CNX-NIFTY-A TECHNICAL VIEW FOR—1-7-2016

CNX-NIFTY

Closed at 8287.75 on 30-6-2016 (Open-8260.25/High-8308.15/Low-8242.10)

Support: -8243/8212/8153.25/8146/8134/8063.90/7992/ 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: -8295/8308.15/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened with an up gap for the second consecutive day and moved higher the gap it created today and on 29-6-2016 is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time and if it does then it can come down to 8212 and then 8146 level, which may please be noted. It is important to mention here that if it opens with an up gap on 1-7-2016 also say above 8308.15 then it can witness down correction the same day. Please note that these gaps are not good for a steady rise in the market.

It gave a robust up move today and closed above its all recent parameters (see my post for 30-6-2016) which indicates that up may continue as long as it sustains above 8243 on the closing basis. Therefore   long call can be attempted above 8310 or on decline but not below 8170 but it is advised to be careful in long call below 8245.Short call should be avoided now and existing short call should be squared off if it sustains above 8310 or on decline near 8190 and then near 8146. Please note that sustained close above 8336.30 may take it up to 8550—8600 levels.

Today’s move indicate  that it is ready for a fresh up move again, but it is important to mention here that today was not a normal day for the market because it was June-2016 series settlement day and monthly close for the market . In view of this and above observation it is suggested to watch the market movement for at least 3-4 trading session to see whether today’s rise is sustainable or not. Therefore it is suggested to handle your trade with extreme caution now.

  

TRADING OPTION FOR-1-7-2016

1. Long call can be tried above 8310 with a stop loss of below 8240 for a target of 8336/8445.

2. Long call can be tried on decline but not below 8170 with a stop loss of below 8140. Keep your long position light if it consistently starts trading below 8243.

3. Short call can be tried if it moves and sustain below 8140 with a stop loss of above 8190 for a target of 8088/8063/7992/7972.

 Remark: - The trend is up. Today’s move indicates that correction may be over but since it was June-16 series settlement day and monthly close too, therefore watch the market for 3-4 days for confirmation. However long call can be attempted as suggested above and fresh short call should be avoided for 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--BANK NIFTY-A TECHNICAL VIEW FOR—1-7-2016

CNX--BANK NIFTY

Closed at 17935.40 on 30-6-2016(Open-17825.30/High-17975.05/Low-17795.05)

Support:17935.40/17907.50/17670/17636/ 17527/17518/17425/17350/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened with an up gap and did not fill the gap and moved up and closed with a gain of 245.50 points. So if it makes an attempt to fill this gap in next 3-4 days time which is theoretically possible and if it does then it can come down to 17728 which may be kept in mind.

It gave a robust up move today and closed above its all short term moving averages, furthermore it also closed above its recent top of 17892.45 on the line chart and crossed recent top of 17943.50 on the bar chart, which is a good sign, but it is yet to cross and close above 18045(see my post for 30-6-2016). However looking at today’s move   long call can be attempted above 17980 or on decline but not below 17607 and short call should be avoided now and existing short call should be squared off if it sustains above 17980 or on decline near 17725 and then near 17625. I once again repeat that only sustained close above 18045 will see it regain its lost momentum.

 Today’s move indicate  that it is ready for an up move again, but it is important to mention here that today was not a normal day for the market because it was June-2016 series settlement day and monthly close for the market . In view of this and above observation it is suggested to watch the market movement for at least 3-4 trading session to see whether today’s rise is sustainable or not.  Therefore it is suggested to  handle your trade with extreme caution now.

  

TRADING OPTION FOR-1-7-2016

1. Long call can be tried above 17980 with a stop loss of below 17900 for a target of 18051.50/18188/18313.

2. Long call can be tried on decline but not below 17607 with a stop loss of below 17518.

3. Short call can be tried if it moves and sustain below 17600 with a stop loss of above 17730 for a target of 17527/17425/17350/17200/17067.

