DAY TRADING CALLS FOR 14-6-2016

 TRADING CALLS

1.  AMBUJA CEMENTS.

Buy above -238.80, S/L-237, Target-245/254.

2. APOLLO HOSPITAL.

Sell below -1311, S/L-1320, Target-1290/1280/1250.

3. AUROBINDO PHARMA.

Buy above -753, S/L-749, Target-760/771/776/786.

4. ASIAN PAINTS

Buy above -997, S/L-994, Target-1004/1019/1029.

5. ICICI BANK.

Sell below -243, S/L-245, Target-237.60/232.90/226/219.60.

6.  KOTAK MAHINDRA BANK.

Buy above -757.50, S/L-754, Target-762/770/775/779.

7.  SUN PHARMA.

Buy above -750, S/L-746, Target-758.50/771/775/783.

8. TATA STEEL.

Sell below-321, S/L-323.50, Target-318/311/308.30.

                                        

                                        

 NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX-NIFTY-A TECHNICAL VIEW FOR—14-6-2016

CNX-NIFTY

Closed at 8110.60 on 13-6-2016 (Open-8102.25/High-8125.25/Low-8063.90)

Support: -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: -8160/8180/8213.60/8245/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

The observation posted for 13-6-2016 will be relevant for 14-6-2016 also. The only caution is that if it moves and sustain above 8160 wait for fresh short call because then one may get higher level to go short else if it break 8160 again then sell. Long can  be attempted in the range of 8040—7992 or try if  correction completion  signal emerges or if it starts making higher bottom and top again on the line chart , but avoid long call below 7938 for sure ,because sustained break below this mark may put a break on the uptrend.

TRADING OPTION FOR-14-6-2016

1. Sell on the rise at proper points but not above 8275 with a stop loss of above 8300. 

The possible sell point could be at 8160/8213/8245/8270.

2.  If it remains below 8160 can try sell call entire remaining week with a stop loss of 

above 8215 for a target of 8134/8073/8055/8005/7992/7972.

3. Long call can be attempted on decline but within the range of 8040—7992 with a strict stop loss of below 7938 or if it moves and sustain above 8275 with a stop loss of below 8245.

Remark: - The trend is up now. It is now in correction mode therefore long call should be avoided now and should only be attempted in 8040-7992 range. Short call seems safer bet as of now so one can try short call 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—14-6-2016

CNX--BANK NIFTY

Closed at 17593.95 on 13-6-2016(Open-17620.55/High-17666.55/Low-17527.55)

Support: 17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17620.90/17671/17719/17828.60/17950/ 18029.05/18051.50/18250/18580.65/18662/19030.

As expected it broke its recent bottom of 17671 on the line chart thereby confirming that the on-going up move has exhausted and it will correct from here before making an up move again.  Going down it will find good support at 17498/17408/17350/17209/17067/17029/16962 and it may complete correction at any of these points possibly in the range of 17067--16962 if this up move has to continue, because sustained break below 17067 & 17029 and finally 16922 will give potential threat to the uptrend. Therefore on decline long call can be tried near 17067---16962 range or wherever it gives visible indication of correction completion but not below 16922 because sustained break below this mark may put an end to this uptrend.

Since it has broken its recent bottom on the line chart, therefore it is a sell on the rise market as of now till it moves and close above 17950 or start making higher bottom and top again on the line chart. It is therefore suggested to try short trade on the rise till it moves and close above 17950 or if it maintains below 17620 then sell trade can be tried for the entire remaining week .It is in corrective mode now for sure therefore it is suggested to avoid long call here.

TRADING OPTION FOR-14-6-2016

1. Can sell below 17620 or on the rise at proper points but not above 17950 with a stop 

loss of above 17980 for a target of 17570/17515/17408/17350/17209/17067/16962.

2. Long call can be attempted on decline but within the range of 17067--16962 with a strict stop loss of below 16920 or if it moves and sustain above 17950 with a stop loss of below 17820.

