CNX--BANK NIFTY-A TECHNICAL VIEW 10-1-2017

CNX--BANK NIFTY

Closed at 18286.65 on 10-6-1-2017(Open-18316.25/High-18373.10/Low-18256.15)

Support:-18242.10/18177.20/18143.70/17952.60/17910.80/17829/17606.

90/17425.80/17350.45/16946.05/16431.65/16368/16186/15762.

Resistance:- 18325.50/18443.65/18532/18537/18551/18713.60/17739.65/18824.40/18961.15/19059/19096.70/19125/19158/19493.50.

The broad observation remains the same (see my post of 9-1-2017). Although it closed on a positive note today but its movement looked a bit stressed therefore it may correct from here before moving up again. It is therefore suggested to follow almost the same trading strategy of 9-1-2017 with slight difference in figures on 10-1-2017.

  TRADING STRATEGY

1. Long call can be tried if it sustain above 18326 for some time with a stop loss of below 18250. The upside target could be 18370/18444/18473/18513.

2. Aggressive trader can try long call on decline also but not below 18242 with a stop loss of below 18170 or near but not below 18097 with a stop loss of below 18000, it could be a risky trade.

3. Contrarian short call can be tried for an expected down correction if it moves below 18242 and sustain with a stop loss of above 18330 for a target of 18177/8143/17952.

Remark: - As of now it is a buy on dip market but it looked stressed today and may correct from here before resuming up move again, therefore it is advised to exercise some caution in long trade and it is suggested to try long trade only above 18326. Avoid long call below 18242.30 and below 18177.20 for sure.

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.

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.

                                                                                     

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

CNX-NIFTY- A TECHNICAL VIEW -9-1-2017

CNX-NIFTY

Open-8281.85—High-8306.85---Low—8233.25—Close—8243.80 on

6-1-2017

Support:-8230.65/8210.10/8185.80/8162/8133.80/8077/8060/8056/8002/7992/7988/7940/7927.05/7916.40/ 7897/7893.80/7715.80/7678.35/7644/7615.85/7405.15.

Resistance:- 8274.95/8294.95/8306.85/8400.25/8476.70/8506/8518/8558/8598.45.

It steadily moved up during the week and made a high of 8306.85 on the last day of the week but slipped down to close with a small weekly gain of 58 points. It rallied by more than 400 points from 7893.80 to 8306.85 in nine trading days but with today’s close it showed some sign of fatigue therefore it seems that it may correct further from here; however it is still a buy on dip market now as it is making higher top (recent top 8273.80) and bottom(recent bottom 8190.50) on the line chart and making higher highs and higher lows on the bar chart, furthermore it is above its short term moving averages now and also above its lower band of long term moving averages range which is between 8217.67---8421(it changes every day). Please note that it will firm up once it moves above 8421 and sustain. However as long as it holds it’s lower band of long term moving i.e. 8217.67(it changes every day) the up move may continue, here it is important to mention that its most critical benchmark points for the year 2017 are 8210.10 & 8185.80, therefore be circumspect in long trade if it consistently starts trading below these points because sustained break below it may lead to a fresh down move, similarly be alert in short trade above these points.

In view of the above observation the range of 8217—8210.10---8190.50--8185 is a very good support for it. Therefore as long as it holds this range  on the closing basis the on-going rally may continue but it will gain good strength only if it moves and sustain above 8421(it changes every day). I Would therefore suggest to avoid long call if it sustain below 8185 till it bounce back above 8210.10 again in fact above its lower band of long term moving average which is at 8217.67 (it changes every day) for 9-1-2017. 

TRADING STRATEGY

1. In view of today’s movement it would be safe to try long call if it moves and sustain above 8275 with a stop loss of below 8230 and can add on position if it moves and sustain above 8307 with a stop loss of below 8265 for added position. The upside target could be 8338/8380/8421.

2. Aggressive trader can try long call on decline also but not below 8217 with a stop loss of below 8180, it could be a risky trade but with even chances.

3. Although it is a buy on dip market now but looking at today’s move a contrarian short call can be tried near but not above 8275 only if it fails to cross the said level for at least first one and half hour of trade with a stop loss of above 8307,it could be a highly risky trade but worth trying. The downside target could be 8243/8233/8217/8210/8195/8185/8133.

Remark: - As of now it is a buy on dip market but with today’s movement it advised to exercise some caution in long trade because it may correct further here before resuming the up move again. Avoid long call below 8210.10 and below 8185 for sure. If price movement permits short call could be worth trying.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

CNX--BANK NIFTY-A TECHNICAL VIEW 9-1-2017

CNX--BANK NIFTY

Closed at 18264 on 6-1-2017(Open-18168.45/High-18325.50/Low-18157.80)

Support:-18242.10/18177.20/18143.70/17952.60/17910.80/17829/17606.