Remark: - The trend is up. Today’s move indicates that correction may be over but since it was June-16 series settlement day and monthly close too, therefore watch the market for 3-4 days for confirmation. However long call can be attempted as suggested above and fresh short call should be avoided for 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.

DAY TRADING CALLS FOR 30-6-2016

TRADING CALLS

1. ACC

Sell below -1591, S/L-1599, Target-1585/1564/1553.

2. ASIAN PAINTS.

Buy above-997, S/L-993, Target-1004/1015/1029.

3. HERO MOTOR.

Buy above-3165, S/L-3155, Target-3179/3211/3241.

4.  L&T.

Sell below -1477, S/L-1484, Target-1468/1460/1455/1441/1401.

5.  LIC HOUSING FINANCE .

Sell below -488.75, S/L-491, Target-483/474/470/465.

6.  TATA MOTORS.

Sell below -445, S/L-448, Target-436.70/433.

                                        OR

Buy above 450.S/L-446,Target-457.25/468.

7.  TATA STEEL.

Sell below -312.60, S/L-314, Target-311.25/308/307/297.

NOTE: - DAY TRADING CALL DOES NOT INDICATE OVERALL TREND OF THE STOCK. WATCH THE MARKET    FOR 10-15 MINUTES BEFORE INTIATING TRADE.

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—30-6-2016

CNX-NIFTY

Closed at 8204 on 29-6-2016 (Open-8173.10/High-8212.40/Low-8157.65)

Support: -8153.25/8063.90/8055/8039.35/7992/ 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: -8213.60/8245/8262/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened with an up gap and completely filled the gap it created on 24-6-2016 in stipulated time (see my post for 27^th & 28^th June-16). But the gap it created today is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time and if it does then it can come down to 8146 level, which may please be noted.

Although it has closed above its short term moving average today, which is between 8145—8186 for 30-6-2016 (it changes every day) but is yet to make higher top and bottom on the line and bar chart. Therefore chances are that it can still correct from here or may be after little more upside, but since it closed above its short term moving averages, therefore fresh short call should be avoided till it breaks 8145 and existing short call should have a stop loss of above 8250. Similarly long call can be tried on decline but not below 8186 or try it above 8213.60, it would be better and relatively safe to try it above 8213.60.      

I once again reiterate(see my post for 29-6-2016) that it will regain lost momentum only if it closes above 8245 and sustain and then crosses its recent top of 8270.45 and 8295 on the line chart and bar chart respectively which still looks slightly difficult to happen even after  closing above its short term moving averages today. So watch out.

 It is needless to mention here that price is the king in the market therefore base your trading decision on price movement and not on your instinct, thought and personal bias because “MARKETS ARE NEVER WRONG BUT OPINIONS ARE” 

TRADING OPTION FOR-30-6-2016

1. Long call can be tried above 8213.60 with a stop loss of below 8140 for a target of 8245/8262/8296/8295/8336.

2. Long call can be tried on decline but not below 8186 with a stop loss of below 8140.

3. Short call can be tried if it moves below 8140 with a stop loss of above 8190 for a target of 8088/8063/7992/7972.

4. For existing short trade authentic stop loss would be above 8250 and short stop loss would be above 8213.60.So take your call.  

Remark: - The trend is up now. It is not showing confirm signal of moving up but closing above its short term moving averages suggest that buying can be attempted above 8213.60.Existing short call should be handled 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—30-6-2016

CNX--BANK NIFTY

Closed at 17689.90 on 29-6-2016(Open-17643.65/High-17728.95/Low-17580.50)

Support:17671/17666/ 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened with an up gap but filled it during the day and closed with a gain of 128.35 points. However it is still within but near the upper band of its short term moving average range which is between 16572---17707 for 30-6-2016(it changes every day) furthermore it is yet to make higher top and bottom on the line and bar chart. Therefore chances are that it can still correct from here or may be after little more upside. But fresh short call should be avoided if it sustains above 17707 and can be tried if it breaks 16572 and for existing short trades one should have a stop loss of above 17850. Similarly long call can be tried if it moves and maintain above 17730.     