 Remark: - The trend is up but long call should only be attempted if it closes above 17950. Instead short trade should be tried  as suggested above as it looks safer option as of now. 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—13-6-2016

CNX-NIFTY

Closed at 8170.05 on 10-6-2016 (Open-8180.25/High-8265.60/Low-8162.85)

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: -8180/8213.60/8245/8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

It finally broke the recent bottom of 8201 on the line chart confirming that the on-going up move has exhausted and it will correct from here before making an up move again.  Going down it will find good support at 8160/8134/8070/8005/7992/7972/7938/7875 and it may complete correction at any of these points possibly in the range of 8070—7992 if this up move has to continue, because sustained break below 7992 & 7972 and finally 7938 will give potential threat to the uptrend. Therefore on decline long call can be tried near 8040-7992 range or wherever it gives visible indication of correction completion but not below 7938 and certainly not below 7875(it changes every day) because sustained break below this mark may put an end to this uptrend and sustained break below 7680(it changes every day) may begin a fresh down move, which may please be noted.

Since it has broken its recent bottom on the line chart, therefore it is a sell on the rise market as of now till it moves and close above 8273.05 or start making higher bottom and top again. It is therefore suggested to try short trade on the rise till it moves and close above 8273.05 or if it moves and sustain below 8160 then sell trade can be tried for the entire week starting from 13-6-2016. It is in corrective mode now for sure therefore it has to be seen how it pans out in next 2-3 days time.

TRADING OPTION 

1. Sell on the rise at proper points but not above 8275 with a stop loss of above 8300. The possible sell point could be at 8213/8245/8270.

2. Sell below 8160 with a stop loss of above 8220 for a target of 8134/8073/8055/8005.

3. Long call can be attempted on decline but within the range of 8040—7992 with a strict stop loss of below 7938 or if it moves and sustain above 8275 with a stop loss of below 8245.

Remark: - The trend is up now. It is now in correction mode therefore long call should be avoided now and should only be attempted in 8040-7992 range. Short call seems safer bet as of now so one can try short call 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.

DAY TRADING CALLS FOR 13-6-2016

TRADING CALLS

1.  ACC.

Buy above -1564, S/L-1558, Target-1590/1604/1626.

2.  AMBUJA CEMENTS.

Buy above -236, S/L-234, Target-240/254.

3. APOLLO HOSPITAL.

Sell below -1340, S/L-1350, Target-1322/1311/1290.

4. AUROBINDO PHARMA.

Sell below -736, S/L-744, Target-720/712/708/696.

5. ASIAN PAINTS

Sell below -989, S/L-995, Target-978/962/941.

6. AXIS BANK.

Sell below-538, S/L-542, Target-530/526/518.

7. COAL INDIA.

Sell below-306, S/L-307.50, Target-304/296/287.

8. ICICI BANK.

Sell below -251.50, S/L-253.50, Target-244/242/237.60.

  

9. MARUTI SUZUKI.

Sell below-4100, S/L-4115, Target-4054/4027/4000.

10. S.B.I.

 Sell below-205, S/L-206.50, Target-202/198.50/195.

11. TATA MOTORS.

Sell below -454.50, S/L-457.50, Target-450/444/432.

12. TATA STEEL.

Sell below-332, S/L-335, Target-330/326/321/311.

                                     

13. TCS.

Sell below-2553, S/L-2560, Target-2500/2460.

                                        

 NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK

Note: Price stated here is of spot market.

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

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

Contact me for strategic guidance to enter and exit the trade

CNX--BANK NIFTY -A TECHNICAL VIEW FOR—13-6-2016

CNX--BANK NIFTY

Closed at 17828.60 on 10-6-2016(Open-17830.20/High-18051.50/Low-17815.25)

Support: 17828.60/17762.05/17719/17670.85/17620/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18051.50/18250/18580.65/18662/19030.

It had wild swing during the day but eventually it closed near the low of the day which shows weakness in it. Although it has not violated its recent bottom of 17671.40 on the line chart but certain technical indicators indicates that it may correct from here and most likely to break the bottom of 17671.40 in coming days. Please note that close below 17671 will confirm the exhaustion of the on-going up move and then it may correct further from there before moving up again. Therefore it is suggested to avoid long call now.

Going down it will find good support at 17636/17515/17350/17209/17175/17067/17029/16962 and it may complete correction at any of these points possibly in the range of 17067--16962 if this up move has to continue, because sustained break below 17067 & 17029 and finally 16920 will give potential threat to the uptrend. Therefore on decline long call can be tried near the   range of 17067--16962 or wherever it gives visible indication of correction completion but not below 16920.  