90/17425.80/17350.45/16946.05/16431.65/16368/16186/15762.

Resistance:- 18325.50/18443.65/18532/18537/18551/18713.60/17739.65/18824.40/18961.15/19059/19096.70/19125/19158/19493.50.

It had an erratic movement during the week but finally ended the week with a small gain of 86.80 points over the previous week.  Its rise has not been that smooth as compare to Nifty but any way it still seems to be a buy on dip market as of now. In this context it is important to mention here that 18177.20 & 18242.30 are its most critical and important benchmark points for the year 2017, therefore be circumspect in long trade if it consistently starts trading below these points because sustained break below it may lead to a fresh down move, similarly be alert in short trade above these points. Please note that since it has crossed and closed above its benchmark points today only, therefore it has to be seen whether it sustains above it or not in next 3-4 days and if it does  then this rally may continue. Furthermore it is also above its lower band of long term moving averages range which is between 18082—18847(it changes every day) therefore even if it breaks its benchmark point of 18242.30 & 18177.20 but as long as it holds its lower band of long term moving average chances are that it may bounce back from there and may the cross the benchmark points also and this rally may continue. But it is suggested to avoid long trade below 18242.30 and below 18177.20 for sure till it bounces back above 18242.30 again and sustain.

                                                   TRADING STRATEGY

1. Long call can be tried if it sustain above 18264 for some time with a stop loss of below 18230 and can add on position if it moves and sustain above 18326 with a stop loss of below 18290. The upside target could be 18370/18444/18473/18513.

2. Aggressive trader can try long call on decline also but not below 18177 with a stop loss of below 18130 or near but not below 18082 with a stop loss of below 18000, it could be a risky trade but with even chances.

Remark: - As of now it is a buy on dip market but since it closed above its benchmark point of 18177.20 & 18242.30 today only but not comfortably above it and may slip below these points also, therefore it is advised to exercise some caution in long trade and it is suggested to try long trade above 18264. Avoid long call below 18242.30 and below 18177.20 for sure. 

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.

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.

                                                                                     

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

CNX-NIFTY- A TECHNICAL VIEW -2-1-2017

CNX-NIFTY

Open-8119.65—High-8197---Low—8114.75—Close—8185.80 on

30-12-2016

Support:-8077.50/8063/8056.50/8002/7992/7988/7940/7927.05/7916.40/ 7897/7893.80/7715.80/7678.35/7644/7615.85/7405.15.

Resistance:- 8199/8230.65/8250.80/8274.95/8294.95/8400.25/8476.70/8506/8518/8558/8598.45.

Since it held on to its critical point of 7897.25 on the closing basis it gave a good up move for last few days and ended the week with a gain of 200.05 points. As mentioned earlier that it is a buy on dip market now(see my post of 28-12-16), therefore it seems that the on-going up move is likely to continue with in between corrective down move. Please note that since it had a vertical rise from 7893.80 to 8197 in last 4 days, furthermore it is just below its tough resistance point of 8199 and also below its important long term moving average which is placed at 8220(it changes every day) for 2-1-2017, so the range of 8199—8220 is very tough range for it. Therefore it may correct from this range before resuming the up move again. In view of the above observation it is suggested to try long call if it sustain above 8199 but it would be relatively safe to try it above 8220 with a stop loss of below 8180 or on decline at proper level but not below 8080 with a stop loss of below 8050.

It is important to mention here that yearly close of 8185.80 and the opening figure on 2-1-2017(make a note of it on the opening) will be the benchmark point for your trade for the whole year of 2017, therefore it is suggested that one should be circumspect in long trade if it starts sustaining below the aforesaid mentioned points and vice versa.

Remark: - It is in the downtrend. But now the up move is on within the downtrend therefore buy on dip strategy should be followed till it gives visible sign of up rally exhaustion. Since it is near its tough resistance range therefore it would be safe to try long call on decline as suggested above or else if it moves and sustain above 8220.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 2-1-2017

TRADING CALLS

1. ASHOK LEYLAND.

Sell below-79.65, S/L-80.30, Target-78.60/78/77.40/76.80.

      

2. AUROBINDO PHARMA.

Buy above -672.50, S/L-668, Target-698/705/715.

3. DR.REDDY LAB.

Buy above -3070, S/L-3059, Target-3081/3111/3118.