I once again reiterate (see my post for 29-6-2016) that it will show some strength if it closes above its recent top of 17892.45 and 17943.65 on the line chart and bar chart respectively and finally it will regain lost momentum only it is closes above 18045 and sustain, which looks slightly difficult to happen as these levels are reasonably away and secondly it is not showing required strength at this point of time. So watch out.

 It is needless to mention here that price is the king in the market therefore base your trading decision on price movement and not on your instinct, thought and personal bias because “MARKETS ARE NEVER WRONG BUT OPINIONS ARE” 

TRADING OPTION FOR-30-6-2016

1. Long call can be tried above 17730 with a stop loss of below 17660 for a target of 17800/17892/17943.

2. Short call can be tried if it moves below 17570 with a stop loss of above 17730 for a target of 17527/17425/17350/17200/17067.

3. Avoid fresh short call above 17707 and for existing short trade authentic stop loss would be above 17850.

Remark: - The trend is up now. But it is still not showing confirm signal of moving up, however if it moves and sustain above 17730 long calls can be attempted. Short call should be handled 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 29-6-2016

TRADING CALLS

1. BHARAT ELECTRONIC.

Sell below -1244, S/L-1250, Target-1231/1221/1206/1187.

2. DABUR.

Sell below -311.80, S/L-313.20, Target-307/305/303/298.

3. HINDUSTAN UNILEVER.

Buy above -890, S/L-887, Target-908/920.

4. L&T.

Sell below -1468, S/L-1475, Target-1455/1441.65/1428/1401.

5. LUPIN.

Buy above -1549, S/L-1544, Target-1583/1610.

6. ULTRATECH CEMENT.

Sell near and below -3390, S/L-3401, Target-3370/3350/3340/3300.

                                        

 NOTE: - DAY TRADING CALL DOES NOT INDICATE  OVERALL TREND OF THE STOCK. WATCH THE MARKET    FOR 10-15 MINUTES BEFORE INITIATING TRADE.

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—29-6-2016

CNX-NIFTY

Closed at 8127.85 on 28-6-2016 (Open-8096.05/High-8146.35/Low-8086.85)

Support: -8063.90/8055/8039.35/7992/ 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: -8153.25/8188.30/8213.60/8245/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened on flat to positive note and then moved up but could not fill the gap completely. However it could still make an attempt in next 1-2 days to fill the gap and if it does then it can hit 8188 level which may please be noted. (See my post for 28-6-2016 in this regard)

It is still looking weak despite its positive close today because it has made lower bottom on the line and bar chart and still not made higher top, furthermore it is running below its short term moving averages which are in the range of 8140---8186(it changes every day) therefore it seems that it may still correct from here till it closes above this range. However, even if it closes above its short term moving averages range it will regain lost momentum only if it closes above 8245 and sustain and then crosses its recent top of 8270.45 and 8295 on the line chart and bar chart respectively which looks slightly difficult to happen at this point of time. In view of the above it seems that the up journey from here may not be smooth.  It is therefore suggested to avoid long trade till it moves above its short term moving averages at least i.e. 8186 and sustain., instead short call can be tried on the rise near 8154--8188 but not above 8188 or sell below 8080.

TRADING OPTION FOR-29-6-2016

1. It is suggested to avoid long trade till it closes above 8188.

2. However aggressive day trader can try long call if it moves and sustain above 8154 for some time with a stop loss of below 8088 for a target of 8188/8209/8245.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 8080 with a stop loss of above 8122 for a target of 7992/7972/7946/7927/7906 or sell on the rise near 8154--8188 but not above 8188 with a stop loss of above 8230.

4. Long call can be attempted if it comes again near the lower band of the range of 8010—7946 with a strict stop loss of below 7900.