In view of the above observation, it is suggested to avoid fresh long call now and attempt only if it closes above 17950 or on decline and within the range of 17067—16962. Therefore at this point of time it is suggested to try sell trade now and on the rise till it closes above 17950.

TRADING OPTION

1. Can sell now or on the rise at proper points but not above 17950 with a stop loss of above 18060 for a target of 17719/17671/17636/17570/17515/17408/17350.

2. Long call can be attempted on decline but within the range of 17067--16962 with a strict stop loss of below 16920 or if it moves and sustain above 17950 with a stop loss of below 17820.

 Remark: - The trend is up but long call should only be attempted if it closes above 17950. Instead short trade should be tried here as suggested above as it looks safer option as of now. 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—10-6-2016

CNX-NIFTY

Closed at 8203.60 on 9-6-2016 (Open-8273.35/High-8273.35/Low-8184.60)

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: -8213.60/8245/8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

As perceived (see my post for 8-6-2016) it corrected today and went below its critical point of 8245 and also below its recent bottom of 8201 on the line chart intra-day but managed to close just above it, since it did not break the recent bottom of 8201 on the closing basis so the on-going up move may not have fully exhausted as yet, but it showed some weakness today, therefore looking at today’s move fresh long trade should only be attempted either if it moves and sustain above 8275 or after the reasonable decline in the range of 8040—7992 but not below 7992 because sustained break below 7992 & 7972 and finally 7938 will threaten the uptrend and sustained break below 7870(it changes every day) may put the break on up move and fresh down move may begin, which may please be noted.

 In view of the above observation it seems that it may correct further from here and moving down it will find good support at 8195/8172/8158/8134/8070/8005/7992/7972/7938/7852 and it may complete correction at any of these points possibly in the range of 8070—7992 if this up move has to continue, because sustained break below 7992 & 7972 and finally 7938 will give potential threat to the uptrend. Therefore on decline long call can be tried either near 8040-7992 range or wherever it gives visible indication of correction completion. Short call can be tried now below 8201 or below 8184 for taking advantage of the down correction.  

It is important to mention here that sustained break below 8134 can drag it down faster.

TRADING OPTION FOR-10-6-2016

1. Short call can be tried for corrective move if it breaks and sustains below 8201 and can add on position below 8184 with a stop loss of above 8245 and stop loss of above 8220 for the added short position, for a target of 8172/8158/8134/8134/8073.

2. Long call can be tried on dip within the range of 8040—7992 with a strict stop loss of below 7938 or if it moves and sustain above 8275 with a stop loss of below 8245.

Remark: - The trend is up. But since it corrected today, it has to be seen how it pans out in a day or two, therefore it would be sensible to avoid long call on 10-6-2016.Short call can be attempted 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—10-6-2016

CNX--BANK NIFTY

Closed at 17887.70 on 9-6-2016(Open-17955.80/High-17986.15/Low-17801.55)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

As perceived (see my post for 8-6-2016) it corrected today and closed with a loss of 59.10 points. But it is still not showing desired weakness for a reasonable down correction after the good up move. Although its looks better in comparison with nifty but today’s move gave an alert signal that it may witness further down correction from here before it looks up again. Therefore it is suggested to avoid long call now and should only be attempted if it moves and sustain above 17950 or near 17670 but not below this. Please note that attempting long call near 17670 could be a risky proposition at this point of time.

Please note that close below 17670 will signal the end of the on-going up move and then it may correct further before moving up again. Going down it will find support at 17752/17675/17600/17500/17400/17350, it may bounce back from any of these points but if it moves below 17350 and sustain then it can trigger fresh fall which can drag it down to 17184/16991/16753.

It is important to mention here that break below 17067 & 17029 and finally 16920 will threaten the uptrend, therefore long call should be avoided below 17029 and below 16920 for sure. The bias is up now but it can severely correct from here therefore I once again repeat that long call should only be tried if it maintains above 17950 or around the range of 17067--16940. 

  

TRADING OPTION FOR-10-6-2016

1. Long call can be tried if it sustain above 17950 with a stop loss of below 17850 for a target of 18045/18250. 

2.  Long call can be tried on dip within the range of 17067—16940 with a strict stop loss of below 16880.

3. Contrarian trader can try short call for correction only if it moves and sustains below 17880 with a stop loss of above 17960 for a target of 17762/17670/17587/17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

4. Aggressive trader can try short call on the rise near 17950 but not above it with a stop loss of above 18010. It could be a highly risky trade but worth trying if one get a chance.

