8130.

Remark: - The trend is up but and looking at the higher top and bottom on the line chart it seems that the correction on the closing basis may be over. So long call can be tried as suggested above. Please initiate your trade after watching the market for some time.   

  

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY -A TECHNICAL VIEW FOR—3-6-2016

CNX--BANK NIFTY

Closed at 17567.80 on 2-6-2016(Open-17405.15/High-17596.40/Low-17350.45)

Support: 17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17670.85/17719/18029.05/18226/18580.65/18662/19030.

It opened on a weak note and traded in a short range before picking up momentum in last 1 hour trade and closed near the high of the day. It is exhibiting good strength and partly indicating that the correction on the closing basis may be over, as it has made higher bottom of 17423.55 but yet to cross the recent top of 17620.90 on the line chart. However long call can still be tried if it move and maintain above 17581 but it would be safe to try long call if it moves and sustain above its recent closing top of 17621. Please avoid long call below 17581 and below 17423.55 for sure because break below 17423 levels may drag it down to 17270---17157 — 17067--17029 ranges. The up-move will only be threatened if it breaks 17067 & 17029 and finally 16920 and sustain below it.   Moving up it will face stiff resistance at 17671/17842/18043/18226/18580.65/18662/19030.

                           TRADING OPTION FOR-3-6-2016

1.  Long call can be tried above 17581 with a stop loss of below 17500.

2. It would be safe to try long call if it moves and maintains above 17621 with a stop loss of below 17540, can add on position if it sustains above 17671 for a target of 17750/17842.

 Remark: - The trend is up and it is  indicating that correction on the closing basis may be over; therefore long call can be tried as suggested above. Please initiate your trade after watching the market for some time.  

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW FOR—2-6-2016

CNX-NIFTY

Closed at 8179.95 on 1-6-2016 (Open-8179.20/High-8215.35/Low-8171.05)

Support: - 8160/8055/7992/ 7972/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8180.20/8195.65/8215.35/8244/8336/8375/8550-8600.

                      

The trend is up and technically it is looking good but the range of 8200--8245 is highly vulnerable for correction. The up-move will only be threatened if it breaks 7972 and finally 7938 and sustain below these levels. Therefore long call is suggested but on decline and not below 7972 or if it moves and sustain above 8216.  When I wrote last (see my post for 27-5-2016) I had suggested booking profit in the long trade on the rise and re-entering long trade again on decline. I had also suggested to try short call in the range of 8176—8195 with a stop loss of above 8220 for a down correction and the said stop loss for short trade is still not triggered.

 Please note that it is still moving around the said range for the last three days and if it fails to cross 7216 and then 8245 soon the chances are that it may correct from here before resuming the up move again. It is therefore suggested that long call can be tried  but only if it moves and sustain above 8216 else on a reasonable decline, but it should be surely avoided if it consistently starts trading below 8160 because then it could correct sharply and moving down it will find support at 8134/8090/8055/8024/7972 . The fall may be arrested at any of these points and it may resume the up-move again, so long call can be attempted on decline at proper points but not below 7972 till it bounces back above 8000 again. Please note that to take advantage of the expected down correction short call can also be tried if it consistently trades below 8160.The bias is up now.

TRADING OPTION FOR-2-6-2016

1.  It is suggested to try long trade on decline at proper points but not below 7972 with a stop loss of below 7920.

2. Long call can be tried if it moves and sustain above 8216 with a stop loss of below 8150 for a target of 8245/8336/8375.

3. Correction looks imminent therefore sell trade can also be tried if it trades below 8160 with a stop loss of above 8190 for a correction only for a target of 8134/8088/8055/8024.

 Remark: - The trend is up but it is in the highly vulnerable zone therefore long call should be tried on decline. Short call can be attempted for down correction as suggested above. Please initiate your trade after watching the market for some time.   

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY -A TECHNICAL VIEW FOR—27-5-2016

CNX--BANK NIFTY

Closed at 17359.30 on 26-5-2016(Open-17037.60/High-17424.05/Low-16971.35)

Support: 17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17498.35/17502.45/17719/18029.05/18226/18580.65.

It has vertically moved up in last two days giving a gain of more than 1000 points intra- day and more than 900 points on the closing basis, which is phenomenal. It is exhibiting tremendous strength but gap up open then unfilled gap and vertical rise is not good for a steady up move because vertical rise may have vertical fall too. In this context please note that it opened with an up gap in last two, it filled today gap but yesterdays gap still exist as it is which is concerning because if it makes an attempt to fill this gap in next 2-3 days time which is theoretically possible then it could come down to 16501.

