A TECHNICAL VIEW ON CNX--NIFTY---11-7-2017

CNX-NIFTY

Open-9719.30—High-9782.15---Low—9646.45---Close—9771.05 on

10-7-2017

Support: - 9709.30/9700/9698/ 9657/9632/9608.60/9589/9560.

Resistance: - 9839/9870/9918/10043.

It opened with an up gap today crossing the multiple top resistance range of 9688.70---9709.30(see my post of 10-7-17) and the good part was that it filled the gap during the day and closed near the high of the day. Technically it is on a strong footing ,furthermore today it gave a decisive upside breakout from the all time high of 9709.30, which indicates further rise ahead. It is therefore suggested to try long call only now or on decline but not below 9709.30 with a stop loss of below 9657. The upside target for 11-7-2017 could be 9839 & 9871.   

Remark: - Technically it is showing robust strength therefore only long trade should be attempted as suggested above because there is no scope for short trade 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.

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.

A TECHNICAL VIEW ON CNX-NIFTY---10-7-2017

CNX-NIFTY

Open-9670.35—High-9684.25---Low—9642.65—Close—9665.80 on

7-7-2017

Support: - 9657/9632/9608.60/9589/9560/9486/9448.75/9367/9341.65.

Resistance: - 9688.70/9698.85/9700.70/9709.30/9870/10043.

It did come near to 9709.30 on 6-7-17 and made a high of 9700.70 but could not cross it. It has multiple tops in the range of 9688.70---9709.30 which is posing stiff resistance to it; therefore I still suggest it would be relatively safe to try long call if it moves and sustain above 9709.30(see my post of 6-7-17). However as long as it holds 9657 & 9632 level on the closing basis chance of crossing 9709.30 mark is still alive , therefore those who wish to take an aggressive call can try long call now or on decline also with a  stop loss of below 9550. Please note that certain technical indicators are showing negative divergence on the charts and if it breaks and sustains below 9550 then it may come into play and if it does then it may break 9300 mark. It is therefore suggested to avoid long call below 9550.

Remark: - In view of the above observation, it would be safe to try long trade if it moves and sustain above 9709.30.

 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.

AN OBSERVATION ON CNX-NIFTY--6-7-2017

CNX-NIFTY 

When I last wrote in the middle of February-2017 the Nifty was 8800 plus and from then on it has moved from strength to strength and hit a all time high of 9709.30 on 6-6-2017 and  closed at 9637.60 on 5-7-2017 which is just 70+ points below its all time high. After hitting an all time of 9709.30, in last one month it has been broadly moving in a range of 9550—9680 although it hit a low of 9448.75 on 30-6-2017.  Technically it is looking O.K. now but 9510 & 9415 are critical points and if it moves below 9510 and sustain then it could correct and break below 9415 could deepen the correction but to really turn it bad/bearish it has to move below 9119 & 8968 and sustain.

Since it is moving in a range of 9550—9680  and did not cross it all time high of 9709.30 in last one month, therefore either it could be a consolidation or distribution. Please note here that certain technical indicators are showing negative divergence on daily weekly chart which is concerning, therefore it seems that it could be a possible distribution and it could head downward in coming days, so be watchful in long trade now. In view of this it is suggested to take fresh long call only if it moves above 9709.30 and sustain or on decline near but not below 9550 with a stop loss of below 9500; looking at the overall setup short call can be tried here or on the rise but not above 9709.30 with a stop loss of above 9720. It would be relatively safe to try long call above 9709.30. Please note that if it sustain above 9709.30 then it could hit 10043 mark similarly if it moves below 9510 & 9415 and sustain then it could hit 9150—9100 range.

Remark: - In view of the above observation long trade should only be attempted if it moves and sustain above 9709.30 or on decline near 9550, instead short call can be tried now or on the rise as suggested above.

 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-NIFTY- A TECHNICAL VIEW -20-2-2017

CNX-NIFTY

Open-8883.75—High-8896.45---Low—8804.25—Close—88821.70 on

17-2-2017

Support: -8804.25----8783.95/8754/8712.85/8672.70/8641/8598.45/8564/8555/8537.50/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: - 8826.90/8830/8844.80/8849.75/8874/8893.35/8896.45/8913.45/8968.70/8996.60/9119.20.