 Remark: - The trend is up but long call should only be attempted if it moves and sustain above 17950.  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—9-6-2016

CNX-NIFTY

Closed at 8273.05 on 8-6-2016 (Open-8285.50/High-8288.90/Low-8252.05)

Support: - 8245/8213.60/8160/8055/7992/ 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: -8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

It moved in a very short range today but still above its critical resistance point of 8245.

The observation posted for 8-6-2016 is valid for 9-6-2016 also except for that the long trade should only be tried if it maintains above 8275 but with extreme caution. Avoid long call below 8275.

Please note that it will give alert signal below 8245 & 8220 and close below 8201 may take it down for deeper correction. Therefore fresh long call should be avoided below 8245 and below 8201 for sure as of now.  Avoid buy on dip strategy at least for 9-6-2016.

 

TRADING OPTION FOR-9-6-2016

1. Long call can be tried if it sustain above 8275 with a short stop loss of below 8245 for a target of 8295/8336/8375.The authentic stop loss for long trade would be below 8201. 

2. Contrarian trader can try short call for correction only if it sustains below 8245 with a stop loss of above 8295 for a target of 8220/8201/8178/8160/8134. It could be a risky trade but worth trying.

Remark: - The trend is up. It is above its critical resistance point of 8245 but long call can only be tried if it maintains above 8275   with extreme 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--BANK NIFTY -A TECHNICAL VIEW FOR—9-6-2016

CNX--BANK NIFTY

Closed at 17946.80 on 8-6-2016(Open-17976.25/High-17995.80/Low-17855.20)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

It moved in a short range today but still below its critical resistance point of 18045.

The observation posted for 8-6-2016 is valid for 9-6-2016 also except for that the long trade should only be tried if it maintains above 17950 but with extreme caution. Avoid long call below 17950 for sure on 9-6-2016.

Please note that it will give alert signal below 17796 & 17719 and close below 17671.40 may take it down for deeper correction. Therefore fresh long call should be avoided below 17796 and below 17670 for sure as of now. Avoid buy on dip strategy at least for 9-6-2016.

TRADING OPTION FOR-9-6-2016

1. Long call can be tried if it sustain above 17950 with a short stop loss of below 17850 for a target of 18045/18250 .The authentic stop loss for long trade would be below 17670. 

2. Contrarian trader can try short call for correction only if it moves and sustains below 17850 with a stop loss of above 17960 for a target of 17762/17670/17587/17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up but long call should only be attempted if it moves and sustain above 17950. 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—8-6-2016

CNX--BANK NIFTY

Closed at 17943.35 on 7-6-2016(Open-17796.55/High-18000.95/Low-17713.35)

Support: 17762.05/17719/17670.85/17502.45/17498.35/17246.55/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/1601115762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance: 18029.05/18250/18580.65/18662/19030.

It is showing good strength and today it came near the vicinity of 61.8% retracement point of 18042.43 but could not cross it, however it is still on a sound technical footing, but it will catch up fresh momentum if it moves and sustain above 18045 only, which may be kept in mind.  It is important to mention here that the uptrend is intact but it seems that on the line chart the recent up move it started from 16368 is slightly getting heavy  and may be near  the culmination point and  it may possibly exhaust at the 18045/18250 levels and then may reasonably correct before resuming the up move again. It is very close to the first point, therefore in view of the above observation long trade should be handled with extreme caution and care. However technically there is no weakness in it as yet therefore long call can be tried if it maintains above 17945 with an alert point at 17796 and exit point is close below 17670.Avoid fresh long call below 17620 for sure as of now.  

TRADING OPTION FOR-8-6-2016

1. Long call can be tried if it sustain above 17945 with an alert point at 17796 and stop loss of below 17670 for a target of 18045/18250.It could be a risky trade. 

2. Long call can be tried on decline near 17671 but not below it as of now with a stop loss of below 17620.

3. Contrarian trader can try short call for correction only if it sustains below 17671 with a stop loss of above 17800 for a target of 17500/17350/17157/17067/17029. It could be a risky trade but worth trying.