Please note that technically it is looking good, but in view of last two days vertical rise trying long call here could be slightly risky because it may encounter profit booking here, furthermore moving up it will face resistance at 17503/17760 so the up journey may not be smooth from here, therefore long call can be tried on dip but not below 17029 as of now and finally avoid long call below 16920 for sure till it bounce back above 16940 and sustains.  

                           TRADING OPTION FOR-27-5-2016

1.  It is suggested to try long trade on decline but not below 17029.85 with a stop loss of below 17920.

2. Aggressive day trader can try long call if it moves and maintain above 17425 with a stop loss of below 17340 for a target of 17503/17650/17760. It could be a risky trade.

3. Since it had a vertical rise, contrarian trader can try sell trade in the range of 17650--17760 with a stop loss of above 17830 for a down correction as of now.

 Remark: - In view of two days vertical rise part profit should be booked in existing long trade now and on the rise and fresh long call should only be attempted on decline. Please initiate your trade after watching the market for some time.  

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

                                                                                     

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW FOR—27-5-2016

CNX-NIFTY

Closed at 8069.65 on 26-5-2016 (Open-7974.45/High-8083/Low-7948.50)

Support: - 8055/7992/7946.35/7938.45/7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: -8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It opened with an up gap for last two days and then vertically moved up, it tried to fill today’s gap but could not fill it completely therefore it still exist and yesterday’s gap is intact as it is, which is slightly concerning. Although it is exhibiting extra ordinary strength but please note that the gap up open and then unfilled gap and vertical rise is not good for a steady up move because technically vertical rise may have a  vertical fall too. In this context please also note that it has already left two gaps in a row and it opens with an up gap tomorrow say above 8083 and move further then it is very likely that it can witness good correction during the day even otherwise moving up from here may not be easy as it will face stiff resistance in the range of 8091—8120—8170—8195, so be very careful in the long trade around this range. It is therefore suggested to book at least part profit in the existing long trade around the aforesaid range and try fresh long call on decline but not below 7938.

                     TRADING OPTION FOR-27-5-2016

1.  It is suggested to try long trade on decline but not below 7938 with a stop loss of below 7890.

2. Aggressive day trader can try long call above 8083 with a stop loss of below 8050 for a target of 8120/8170/8195. It could be a risky trade.

3. Since it had a vertical rise, contrarian trader can try sell trade in the range of 8176—8195 with a stop loss of above 8220 for a correction only as of now.

 Remark: - In view of two days vertical rise part profit should be booked in existing long trade now and on the rise and fresh long call should only be attempted on decline. Please initiate your trade after watching the market for some time.   

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

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

Note: Price stated here is of spot market.

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

CNX--BANK NIFTY -A TECHNICAL VIEW FOR—26-5-2016

CNX--BANK NIFTY

Closed at 16997.45 on 25-5-2016(Open-16665/High-17025.85/Low-16599.05)

Support: 16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17029.85/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

As perceived it respected its strong support range of 16357--16186 (see my earlier post)and staged a huge pull back today and almost hit its recent top of 17029.85 it made on 26.4.2016, it showed tremendous strength. The pull back was expected from the above range but not of this intensity. Therefore it has to be seen how today rise shapes up in coming 3-4 days time because if it fails to keep the up momentum on it can have a similar kind of fall too, however as long as it holds 16368 on the closing basis the on-going up move may be in place but please be alert in existing long trade and avoid fresh long trade below 16922 and then below 16660(it changes every day). Moving up it will face very stiff resistance in the range of 17067.45—17175—17247—17500.

It is important to mention here that 16922.20 and 16932.50 are one of the most critical points for it for the year 2016 and it has closed reasonably above these points today. Please note that sustained close above these points could keep the up momentum going. It is therefore suggested to structure your trade keeping the above points and   aforesaid resistance   range in mind.

                           TRADING OPTION FOR-26-5-2016

1. Long call can be tried if it moves and sustain above 17030 with a stop loss of below 16920 for a target of 17068/17250/17500. 

2. Long trade can be tried on decline near 16922 but not below 16922 with a stop loss of below 16850.

3. Contrarian trader can attempt sell trade also near its previous top of 17030 but not above it only if it fails to cross it in first 2 hours of trade with a stop loss of above 17080. It could be a highly risky trade but worth trying. 

Remark: - In view of today's robust up move, it seems that the down correction may be over. So long call can be tried as suggested above but with caution. Please initiate your trade after watching the market for some time.   