Remark: - The trend is up now. It is still showing some weakness therefore avoid long call till it moves and sustain above 8188 at least ,short 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—29-6-2016

CNX--BANK NIFTY

Closed at 17561.55 on 28-6-2016(Open-17497/High-17626.70/Low-17481.50)

Support: 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17611/17666.05/17671/17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened on flat to negative note and then closed with a small gain of 46.60 points. But it is still looking weak despite its positive close today because it has made lower bottom on the line and bar chart and still not made higher top, furthermore it is running below its short term moving averages which are in the range of 17562-----17694(it changes every day) therefore it seems that it may still correct from here till it closes above this range. However, even if it closes above its short term moving average range it will show some strength only if it crosses its recent top of 17892.45 and 17943.65 on the line chart and bar chart respectively and finally it will regain lost momentum only it is closes above 18045 and sustain, which looks slightly difficult to happen at this point of time.  In view of the above it seems that the up journey from here may not be smooth. It is therefore suggested to avoid long trade till it moves above its short term moving average at least i.e. above 17694 and sustain, instead short call can be tried on the rise near 17630--17694 but not above 17694 or sell below 17420.

TRADING OPTION FOR-29-6-2016

1. It is suggested to avoid long trade till it closes above 17694.

2. However aggressive day trader can try long call if it moves and sustain above 17570 for some time with a stop loss of below 17480 for a target of 17611/17650/17719/17800.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 17420 with a stop loss of above 17527, can add on position if it sustains below 17346 with a stop loss of above 17430 for a target of 17200/17067/17029/16962/16946 or sell on the rise near 17694 but not above 17694 with a stop loss of above 17750.

4. Long call can be attempted if it comes again near the lower band of the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. It is still showing some weakness therefore avoid long call till it moves and sustain above 17694 at least ,short 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—28-6-2016

CNX-NIFTY

Closed at 8094.70 on 27-6-2016 (Open-8039.35/High-8120.65/Low-8039.35)

Support: -8063.90/8055/8039.35/7992/ 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: -8153.25/8188.30/8213.60/8245/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened with a negative bias and then moved up and tried to fill the gap it created on 24-6-2016 and it has filled more than 50% of the gap but it still exist and if it makes an attempt again to fill the remaining gap it can hit 8188 level, but moving up will not be easy from here because it will face series of resistance in the range of 8141---8190. Therefore if it does not fill the gap in next 2-3 days time then it may not fill the gap immediately and may fill it at ease may be after correcting further from here.

Please note that it is showing some sign of weakness after the colossal fall of 24-6-2016 as it has broken a series of previous bottoms and tops on the line chart and made lower bottom of 8088.60, also making lower top and bottom on the bar chart and furthermore it is running below its short term moving averages, which are in the range of 8141—8188(it changes every day). Therefore chances of moving down looks greater then moving up from here till it closes at least above its short term moving average upper band of 8188. It is therefore suggested to avoid long call now, instead try short call if it moves and sustain below 8080 or on the rise near 8188.

The broad range for it now is between 8245—7992----7946---7938---7927—7908. Please note that it will only regain lost momentum if it closes above 8245 and sustain and similarly sustained break below 7927 and then below 7908 will put a break on the uptrend and a fresh down move may begin till it moves above 7947 again and sustain. Therefore it is suggested to structure your trade keeping the above range in mind. Avoid long trade below 7908 for sure. 

TRADING OPTION FOR-28-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 8100 for some time with a stop loss of below 8080 for a target of 8145/8153/8188.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 8080 with a stop loss of above 8122 for a target of 7992/7972/7946/7927/7906 or sell on the rise near 8153--8188 but not above 8188 with a stop loss of above 8230.

4. Long call can be attempted if it comes again near the lower band of the range of 8010—7946 with a strict stop loss of below 7900.