Despite giving weak signal on 15-2-17 it was firm on 16-2-17 and on 17-2-17 it opened with a huge up gap at 8883.75 and hit a high of 8896.45 for the day but could not sustain at the upper level and slipped down but finally ended the day with a gain of 43.70 points. It did cross both the critical point of 8830 & 8874 intraday but could not close above it, secondly the gap it created today is still there and if it tries to fill the gap in next 3-4 days time, which is technically possible then it could come down to 8783.95 level and finally the technical indicators are still weak therefore in spite of strong move today it could still slip down from here and may come down to the level of 8560---8490 provided it fails to close above 8830 & 8874 levels and sustain in next couple of days. I once again reiterate that market is volatile and volatility is not good for a steady market, furthermore moving up it will face stiff resistance in the range of 8830---8897---8969---9050 so the up journey may not be smooth from here . It is therefore suggested to be extremely cautious in your trade positions at this point of time.   

In view of the above observation long call can be tried if it moves and sustain above 8830 with a stop loss of below 8800 for a target of 8844/8850/8874 /8931/8969.

Remark: - It is witnessing huge volatility which is a concern for a steady up move and technical indicators are also weak, therefore despite strong close it could still slip down from here. It is therefore suggested that long call can be tried as suggested above but with extreme caution.

 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 20-2-2017

CNX--BANK NIFTY

Open-20918.45--High-21042.35--Low-20449.65—Close-20551.35 on

 17-2-2017

Support:20462.45/20449—20295/20309.65/20264/20088/ -- 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance:-20555.25/20575.80/20907.55/21042.35.

It gave part weak signal on 15-2-17 by establishing a lower top at 20258.10 but did not break the bottom of 20151.15 on the line chart and technical indicators were also indicating weakness, but despite that it moved in a short range on 16-2-17 and on 17-2-17 surprisingly it opened with a whooping up gap at 20918.45 surpassing its previous all time high of 20907.55 and hit a new all time high of 21042.35 but it could not sustain at higher level and slipped down but finally closed with a gain of 307.65 points. On the line chart it just closed near its all time high close of 20555.25 and on the bar chart it hit a new all time high therefore the price movement is showing strength but some of the technical indicators still indicate weakness, the volatility it is witnessing is a concern for a steady up move and lastly the gap it created today is still there and if it attempts to fill the gap in next 3-4 days time which is technically possible then it could come down to 20295 level.

 In view of the above observation chances of it slipping down from here cannot be ruled out. It is therefore suggested to be extremely vigilant and careful in your trade positions. Long call can be tried if it moves and sustain above 20576 with a stop loss of below 20445 for a target of 20770/20908.

Remark: - Price-wise it is showing good strength but certain technical indicators indicate otherwise. Therefore long call can be tried as suggested above but with extreme caution but after watching the market for some time.

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 -16-2-2017

CNX-NIFTY

Open-8778.95—High-8807.90---Low—8712.85—Close—8724.70 on

15-2-2017

Support: -8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8754/8757.60/8801.05/ 8826.90/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

As anticipated it corrected today and the sell call targets were achieved (see my post of 15-2-17). Please note that technical indicators have turned weak and clearly indicate that this down correction could continue further and it may come down in the range of 8560---8482 in coming days. Moving down it may find support at 8712.85/8672.70/8598.45/8537.50, but as long as it holds the level of 8482(it changes every day) there is no serious threat to the long term uptrend. Please note that today it broke its short term moving averages, recent bottom of 8768.80 on the line chart and recent bottom of 8715 on the bar chart therefore it has definitely turned sell on the rise market for the time being till it moves above 8827 and sustain.

Since it got into correction mode therefore long call should be completely avoided now  but can be tried on decline near or within the range of 8540---8482 but not below 8482 with a stop loss of below 8450. At this point of time it would be better to try sell call below 8720 with a stop loss of above 8745 or sell on the rise but not above 8827 with a stop loss of above 8850. The possible sell point on the rise could be at 8774/8802 & 8827.  

Remark: - It seems that it has certainly slipped into correction mode, therefore long call should be avoided till it moves above 8827 or if it gives visible indication of correction completion, but it can be tried on decline in suggested range. Short call seems a better option now and can safely be tried as suggested above.

 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 16-2-2017

CNX--BANK NIFTY

Open-20282.10--High-20368.20--Low-20115.85—Close-20163.70 on

 15-2-2017

Support:20115/ -- 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance:-20248/ 20,309.70/ 20470/20541.65/20575.80/20907.55.