                                       

4. LUPIN

Sell below -1486, S/L-1491, Target-1467/1451/1440  

   

.                              Note: Price stated here is of spot market.   

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.

 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.                       

 Contact me for strategic guidance to enter and exit the trade

                                    

                        

                     

  

                    

                             

CNX--BANK NIFTY-A TECHNICAL VIEW 2-1-2017

CNX--BANK NIFTY

Closed at 18177.20 on 30-12-2016(Open-18026.35/High-18245.75/Low-18016.80)

Support:-18143.70/17952.60/17910.80/17829/17606.

90/17425.80/17350.45/16946.05/16431.65/16368/16186/15762.

Resistance:- 18245.70/18443.65/18532/18537/18551/18713.60/17739.65/18824.40/18961.15/19059/19096.70/19125/19158/19493.50.

After making bottom of 17655.55 on 26-12-16 on the line chart it steadily moved up during the week and ended the week with a gain of 293.19 points. It seems that the on-going up move may continue for some time with in between corrective down move. It is making higher top and bottom on the line chart now and also reasonably above its important long term moving average which is placed at 18013(it changes every day) for 2-1-2017. So it is definitely a buy on dip market now as mentioned in my post of 30-12-2016. Therefore long call can be tried  if it moves and sustain above 18246 with a stop loss of below 18170 for a target of 18307-330/18472/18513 or on decline at proper levels but not below 18013 with a stop loss of below 17920.

It is important to mention here that yearly close of 18177.20 and the opening figure on 2-1-2017(make a note of it on the opening) will be the benchmark point for your trade for the whole year of 2017, therefore it is suggested that one should be circumspect in long trade if it starts sustaining below the aforesaid mentioned points and vice versa.

Remark: - It is in downtrend. But now the up move is on therefore it is suggested to adopt buy on dip strategy, so long call can be tried on decline as mentioned above  else try long call above 18246.  

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.

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.

                                                                                     

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

CNX-NIFTY- A TECHNICAL VIEW -30-12-2016

CNX-NIFTY

Open-8030.60—High-8111.10---Low—8020.80—Close—8103.60 on

29-12-2016

Support:-8077.50/8056.50/8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a flat to negative note but recovered quickly and moved in a very short range for quite some time before it started moving up steadily in the latter half of the day and finally closed with a good gain of 68.75 points and near the high of the day. It is buy on dip market now (see my post of 28-12-16) therefore long trade can be tried either above 8112 or on decline but not below 8020 with a stop loss of below 7980. The upside target could be 8130/8185/8199/, it is important to mention here that it is still below its important long term moving average which is placed at 8221(it changes every day) for 30-12-16, therefore it will face huge resistance in the range of 8199---8221and once it moves above 8221 and sustain it will start gaining strength and may continue to move forward else the up move may exhaust at this range. Although technically it is buy on dip market now but since the on-going up move is within the downtrend therefore long call should be handled vigilantly and with extreme caution.

It is important to mention here that tomorrow will the first day of the January-2017 series, therefore market may open with an upside gap, so do not hurry to initiate long position if it opens with a upside gap then wait for the market to settle down before initiating long position.  

Remark: - It is in the downtrend. But now the up move is on within the downtrend therefore buy on dip strategy should be followed till it gives visible sign of up rally exhaustion.  The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.

TRADING CALLS FOR 30-12-2016

TRADING CALLS

1. APOLLO HOSPITAL.

Buy above-1164, S/L-1159, Target-1171/1190/1201/1225.

      

2. AUROBINDO PHARMA.

Sell below -644, S/L-650, Target-620/601/588/582.

3. BAJAJ AUTO.

Buy above -2657, S/L-2645, Target-2667/2700/2716/2765.

                                      

4. CADILA HEALTCARE.

Buy above -353, S/L-350, Target-360/369/375.   

   

5. GLENMARK PHARMA.

Sell below -884, S/L-889, Target-877/860/852.

6. HCL TECH.

Buy above -825, S/L-818, Target-840/849/862.   

7. INFOSYS.

Sell below -988, S/L-994, Target-969/958/932.   

                                 

8. TCS

Buy above -2260, S/L-2350, Target-2400/2435/2456.

 

9. YES BANK

Buy above -1154, S/L-1147, Target-1160/1176/1194.

 

                              Note: Price stated here is of spot market.   

                                      

 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.

                       

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.                       