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

                                                                                      

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW FOR—26-5-2016

CNX-NIFTY

Closed at 7934.90 on 25-5-2016 (Open-7811.80/High-7941.20/Low-7809.30)

Support: - 7890/7849.80/7822.70/7777.60/7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - /7938.45//7946.35/ 7972.45/7979.30/7992/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

As perceived it respected its strong support range of 7733-7678 (see my earlier post)and staged a huge pull back today, the pull back was expected from the above range but not of this intensity. Therefore it has to be seen how today rise shapes up in coming 3-4 days time because if it fails to keep the up momentum on it can have a similar kind of fall too, however as long as it holds 7715 on the closing basis the on-going up move may be in place but please be alert in existing long trade and avoid fresh long trade below 7820(it changes every day). Moving up it will face very stiff resistance in the range of 7938.45—7946.35---7972---7992—8055—8091—8118—8170—8187.

It is important to mention here that 7938.45 and 7946.35 are one of the most critical points for it for the year 2016 and sustained close above these points only could keep the up momentum going and now it is just below it. It is therefore suggested to structure your trade keeping the above points and   aforesaid resistance   range in mind.

                     TRADING OPTION FOR-26-5-2016

1. Long trade can be tried if it moves and sustain above 7947 with a stop loss of below 7900 for a target of 7972/7992/8038/8055/8065/8091/8118.

2. Long call can be tried on dip near 7840 but not below 7840 with a stop loss of below 7800 for a target of 7890/7938/7950/7972/7992.

3.Contrarian trader can attempt sell trade also near its previous top of 7992 but not above it only if it fails to cross it in first 2 hours of trade with a stop loss of above 8020. It could be a highly risky trade but worth trying. 

 Remark: - In view of today's robust up move, it seems that the down correction may be over. So long call can be tried as suggested above but with caution. Please initiate your trade after watching the market for some time.   

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

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

Note: Price stated here is of spot market.

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

CNX-NIFTY-A TECHNICAL VIEW FOR—23-5-2016

CNX-NIFTY

Closed at 7749.20 on 20-5-2016 (Open-7792.20/High-781.40/Low-7735.75)

Support: - 7735.75/7723.85/7714.15/7691.20/7678.35/7667.25/7582.25/7551/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7777.60/7822.70/7849.80/7890.25/7938.45//7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

It has ended the week with a loss and near the low of the week, which shows weakness. It is making lower top and bottom on the line chart and made lower top on the bar chart, furthermore it is running below its short term moving averages and some of its long term moving averages also which indicates that the corrective down move may continue further and if it fails to hold the recent bottom of 7678 on the bar chart then the on-going uptrend may end and a fresh down move may begin.

It has slightly weak technical setup at present and  it is in correction mode also, therefore short call can still be tried below 7735 but with extreme caution  because  it has very strong support in the range of 7723—7678—7630. Therefore short call if initiated should be exited within the mentioned range and long call can be tried preferably at the lower end of the range or stay neutral till it gives some visible indication of moving up. Once exited fresh short trade should only be tried if it moves and sustains below 7620(it changes every day). Similarly long trade if initiated should be exited below 7620.

It is important to mention here that break and sustained close below 7539.50 will trigger fresh and accelerated fall which may please be noted. Looking at certain technical parameters as of now it is likely to hit 7546 level in coming days so one should be very careful in attempting long trade in the above mentioned range.   

  

                     TRADING OPTION FOR-23-5-2016

1. Sell below 7735 with a stop loss of above 7780 for a target for 7714/7690/7678/7667/7630/7582/7539.50.

2. Long trade can be attempted near the lower end of the range 7733—7678---7630 with a strict stop loss of 7620. It could be a risky trade but worth trying, so handle it very cautiously.

 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 FOR—23-5-2016

CNX--BANK NIFTY

Closed at 16481.45 on 20-5-2016(Open-16600.80/High-16623.20/Low-16455.40)

Support: 16431.65/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:16587.25/16648.30/16726/16795/16903.35/16922.05/16932.50/16962/17029.85/17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

It has ended the week on a negative note and near the low of the week, which exhibits weakness. It is making lower top and bottom on the line chart and made lower top on the bar chart, furthermore it is running below its short term moving averages and some of its long term moving averages also which indicates that the corrective down move may continue further and if it fails to hold the recent bottom of 16186 on the bar chart then the on-going uptrend may end and a fresh down move may begin. The bias is down as of now.