It failed to close above 20371.60 instead it has established a lower top at 20258.10 on the line chart but yet to break the recent bottom of 20151.15; therefore it seems that the ongoing up move may have halted (see my earlier post) but deep down correction may only begin once it breaks its recent bottom of 20151.15 on the line chart, chances of which looks very bright. Furthermore it broke some of its short term moving averages and certain technical indicators have also turned weak pointing towards further fall from here, therefore long trade should be ruled out till it closes above its recent top of 20258.10 on the line chart but it would pick up momentum once it closes above 20371.60 which may please be noted or long call can be tried after a reasonable decline near or within the range of 19795—19435 but not below 19435. It is therefore suggested to try short call now on the rise but not above 20371.60 with a stop loss of above 20430 or below 20150 with a stop loss of above 20260 for a target of 20115/20000/19915/19823/.  

Remark: - It has made lower top and certain technical indicators also pointing that further fall ahead ,therefore long call should be completely avoided at least till it closes above 20258.10. Instead short call seems a better option at this point of time and can be tried as suggested above.

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 -15-2-2017

CNX-NIFTY

Open-8819.90—High-8820.45---Low—8772.50—Close—8792.30 on

13-2-2017

Support: -8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/ 8826.90/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

The broad observation remains exactly the same (see my post of 13 & 14^th Feb-2017) with slight change in trading strategy.

It has been consistently trying to cross the first stiff resistance level of 8830 in last four days but failed, even if it cross this mark and move up it will face huge resistance at 8845—8850—8874—8894--8969---9030 therefore it does not seem easy to cross this terrain. Furthermore it is overbought and looks fatigued and certain technical indicators also pointing that a fall could be imminent. Therefore it is suggested to avoid long call till it moves and sustain above 8830 for some time. Although it is not the market for fearless short trade now but since it did not cross the critical resistance point of 8830 in last four days  a contrarian short call can be tried near but above 8826 with a stop loss of above 8850 for a target of 8801/8772/8754/8734/8715. It could be a risky trade mind you.     

Remark: - The overall technical setup is till good but it looks fatigued and technical indicator also indicates that it could correct from here  therefore long call seems risky, so avoid it today. Instead short  call can be tried as suggested above but with extreme caution.

 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 15-2-2017

CNX--BANK NIFTY

Open-20304.50--High-20314.05--Low-20158.85—Close-20258.70 on

 14-2-2017

Support:--20248/ 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 13 & 14^th Feb 2017) therefore follow the same trading strategy.

It is suggested for safe and risk averse trader to try long call only once it closes above 20371.60. However aggressive trader can try long call above 20275 with a stop loss of below 20150 for a target of 20310/20371.60/20427/20470. It could be a risky trade.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 2-3 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call.

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 14-2-2017

TRADING CALLS

1. ASIAN PAINTS.

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

2. AUROBINDO PHARMA.

Sell below -659, S/L-663, Target-656/645/621.90.

3. BANK OF BARODA.

Sell below -168, S/L-170, Target-166/163/159/156/153.

4. LUPIN.

Sell below -1445, S/L-1450, Target-1435/1397/1382.

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-NIFTY- A TECHNICAL VIEW -14-2-2017

CNX-NIFTY

Open-8819.80—High-8826.90---Low—8754.20—Close—8805.05 on

13-2-2017

Support: -8801.05/ 8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 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 opened near the previous day’s high of 8822.10 and crossed it and made a high of 8826.0 for the day thus giving an upside break, but could not sustain even for five minutes above it and slipped down and went on to break previous day’s low of 8771.20 and made a low of 8754.20 for the day but finally it recovered and closed with a meager gain of 11.50 points. Although it closed above its recent closing top of 8801.05 which indicates that the up move may continue, but today’s intraday movement showed weakness and volatility still persist which is not good sign for a steady up move, therefore it may treacherously behave in coming days and may end the up move abruptly which may please be noted (see my earlier post). Furthermore moving up it will face very stiff resistance at 8830—8845—8850—8874—8894--8969---9030 levels(see my earlier post), so the up journey may not be smooth from here  and some technical indicators are showing weakness and pointing that it  could correct from here. Therefore there is a strong chance that market could deceive the traders and trap them unaware, so be agile and vigilant in managing your trade.

In view of the above observation long call can be tried above 8808 with a stop loss of below 8754 for a target of 8822.10/8830/8850/8874/8931 or on decline near but not below 8769 with a stop loss of below 8740. Please note that it came near its strong resistance point of 8830 in last three days but could not cross it therefore it would be safe to try long call if it moves and sustain above 8830 for some time with a stop loss of below 8785. However looking at the volatility the market is witnessing, I once again advise traders to be extremely cautious in their trades.

Remark: - The overall technical setup is good but the volatility is still a concern therefore long call seems risky, however it can be tried as suggested above but with extreme caution because moving up the range of 8830---8931 will pose very stiff resistance and volatility could end the up move abruptly also.