 Remark: - The trend is up but it near its critical resistance point of 18045 therefore it is suggested that fresh long call should only be attempted once its closes above 18045, although there is no technical weakness  but long trade could be risky here or take your trading call 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—8-6-2016

CNX-NIFTY

Closed at 8266.35 on 7-6-2016 (Open-8235.55/High-8294.95/Low-8216.40)

Support: - 8245/8213.60/8160/8055/7992/ 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: -8295/8336/8375/8489.55/8530/8550-8600/8621.

                      

 It is showing tremendous strength and today it closed above its very critical resistance point of 8245(see my post for 6-6-2016) which is a good sign. It is important to mention here that the uptrend is intact but it seems that on the line chart the up move it started from 7731 on 24.5.2016 is slightly getting heavy  and may be near  the culmination point and  it may possibly exhaust at the 8336-8375/8490/8562 levels and then may reasonably correct before resuming the up move again. It is pretty close to the first point, therefore in view of the above observation long trade should be handled with extreme caution and care. However technically there is no weakness in it as yet therefore long call can be tried if it maintains above 8267 with an alert point at 8245 and the 8220 and exit point is close below 8201.Avoid fresh long call below 8245 and below 8220 for sure as of now.   

 

TRADING OPTION FOR-8-6-2016

1. Long call can be tried if it sustain above 8267 with an alert point at 8245 & 8220 and stop loss of below 8200 for a target of 8295/8336/8375. 

2. Long call can be tried on decline near 8201 but not below it as of now with a stop loss of below 8175.

3. Contrarian trader can try short call for correction only if it sustains below 8201 with a stop loss of above 8245 for a target of 8178/8160/8134. It could be a risky trade but worth trying .

Remark: - The trend is up. Since   it closed above its critical resistance point of 8245 today, therefore long call can be tried as long as it holds 8245 but with extreme 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—6-6-2016

CNX-NIFTY

Closed at 8220.80 on 3-6-2016 (Open-8246.20/High-8262/Low-8209.85)

Support: - 8213.60/8160/8055/7992/ 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: -8245/8336/8375/8489.55/8530/8550-8600/8621.

                      

Technically it is showing good strength and up move seems to be intact.  But it is important to mention here that 8243.12 or say 8245 which is 61.80% and the last theoretical retracement point of the total fall from the all time top of 9119.20 and recent bottom of 6825.80 is a very critical resistance, therefore till it gives close above it and sustain, further up journey may not be easy and if it fails to cross this level soon then it may give sharp down correction from here before resuming the up move again. Today it maintained above 8243.12 level for almost the entire day but in last 50 minutes of trade it came into negative territory and closed at the lowest in real time trade but the adjusted close was with a meager gain of 1.84 points. It showed some sign of exhaustion today. It is therefore suggested to wait for close above 8245 for initiating fresh long trade.  The range for the week starting from 6-6-2016 is between 8262—8245—8213.60—8160. However day trader can still try long call above 8221 with an alert point at 8213 & 8178 and exit point below 8160(it could be a risky trade )or try on decline but not below 8160 because close below 8160 can take it down for a deeper correction to the level of 8055—8020—7992. In view of the above observation for safe traders it would be prudent to give a day’s trading break before deciding to take fresh long call.   

It is important to mention here that the up-move will only be threatened if it breaks 7992--7972 and finally 7938 and sustain below these levels. Therefore if it corrects then fresh long call should surely be attempted in the range of 8050—7992 with a stop loss of below 7930 .The bias is up as of now.

 

TRADING OPTION FOR-6-6-2016

1. Long call can be tried if it sustain above 8221 with an alert point at 8213 and short stop loss of below 8200 for a target of 8245/8336/8375. Please note that the authentic stop loss for long trade would be close below 8160. It could be a risky trade at this point of time.

2. Long call can be tried on decline near 8160 but not below it as of now with a stop loss of below 8130.

3. Contrarian trader can try short call for correction only if it sustains below 8209 with a stop loss of above 8245 for a target of 8178/8160/8134. It could be a risky trade but worth trying.

NOTE: - It would be safe to try long call once it closes above 8245.

Remark: - The trend is up but it is near its critical resistance point and today’s move  showed some sign of fatigue, therefore it is suggested to take fresh long call once it closes above 8245 or otherwise take your trading call 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.