TRADING CALLS FOR--23-9-2015

CNX-NIFTY--A TECHNICAL VIEW--23-9-2015

CNX-NIFTY

Closed at 7812 on 22-9-15.

Support:--7787/ / 7761/ 7723 / 7678.50/7667.25/7539.50/7422.

Resistance:-7840/7858/7907.95/7940—7962/7997/8021.60/8055/8065/ 8091.80.

It opened with up gap at 8014.80 and made a high of 8021.60 and thereafter it started giving whip saw around the short term rising trend line support point of 7990 for the day for quite some time and then maintained just below it for some time and in the late afternoon it plunged down sharply and made a low of 7787.75 before closing the day at 7812. It made a classic copy book trend reversal today, therefore it seems that the on- going pull back rally is over for sure. I clearly gave an indication of the recent rally top already in place at 8055 on 18-9-2015 in my post for 21-9-2015.  

 Since it broke its short term rising trend line decisively and also broke all its short term moving averages in one go today and closed below it, therefore there is not a fraction of doubt that the present up rally is technically over and hopefully fresh down journey may begin from here, so in all likelihood it is a sell on the rise market now, however in between short up move could happen but those should be utilized for selling till it gives visible sign of some kind of bottom formation.

It is important to mention here that it has broken all its short term moving averages and recent bottom of 7829.10 on the line chart whereas Bank Nifty is holding on to these parameters and Bank Nifty has huge bearing and influence on the Nifty’s movement, therefore aggressive short trade should be avoided till Bank Nifty fall in line with nifty.

 Since it has given perfect trend reversal today ,therefore it is suggested to avoid long call  tomorrow  for sure  instead try short call below 7812 and below 7787 for sure with a stop loss of above 7850 & 7812 respectively for a target of 7723/ 7678/ 7667/7539. Be alert around 7678—7650 range in your short position.

                                                                                                                  

  

Remark:-The trend is down and today it gave perfect trend reversal, so the on going up move seems to be over , therefore long trade  is ruled out for me till it gives visible sign of some kind of bottom formation. It is clearly sell on the rise market now.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--23-9-2015

CNX--BANK NIFTY

Closed  at 17031.15 on 22-9-15.

Support:--16930/16707/16670/16484/16192/15762.20.

Resistance:-17174/17246/17502/17569.80/17602/17719/17738/17842/18034.

It opened at 17574.60 above the previous day’s high of 17571.30 and made a high of 17652.35 and a low of 16946.25 before closing the day at 17031.15 below the low of previous day. As anticipated it also filled the gap it created on 18-9-15 in the process and could not sustain above the critical range of 17569--17602 for the week.(see my post for 22-9-15)  It was a classic case of copy book trend reversal today, therefore it seems that the on- going pull back rally  may be over and fresh down move may begin from here.

It has broken its short term rising trend line decisively today but it is still within its short term moving average range which is between 17067—16786(it changes every day) for 23-9-15 and also holding the recent bottom of 16739 on the line chart. Although it was a perfect trend reversal on the bar chart but since it is still holding on to its short term moving averages lower band and bottom on the line chart, therefore next 2 days movement has to be watched to see whether it breaks the average range  and  said bottom 16739 or not  to get the confirmation of trend reversal.

I would therefore suggest to avoid long call tomorrow but those who want to try can try if it sustain above 17070 with a stop loss of below 17015 instead I, would suggest to try short call below 16980 with a stop loss of above 17070 for a target of 16930/16707. Aggressive short position can be created once it breaks 16739 mark.

Remark:-The trend is down and today it gave classic copy book trend reversal, so it seems that the on- going up move may be over but since it is holding its short term moving averages lower band and bottom on the line chart, so aggressive short call should be avoided till moving average lower band and bottom of 16739 is taken out but it is suggested to avoid long call for sure as it has given perfect trend reversal today.

                                                                                    

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--22-9-2015

CNX--BANK NIFTY

Closed  at 17542.90 on 21-9-15.

Support:--17246/17174/17156---17015.75/16983/16879/ 16781.55/16670/16525/16452/16192.

Resistance:-17569.80/17602/17719/17738/17842/18034.

It opened on a huge negative note at 17186.05 but recovered completely and made a high of 17571.30 for the day before closing near the high at 17542.90. Despite opening 200 points down from previous day’s close , it did not make any effort to fill the gap it created that day, so it is possible that it can still make an attempt to fill the gap in next two days and if it does then it can come down to 17015.75 mark which may be noted. Anyway it is showing good strength on the daily chart as of now but it will show real strength if it moves above 17585(it changes every day) and sustain, therefore avoid short call above this mark for sure till it breaks it again.   