Remark: - The trend is up now. But it is showing some weakness therefore long call should be avoided now, instead short call seems to be a better bet now if price movement supports. 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—28-6-2016

CNX--BANK NIFTY

Closed at 17514.95 on 27-6-2016(Open-17346.30/High-17611.20/Low-17346.30)

Support: 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17611/17666.05/17671/17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened on a negative note then moved up and filled the gap completely which it created on 24-6-2016 but could not go beyond that and slipped down from there but closed with a gain of 88.89 points. But it is showing some sign of weakness after the colossal fall of 24-6-2016 as it has broken a series of previous bottoms and tops on the line chart and made lower bottom of 17426.05, also making lower top and bottom on the bar chart and furthermore it is running below its short term moving averages, which are in the range of 17560—17697(it changes every day). Therefore chances of moving down looks greater that moving up from here till it closes at least above its short term moving average upper band of 17697. It is therefore suggested to avoid long call now, instead try short call if it moves and sustain below 17420 or on the rise near 17697. Moving down it will find support at 17425/17346/17200/17067/17029/16962/16946.

It seems that it may correct further from here but as long as it holds the range of 17067--16922 the uptrend may be in place, sustained break below 16922 will threaten the uptrend and sustained break below 16797(it changes every day) will possibly put the break on the uptrend and finally sustained break below 16225(it changes every day) may end this uptrend and then a fresh down move may begin. Similarly to regain the up momentum again it has to close above 18045 and sustain. The broad range for it now is between 18045--16922.

TRADING OPTION FOR-28-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 17530 for some time with a stop loss of below 17480 for a target of 17611/17650/17719/17800.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 17420 with a stop loss of above 17527, can add on position if it sustains below 17346 with a stop loss of above 17430 for a target of 17200/17067/17029/16962/16946 or sell on the rise near 17697 but not above 17697 with a stop loss of above 17750.

4. Long call can be attempted if it comes again near the lower band of the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. But it is showing some weakness therefore long call should be avoided now, instead short call seems to be a better bet now if price movement supports. 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—27-6-2016

CNX-NIFTY

Closed at 8088.60 on 24-6-2016 (Open-8029.10/High-8100.70/Low-7927.05)

Support: -8063.90/8055/7992/ 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: -8153.25/8188.30/8213.60/8245/8285.60/8295/8336/8375/8489.55/8530/8550-8600/ 8621.

                      

It opened with a huge down gap of more than 240 points after the Brexit outcome and went down further and hit the perceived range of 8010—7946---7930 where long trade was suggested ( see my post of 23-6-2016 and earlier post), it respected that range and bounced back and closed reasonably above that range. However this down move has upset the rhythm of the market.

It is important to mention here that the gap it created today is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time, if it does then it can come up to 8189 level. But it is likely to show strength only if it closes above 8245 and sustain, which may be kept in mind. 

Kindly note that today’s down move was a big jolt to the on-going up move and it has broken few important trend line  support level also in the process , therefore how it will behave in next few days time has to be seen. But technically as long as it holds the range of 7992—7972—7946—7906 the uptrend may be in place, sustained break below 7906(it changes every day) will threaten the uptrend and sustained break below 7718(it changes every day) will possibly end the uptrend and then a fresh down move may begin. Similarly to regain the up momentum again it has to close above 8245 and sustain. The broad range for it now is between 8245—7992—7906.

In view of today’s devastating down move it is suggested not to hurry for long trade now because it may go down further and break  today’s low, therefore  see whether it holds the 7992--7946—7906 range in next 3-4 days time or not, if it does hold this range then take long call. Avoid long call for sure if it sustains below 7906 till it moves and sustain above 7947 again. It  witnessed huge volatility today and if it continues then it may provide both side trading opportunity for day traders during the day till it breaks out on either side of its important range  of 8245—7906. Therefore traders can take their trading call keeping the said range in mind(take help of support and resistance level also mentioned above for entry, exit and trailing stop losses), but I caution that long trade could be highly risky at this point of time, therefore traders should get alerted below 7992 in long trade and exit trade below 7906. Short call seems a safer bet as of now if price movement permits. 