                     

   Contact me for strategic guidance to enter and exit the trade

                    

                            

CNX--BANK NIFTY-A TECHNICAL VIEW 30-12-2016

CNX--BANK NIFTY

Closed at 18033.15 on 29-12-2016(Open-17861.45/High-18053.30/Low-17829.40)

Support:-17952.60/ 17884/17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It opened on a flat to negative note but recovered quickly and then traded in a very short range throughout the day but picked up speed in last 30 minutes of trade and closed with a gain of 156.45 points and near the high of the day.  Please note that with today’s close it has made higher bottom of 17876.70 and crossed the recent top also, so it is in the process of making higher top too on the line chart, furthermore it has also moved above its first long term moving average which is placed at 17998(it changes every day) for 30-12-16 and if it sustain above this it may gain good strength. But today’s close indicate that it has turned into buy on dip market for now till it holds 17876.70 on the closing basis. Therefore long call can be tried either above 18060 or on decline but not below 17876 with a stop loss of below 17810. The upside target could be 18173/18307/18472/18513.  It is suggested to avoid short call for now and it can only be tried if it closes below 17876.70. 

It is important to mention here that tomorrow will the first day of the January-2017 series, therefore market may open with an upside gap, so do not hurry to initiate long position if it opens with a upside gap then wait for the market to settle down before initiating long position. 

  

Remark: - It is in downtrend. But with today’s close it is suggested to adopt buy on dip strategy till closes below 17876.70.The overall trend is bearish as of now.  

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.

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.

                                                                                     

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

CNX--BANK NIFTY-A TECHNICAL VIEW 29-12-2016

CNX--BANK NIFTY

Closed at 17929.20 on 28-12-2016(Open-18059.65/High-1717829.15/Low-17876.70)

Support:- 17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.

Resistance:- 17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .

It is on a weak technical footing (see my post of 28-12-16), however it opened on a positive note and moved up and crossed its first important point of 17971 (which is at 17985 for 29-12-16) and went near the closing point of 18085 but could not hold on at the upper level and plunged down to close with a meager loss of 2.85 points. It is still making lower top and bottom on the line chart and will only give some hope of a relief rally if it closes above 17884, therefore it would be relatively safe to try long call once it closes above this mark, however aggressive day trader can try long call if it move and sustain above 17884 for some time with a stop loss of below 17819. It is important to mention here that it will gain some strength only if it moves and sustain above 17985(it changes every day). In view of the above short call can also be tried it moves and sustain below 17819 with a stop loss of above 17884 for a target of 17819/17790/17730/17704/17672/17655.   

Remark: - The uptrend is severely threatened and downtrend is on. It would be preferred and safe to try long call once it closes above 17884.However day trader can try both side trade depending on the price movement and as suggested above.The trend is bearish as of now.  

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.

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.

                                                                                     

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

CNX-NIFTY- A TECHNICAL VIEW -29-12-2016

CNX-NIFTY

Open-8047.55—High-8100.55---Low—8028.40—Close—8034.85 on

28-12-2016

Support:-8002/7992/7988/7946/7938/7927/7916.40/ 7897/7859/7807/7735-7714/7644.

Resistance:- 8056.86/8077.50/8108.50/8132.50/8224.50/8230.65/8244/8257.42/8261.75/8274.95.

It opened on a positive note and hit a high of 8100.55 for the day but could not sustain at the higher level and slipped down and finally managed to close with a meager gain of 2 points but near the low of the day. Although it relatively closed on a weak note today but since it crossed its recent top of 7985.75 on the line chart yesterday therefore it seems that as of now it is still buy on dip market till it holds 7908.25 on the closing basis and finally the level of 7897.25(see my post for 28-12-16). Therefore for 29-12-16 long call can be tried on decline near but not below 7965 with a stop loss of below 7940 or try if it maintains above 8045 for some time with a short stop loss of below 8020 here please note that today it will face huge resistance in the range of 8065-8071. It is therefore suggested to structure your trade keeping the above options in mind. But looking at today’s close buy on decline at proper point would be a better option.

It seems that it is buy on dip market now but moving up the range of 8065—8071 will pose stiff resistance today therefore one can take a contrarian short call also near the said range if it fails to cross the same   for some time with a stop loss of above 8085 or can also try below 8028 with a stop loss of above 8045 for a target of 8000/7986/7965/7942.

Please note that the on-going rise is an up move within the downtrend and it could end abruptly also (see my post of 28-12-2016) therefore be careful in long trades.

Remark: - The uptrend is severely threatened and it is already in the downtrend now. Although today’s close was not that encouraging but still long call can be tried but only on decline and at suggested level but with extreme caution and care. Meanwhile if price movement permits then it would also be worthwhile to try short call as suggested above.  The overall technical setup is bearish.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit  trade.