CNX--BANK NIFTY-A TECHNICAL VIEW 8-2-2017

CNX--BANK NIFTY

Open-20367.30--High-20426.95--Low-20281.50—Close-20327.25 on

 7-2-2017

Support:  20309.65/20248/19915.20/19816.50/19794.95/19518/19435/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: - 20470/20541.65/20575.80/20907.55.

It corrected today but the overall technical setup is o.k. But it has not filled the gap it created on 6-2-2017, furthermore it made lower high and lower low today which is slightly concerning and if moves below 20280 and sustain then it may correct further before moving up again. Please note that it may regain the up momentum once it closes above 20371.60 and if it fails to close above it then it may slip into deep correction. In view of today’s movement chances of correcting further looks quite possible and in that case it will find good support at 20229.65/19922.70/19794.95/19435.45. It is therefore suggested to avoid long call till it closes above 20371.60; however aggressive trader can try long call above 20356 with a stop loss of below 20280 or else try on decline near but not below the support points mentioned above with a self defined short stop losses because it is difficult to know that how correction will culminate.

Remark: - Technically it is o.k. but looking at today’s movement it seems that it could correct further from here before moving up again, therefore long call should only be tried once it closes above 20371.60. 

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 -7-2-2017

CNX-NIFTY

Open-8785.45—High-8814.10---Low—8770.20—Close—8801.05 on

6-2-2017

Support: - 8800.65/8757.60/8736.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

It is showing tremendous strength and it opened today with an up gap at 8785.45 within the resistance range of 8782—8821(see my post of 6-2-17) and thereafter moved up further and made a high of 8814.10 which was quite near to the upper end of the resistance range for the day (see my post for 6-2-17)but could not cross it and as expected it retreated back from  there for a while and made a low of 8770.20 but firmed up later to close almost near the high of the day. Please note that since it gave upside breakout from the weekly range of 8757.60----8672.70(see my post of 6-2-17), therefore as long as it holds the level of 8757.60 there is no potential threat of deep correction, short correction may happen anytime. But technically there is always a possibility that it could attempt to fill the today’s gap in next 3-4 days and if it does then it could come down to 8748 level and in that case long trade can only be tried if it moves again above 8757.60 and sustain.

Although it is on the firm technical footing and there is no sign of weakness as yet and it is definitely buy on dip market now. But since we are just away by 300 odd points from its all time high therefore, it is suggested to be extremely cautious in your trade position henceforth, because moving up from here to the all time high of 9119.20 it will face huge hurdle on the way at 8830/8874/8940/8969/9050, therefore possibility of a down correction is always there at any point of time.      

Please note that the trading range for 7-2-2017 is between 8785.45---8757.60---8823---8866. Therefore the following trading strategy can be tried.

1. Long call can be tried above 8815 with a stop loss of below 8785 for a target of 8823/8830/8850/8874.

2. Long call can be tried on decline near but not below 8757.60 with a stop loss of below 8740.  

It would be relatively safe to try long call above 8815 which may please be noted.

Remark: - Technically it is on a sound footing and no doubt it is buy on dip market, as it will face stiff resistance moving up towards it all time high level of 9119.20, so be cautious in your trade positions because correction may creep in anytime. Therefore it would be safe to try long call above 8815 on 7-2-2017.  

 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 7-2-2017

CNX--BANK NIFTY

Open-20307.15--High-20462.45--Low-20298.05—Close-20371.60 on

 6-2-2017

Support:  20309.65/20248/19915.20/19816.50/19794.95/19518/19435/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: - 20470/20541.65/20575.80/20907.55.

It is exhibiting huge strength technically. It opened with an up gap and thereafter moved up further and made a high of 20462.45 for the day and finally closed at 20371.60 with a gain of 174.79 points.

Please note that it gave huge upside breakout from the weekly range of 20248----19794.95(see my post of 6-2-17) and also from one of its important top of 20309.65, therefore as long as it holds the level of 20309.65 & 20248 there is no potential threat of deep correction, short correction may happen anytime. But technically there is always a possibility that it could attempt to fill the today’s gap in next 3-4 days and if it does then it could come down to 20230 level and in that case long trade can only be tried if it moves again above 20309.65 and sustain.

Looking at its up momentum at least now it seem that it is heading for hitting a new all time high in coming days/weeks but on the way it will face stiff resistance at 20405/20470/20541.45/20575.80. It is therefore suggested to be extremely cautious in your trade position henceforth, because possibility of a down correction is always there and it could creep in at any point of time.   

In view of the above observation on 7-2-2017 long call can only be tried above 20405 with a stop loss of below 20290 for a target of 20470/20541.45/20575.80. Avoid long call on decline on 7-2-2017. 

Remark: - Technically it is on a strong footing, but at this juncture caution should be exercised because it may also correct anytime. Therefore it would be safe to try long call above 20405 on 7-2-2017. 