It has slightly weak technical setup at present and  it is in correction mode also, therefore short call can still be tried below 16431 but with extreme caution  because  it has very strong support in the range of 16327--16186—16095--15960. Therefore short call if initiated should be exited at proper point within the mentioned range and long call can be tried preferably at the lower end of the range or stay neutral till it gives some visible indication of moving up. Once exited fresh short trade should only be tried if it moves and sustains below 15950(it changes every day). Similarly long trade if initiated should be exited below 15950.

It is important to mention here that break and sustained close below 15762.20 will trigger fresh and accelerated fall which may please be noted. Looking at certain technical parameters as of now it is likely to hit 16274 or may be seek much lower levels in coming days so one should be very careful in attempting long trade in the above mentioned range.   

  

                           TRADING OPTION FOR-23-5-2016

1. Sell below 16431 with a stop loss of above 16490 for a target of 16369/16274/16186/16095/15960. 

2. Long trade can be attempted in the range of 16327—16186 but not below 16186 with a stop loss of below 16080. It could be a risky trade but worth trying, so handle it very cautiously.

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—20-5-2016

CNX-NIFTY

Closed at 7783.40 on 19-5-2016 (Open-7875.50/High-7876.20/Low-7766.80)

Support: -7772/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7822.70/7849.80/7890.25/7938.45/7940.10/7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

The major observation for 20-5-2016 remains the same as it was for 19-5-2016 (refer my post of 19-5-2016) except for some change in trading option. Please note that it is in correction mode now, therefore short trades can still be tried below 7766 but with caution as it is nearing strong support area therefore short trade if initiated should be exited in the range of 7733—7678---7630 and long call can be tried   in this range or stay neutral till it gives some visible indication of moving up. Fresh short trade should only be tried if it moves and sustains below 7620(it changes every day).

TRADING OPTION FOR-20-5-2016

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.Can try sell call if it sustains below 7766 with a stop loss of above 7800 for a target for 7753/7733/7714/7678/7630.

 Remark: - It is range bound now and in correction mode, therefore 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--BANK NIFTY -A TECHNICAL VIEW 20-5-2016

CNX--BANK NIFTY

Closed at 16565.25 on 19-5-2016(Open-16725.45/High-16726.15/Low-16535.75)

Support: 16535.75/16431.65//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: 16587.25/16648.30/16726/16750/16922.05/16932.50/16962/ - 17067.45/17174.70/17246.55/17498.35/17502.45/17719/18029.05.

The major observation for 20-5-2016 remains the same as it was for 19-5-2016 (refer my post of 19-5-2016) except for some change in trading option. Please note that it is in correction mode now, therefore short trades can still be tried below 16535 but with caution as it is nearing strong support area therefore short trade if initiated should be exited in the range of 16357—16186---16100 and long call can be tried   in this range or stay neutral till it gives some visible indication of moving up. Fresh short trade should only be tried if it moves and sustains below 15960(it changes every day).

                           TRADING OPTION FOR-20-5-2016

1. Long trade can be attempted in the range of 16357—16186 but not below 16186 with a stop loss of below 16080. It could be a risky trade but worth trying, so handle it very cautiously.

2.  Can try sell call if it sustains below 16535 with a stop loss of above 16620 for a target for 16431/16357/16186/16095. 

Remark: - It is range bound now and in correction mode, therefore 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—19-5-2016

CNX-NIFTY

Closed at 7870.15 on 18-5-2016 (Open-7846.75.65/High-7882.05/Low-7810.75)

Support: -7849.80/7822.70/ 7810/7772/7723.85/7714/7678.35/7691.20/7678/7667/7600/7582.25/7551/7540/7539.50/7516.85/7422/7405/7350.30/7295/7252.

Resistance: - 7890.25/7938.45/7940.10/7946.35/ 7972.45/7979.30/7979.90/8055/8065/8091.80/8116/8160/8180.20/8195.65/8244/8336.

                      

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 7630 (it changes every day) and finally 7539.50 levels on the closing basis (see my post for 16-5-2016).Please note that sustained close below 7772 will be the first signal of the end of this up move and break and sustained close below 7678 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 7992 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 7733—7678 but not below 7678 or long call can  be attempted if it moves and maintains above 7901. Please note that moving up it will face huge resistance at 7950 /8000/8055/8065/8091 and it will regain the up momentum only if it gives sustained close above 8000 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 trade should be handled with extreme caution.

                   

TRADING OPTION FOR-19-5-2016

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. Long call can be tried above if it maintains above 7901 with a stop loss of below 7860.

3.  Can try sell call if it sustains below 7870 with a stop loss of above 7920 for a target for 7810/7772/7753/7733/7714/7678.

 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.