 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 14-2-2017

CNX--BANK NIFTY

Open-20273.65--High-20308.70--Low-20116.90—Close-20251.80 on

 13-2-2017

Support:20248/ 20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 13-2-2017).The overall technical setup is still o.k. but volatility is a big concern. Please note that till it closes above 20371.60 and then consistently hold the level of 20248 on the closing basis it cannot be said convincingly that this up move may continue. In fact if it does not close above 20371.60 in next 2—3 days and make a lower top and then break the recent bottom of 20151.15 on the line chart then this up move could end here for the time being and down move may begin. Therefore attempting long trade before it closes above 20371.60 could be a risky proposition.

In view of the above it is suggested for safe and risk averse trader to try long call only once it closes above 20371.60. However aggressive trader can try long call above 20275 with a stop loss of below 20140 for a target of 20310/20371.60/20427/20470. It could be a risky trade.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 2-3 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call.

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 13-2-2017

CNX--BANK NIFTY

Open-20225.75--High-20310--Low-20167.10—Close-20213.90 on

 10-2-2017

Support:  20000.35/19915.20/19816.50/19794.95/19518/19435.45/19276.50/19096/19059/18961/18824.50/18722.85/18551/18537/18515---18441/18443.65.

Resistance: -20248/20,309.70/ 20470/20541.65/20575.80/20907.55.

The broad observation remains the same (see my post of 10-2-2017).The overall technical setup is good but it is looking slightly on the back foot in comparison with nifty as far as strength is concerned. I once again reiterate that a close above 20371.60 is very important to somewhat confirm that the on-going up move may continue and then it has to hold the level of 20248 consistently on the closing basis to keep the hope alive of moving up, if it does so then it could attempt to either test of cross the previous all time high of 20907.55 or else it may top out here for the time being. It is important to note here that moving up it will face stiff resistance in the range of 20427----20556 on the closing basis and in the range of 20470---20610 on intraday basis while attempting to reach previous all time high.

The range for the week starting from 13-2-17 is between 20462.45---20000.35 with a critical support point at 20248 and breakout on the either side of the range will decide the direction of the market for the week. Since its close is in the middle of the range and it is below its critical point of 20248, therefore it is evenly poised for the day with slight weakness.

In view of the above it would be relatively safe for risk averse trader to try long call once it closes above 20371.60. However aggressive trader can try long call above 20248 with a stop loss of below 20140 for a target of 20310/20371.60/20427/20470/.

Remark: - Technically it is still o.k. but since it has not yet closed above the critical top of 20371.60 and if it fails to do so in next 3-4 days time or make a lower top then it may top out here and down correction may begin. Therefore I would personally wait for a close above 20371.60 for initiating fresh long call. But aggressive trader can try long call as suggested above.

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 -13-2-2017

CNX-NIFTY

Open-8812.35—High-8822.10---Low—8771.20—Close—8793.55 on

9-2-2017

Support: - 8754/8715/8672.70/8641/8598.45/8564/8555/8518/8506/8493.95/8476.70/8461.05/8460.30/8400/8373/ 8327/8293.80/8274.95/8223/8210.10/8185/8063.

Resistance: -8801.05/8822.10/8830/8844.80/8849.75/8874/8893.35/8913.45/8968.70/8996.60/9119.20.

The broad observation remains the same (see my post of 10-2-2017). It is still on a strong footing technically and expected to continue the up move but the volatility is slightly concerning , furthermore moving up the range of 8830---9030 will pose very stiff resistance therefore it may not be a smooth up journey and it may witness correction at any point within this range, so be watchful in your trade. Please note that it has to sustain above 8754 consistently on the closing basis for this up move to continue. But as long as it holds the range of 8650—8480 the long term uptrend will remain intact.

The range for the week starting from 13-2-17 is between 8822.10---8715 with a critical support point at 8754 and breakout on the either side of the range will decide the direction of the market for the week. Since it closed near the upper end of the range therefore chances of giving upside breakout seems bright.

In view of the above it would be relatively safe for risk averse trader to try long call once it closes above 8801.05. However aggressive trader can try long call above 8795 with a stop loss of below 8754 for a target of 8802/8822.10/8830/8874/8931 and can add fresh long call if it moves and sustain above 8822.10 with a stop loss of below 8790. Please note that in case of gap up opening wait for some time for market to settle down before initiating trade.

Remark: - The overall technical setup is good but the volatility is concerning, however long call can be tried above 8795 but with extreme caution because the range of 8802---8931 will pose very stiff resistance.

 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.