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 -6-2-2017

CNX-NIFTY

Open-8735.15—High-8748.25---Low—8707.75—Close—8740.95 on

3-2-2017

Support:- 8736.95/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8757.60/8800.65/8806.95/8844.80/8849.75/8893.35/8913.45/8968.70/8996.60/9119.20.

It is showing good strength and it has ended the week near the high of the week, which is a good sign. The important range for the coming week starting from 6-2-2017 is between 8757.60----8672.70 and then from 8640---8530. It is therefore suggested to try long call above 8757.60 with a stop loss of below 8725 for a target of 8782/8820/8850/8874 or buy on decline near but not below 8708 and then finally near but not below 8672.70 with a stop loss of below 8672 & 8640 respectively. It would be better and safe to try long call above 8758 on 6-2-2017. Please note that sustained break below 8640 will signal that this rally may end and break below 8530 will confirm the end of the on-going rally and then it may slip into deep correction. Therefore long call should be avoided below 8672.70 and below 8640 for sure.

It is important to mention here that for 6-2-2017 moving up the range of 8782---8821 may pose stiff resistance and if it does not get past this range then it could retreat from here, so be alert and watchful in your trade positions around this range.  

Remark: - Technically it is on a sound footing and no doubt it is buy on dip market, but at this juncture it looks critical and will face lot of hurdles moving up, so be cautious in your trade positions. It is therefore suggested to try long call only above 8758 and avoid buy on decline on 6-2-2017.

 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 6-2-2017

TRADING CALLS

1. APOLLO HOSPITAL.

Buy above -1272, S/L-1264, Target-1286/1299/1315/1331.

2. ASIAN PAINTS.

Sell below -981, S/L-986, Target-970/963/954/937.

3. ADANI PORTS.

Sell below -301.70, S/L-303.70, Target-299/295/292.50/290/283.40.

4. AXIS BANK.

Buy above -492.50, S/L-490, Target-498/504/514.

5. BHARAT FORGE.

Sell below -945, S/L-950, Target-930/926/915/904.

6. BHEL.

Buy above -143, S/L-142, Target-146.80/150.70/154 .

7. CIPLA.

Buy above -611.50, S/L-607, Target-617.80/632/648/660.

8. COAL INDIA.

Buy above -327, S/L-325.50, Target-330.50/337.30/339.

9. DABUR (I).

Sell below -267.75,S/L-269, Target-263/259/255.

10. GLENMARK PHARMA.

Sell below -939, S/L-946, Target-923.80/913/899/885.

11. HINDUSTAN ZINC.

Sell below -318.40, S/L-321.0, Target-311/304/302/295.

12. TATA MOTORS.

Sell below -518, S/L-523, Target-512/507.50/495/492.

Note: Price stated here is of spot market. Please note that these intraday trading calls are based on previous 2-3 days movement therefore  it does not reflect the overall trend of the stock.

                                 

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 6-2-2017

CNX--BANK NIFTY

Open-20061.90--High-20229.65--Low-20009.95—Close-20196.80 on

 3-2-2017

Support:- 19922.70/19816.50/19794.95/19518/19435/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance:-20168.35/ 20248/20264.80/20309.65/20541.65/20575.80/20907.55.

It steadily moved up and closed today within its very important range of 20168.35---20248 (see my post of 3-2-2017). It is exhibiting tremendous strength but it has to move above 20248 and sustain on the closing basis consistently to make an attempt to hit a new all time high, but attempting new high may not be smooth because it will face stiff resistance on the way up at 20310/20440 & 20575.80 levels. So 20248 is a very critical point and if it fails to move above it on the closing basis and sustain then it could correct before moving up further. Moving down the most important levels would be at 19794.95 & 19435.45, please note that break and close below 19794.95 will be an indication of break in the on-going uptrend and break and close below 19435.45 will confirm the end of the current up rally and then it may slip into deep corrective mode. So at present the important trading range is 20248----19794.95 and either side breakout will decide which way it can move, but looking at the present momentum chance are that it could give upside break. However plan your trade keeping the said range and resistances thereafter in mind for the effective outcome of your trade.  The bias is on the upside as of now, but it is critically poised, so be vigilant and cautious in your trade.

It is important to mention here that for 6-2-2017 moving up the range of 20230---20315 may pose stiff resistance and if it does not move above this range then it could retreat from here, so be cautious in your trade positions around this range.

In view of the above observation, it is suggested to try long trade either above 20248 with a stop loss of below 20180 for a target of 20297/20315/20440/20576 or on decline near but not below 19794.95 with a stop loss of below 19670. It would be better and safe to try long call above 20248 on 6-2-2017.

Remark: - Technically it is on a strong footing and no doubt it is buy on dip market, but at this juncture it is precariously poised but an upward bias. Therefore long call can only be tried above 20248. Avoid buy on decline on 6-2-2017. 