                            TRADING OPTION FOR-27-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 8105 for some time with a stop loss of below 8063 for a target of 8145/8153/8188.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 8063 with a stop loss of above 8105 for a target of 7992/7972/7946/7927/7906 or sell on the rise near 8190--8205 but not above 8205 with a stop loss of above 8250.

4. Long call can be attempted if it comes again near the lower band of the range of 8010—7946 with a strict stop loss of below 7900.

Remark: - The trend is up now. But today’s move has upset the up momentum and this correction may continue, therefore it is suggested to wait and watch for a day or two to initiate fresh long call. Instead short call seems to be a better bet now if price movement supports. 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—27-6-2016

CNX--BANK NIFTY

Closed at 17426.05 on 24-6-2016(Open-17213.85/High-17459.20/Low-16946.35)

Support: 17425.80/17350.45/17200/17174.70/17067.45/17029.85/16962/16932.50/16922.05/16587.25/16431.65/16368/16282.75/16188/16186.25/16141.65/16099.65/16011/15762.20/15682.65/15522/15440.25/15005/14767/14761/14754/14445/13810.60/13407.25.

Resistance:17611/17666.05/17671/17719/17762.05/17844/17907.50/17943.65/17950/ 18029.05/18051.50/18278/18580.65/18662/19030.

It opened with a huge down gap of more than 670 points after the Brexit outcome and went down further and hit the perceived range of 17067--16922 where long trade was suggested (see my post of 23-6-2016 and earlier post), it respected that range and smartly bounced back and closed way above the range. However this down move has upset the rhythm of the market.

It is important to mention here that the gap it created today is still there and theoretically it can make an attempt to fill this gap in next 3-4 days time, if it does then it can come up to 17611 level. But it will regain up momentum if it closes above 18045 and sustain, which may be kept in mind. 

Kindly note that today’s down move was a big jolt to the on-going up move  and it has broken few important trend line  support level also in the process , therefore how it will behave in next few days time has to be seen. But technically as long as it holds the range of 17067--16922 the uptrend may be in place, sustained break below 16922 will threaten the uptrend and sustained break below 16797(it changes every day) will possibly put the break on the uptrend and finally sustained break below 16225(it changes every day) may end this uptrend and then a fresh down move may begin. Similarly to regain the up momentum again it has to close above 18045 and sustain. The broad range for it now is between 18045--16922.

In view of today’s devastating down move it is suggested not to hurry for long trade now because it may go down further and break today’s low, therefore see whether it holds the range 17200—17067--16922 in next 3-4 days time, if it does hold this range then take long call. Avoid long call for sure if it sustains below 16922 till it moves and sustain above 16940 again. It  witnessed huge volatility today and if it continues then it may provide both side trading opportunity for day traders during the day till it breaks out on the either side of its important range of 18045—16922. Therefore traders can take their trading call keeping the said range in mind(take help of support and resistance level also mentioned above for entry, exit and trailing stop losses), but I caution that long trade could be highly risky at this point of time therefore traders should get alerted below 17029 in long trade and exit below 16900. Short trade seems a safer bet as of now if price movement permits. 

TRADING OPTION FOR-27-6-2016

1. It is suggested to avoid long trade.

2. However aggressive day trader can try long call if it moves and sustain above 17460 for some time with a stop loss of below 17350 for a target of 17565/17611/17650.It could be a risky trade.

3. Short call can be tried if it moves and maintain below 17420 with a stop loss of above 17490, can add on position if it sustains below 17350 with a stop loss of above 17430 for a target of 17200/17067/17029/16962/16946 or sell on the rise near 17611--17680 but not above 17680 with a stop loss of above 17720.

4. Long call can be attempted if it comes again near the lower band of the range of 17067---16922 with a strict stop loss of below 16900.

Remark: - The trend is up now. But today’s down move has upset the up momentum and this correction may continue, therefore it is suggested to wait and watch for a day or two to initiate fresh long call. Instead short call seems to be a better bet now if price movement supports. 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.