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.

TRADING CALLS FOR 3-2-2017

TRADING CALLS

1. ASIAN PAINTS.

Sell below -981, S/L-990, Target-970/963/953.

2. AUROBINDO PHARMA.

Buy above -693, S/L-688, Target-710/718/720/731.

3. BAJAJ AUTO.

Sell below -2801, S/L-2810, Target-2789/2772/2753/2701.

4. BANK OF BARODA.

Sell near -180-181, S/L-182.60, Target-177/173/170.

5. BHARAT FORGE.

Sell below -964, S/L-970, Target-940/932/926/915. 

6. DIVIS LAB.

Buy above -743, S/L-737, Target-757/772.

7. YES BANK.

Sell below -1381, S/L-1388, Target-1367/1353/1343/1334.

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 3-2-2017

CNX--BANK NIFTY

Closed at 20070.30 on 2-2-2017(Open-20053.95/High-20145.90/Low-19915.20)

Support:- 19922.70/19816.50/19794.95/19518/19435/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance:-20168.35/ 20248/20283/20309.65/20541.65/20575.80/20907.55.

It moved up in a robust way after the presentation of the Union Budget-2017-18 on 1-2-17 and closed with a huge gain and today also it consolidated and closed with a meager gain of 49.70 points. It is showing tremendous strength and is still buy on dip market but extreme alertness is required at this juncture as the range of 20168.35---20248 is very important and crucial to keep the up momentum going.

Please note that it has to move above 20248 and sustain on the closing basis to keep the on-going up momentum intact, if it does so then it may hit a new all time high also but attempting that it will face hurdles at 20440 & 20575.80 points too. So the up journey may not be smooth from here and if it fails to move above 20248 in next 3-4 trading session then this on-going rally may exhaust also and it may go into corrective mode, so be watchful and alert and plan your trade keeping the above range and stiff resistance thereafter in mind.  

Similarly moving down the range of 19794.95---19435.45 is very important. Please note that sustained close below 19794.95 can put it in a corrective mode and break below 19670 & 19435.45 may accelerate the fall.

In view of the above observation long can be tried either on decline near 19794.95 or above 20248 but not now with a stop loss of below 19700 & 20100 respectively. It is not the market for short call now but since  it is just below is critical range of 20168.35—20248 therefore if it fails to cross the said range short call can be attempted near or within the range with a stop loss of above 20320 for taking advantage of corrective move.

Remark: - Technically it is on a good footing and no doubt it is buy on dip market, but at this juncture it is precariously poised with a slight upward bias. Therefore long call can only be tried either near 19794.95 or above 20248 but not below 19794.95 for sure. It would be safe to try long call above 20248 at this point of time. Short call can also be attempted as suggested above. It 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.

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 -3-2-2017

CNX-NIFTY

Open-8724.75—High-8757.60---Low—8685.80—Close—8734.25 on

3-2-2017

Support:-8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8736.95/8745.80/8800.65/8806.95/8844.80/8849.75/8893.35/8913.45/8968.70/8996.60/9119.20.

It moved up sharply after the presentation of the Union Budget-2017-18 on 1-2-17 and today also it consolidated and closed with a meager gain of 17.84 points. It is showing tremendous strength and is still buy on dip market but alertness is required at this juncture as the following range is very important and crucial to keep the up momentum going.

MOVING UP

1.8672.70----8754

2. 8830------8874.

Please note that it has to move above 8754 and sustain on the closing basis to keep the on-going up momentum intact and finally it has to move above 8874 and sustain then it may hit a new all time high also but attempting that it will face hurdles at 8940 / 8969 & 9040 points too. So the up journey may not be smooth from here and it may exhaust also at any of these points, so be watchful and alert and plan your trade keeping the above range and stiff resistance thereafter in mind.  

MOVING DOWN

1.8655----8537.50

Please note that sustained close below 8672.70 and then break below 8655 can put it in a corrective mode and break below 8537 may accelerate the down correction. Please note that the long term uptrend will only be threatened if it breaks its long term moving average range which is between 8447—8253(it changes every day).

In view of the above observation long can be tried within the range of 8672.70---8754 or above 8754 but not below 8672 with a stop loss of below 8650 or after a reasonable decline near 8537 and then near 8450 but not below it with a stop loss of below 8400. It is not the market for short call now but it can be attempted if it move and sustain below 8650 with a stop loss of above 8680 for taking advantage of corrective move.

Remark: - Technically it is on a good footing and no doubt it is buy on dip market, but at this juncture it is critical and seems evenly poised with a slight upward bias. Therefore long call can only be tried near 8672.70 or above 8754 but not below 8672.70 for sure. Short call can also be attempted as suggested above. It could be a risky trade but 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.