It has support from its short term rising trend line at 17350(it changes every day) for 22-9-15 and thereafter from its short term moving averages which is in the range of 17070—16755(it changes every day), so break below 17350 mark tomorrow will indicate that it may correct from here but it will show potential weakness if it breaks below the aforesaid moving average range which is much lower. Therefore for those traders who are still carrying long trades should take decision on their existing position keeping the above point and range in mind to safeguard their gains. However for those who want to initiate fresh long trade can try near 17350 or above 17602 with a stop loss of below 17300 & 17570 respectively. It would be safe to try long call if it sustain above 17602. Although apparently it is not showing any sign of weakness here but since 17569---17602 is a critical range for the week and if it fails to cross it then it may correct sharply from here.

Remark:- The trend is down but the on-going up move is still  going strong and showing no sign of budging down therefore short call should be avoided in general  above 16755 on 22-9-15 but aggressive trader can go contrarian and try short call here, if it does not move above 17585 in first two hours of trade with a stop loss of above 17625. The fresh long call can be tried and existing long position should be handled as suggested above. The bias is on the upside as of now.

                                                                                            

                                                                                       

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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---22-9-2015

CNX-NIFTY

Closed at 7977.10 on 21-9-15.

Support:--7961/7940/ 7907/ 7840/ 7761/ 7723 / 7678.50/7667.25/7539.50.

Resistance:-7997/ 8055/ 8065/ 8091.80/ 8195.

It opened gap down at 7911.50 but filled today’s, as well as yesterdays gap during the day and closed near the high of 7987.90 for the day and just 5 points below the yesterdays close. It broke the short term rising trend line intra-day but managed to close above it which indicates some strength in it and it looks O.K on the daily chart as of now. Please also note that it will only show good strength if it moves above 8160(it changes every day) and sustain.

The short term rising trend line support point is at 7990 for 22-9-2015, so if the on- going up move is to continue unabated then it has to trade above this mark tomorrow, if it does not then it may slip down and get into corrective mode but moving down it will be having huge support from its short term moving averages which is in the range of 7925—7820(it changes every day) for 22-9-15. It will show potential weakness only if it breaks 7820(it changes every day) mark and sustain. Therefore for those traders who are still carrying long trades should take decision on their existing position keeping the above point and range in mind. However for those who want to initiate fresh long call, it is suggested that either they can try it if it sustain above 7990 OR above 8055 with a stop loss of below 7940 & 8025 or around the range of 7910---7840 with a stop loss of below 7820.   

                                                                                                                          

Remark:- The trend is down but the on-going up move is still  going strong and showing no sign of budging down therefore short call should be avoided above 7820 on 22-9-15 but aggressive day trader can try sell call tomorrow if it consistently starts trading below 7900 with a stop loss of above 7940.  The fresh long call can be tried and existing long position should be handled as suggested above. The bias is on the upside as of now.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--21-9-2015

CNX-NIFTY

Closed at 7981.90 on 18-9-15.

Support:--7961/ 7955-7940-7907/ 7840/ 7761/ 7723 / 7678.50/7667.25/7539.50.

Resistance:-8055/ 8065/ 8091.80/ 8195.

  

It opened with a huge up gap today at 7967.45 and steadily moved up and hit a high of 8055 for the day and then started slipping in last hour of trade and made a low of 7955.85 before closing the day at 7981.90.

It is important to mention here that the gap it created today is still there and if it makes an effort to fill this gap on 21-9-2015 then it can come down to 7913 level and if it does and fails to hold this  level then it can go down sharply ,furthermore it dropped 100 points from the days top and closed near the low of the day this movement is slightly disturbing and pointing that the on going rally may be over, although apparently it is not showing weakness on the daily chart as far as price is concerned, it will show potential weakness only if it breaks 7829 & 7788 levels but waiting till then would be too late for the long traders  to exit their trades and if they wait, they will surely end up losing. Since I feel that the top of this on going rally is possibly in the place at 8055 but at least two days market movement has to watched to get confirmation of this, therefore it is suggested for those who are still carrying long position to play safe and book profit now and on the rise too if they get a chance but get alerted below 7940 and exit trade below 7900 and can re- enter trade if it moves above 8055 and sustain with a stop loss of below 8020.

Kindly note that it is having its first technical support at 7940 (it changes every day) from its short term trend line and then from its short term moving averages which is in the range of 7920—7788(it changes every day),so for  those who still want to initiate fresh long trade can base their trade decision on the said parameters. It is needless to mention here that break below 7940 mark will give first sign of crack of the rising trend and then break below 7788 mark will accelerate the down speed, so be watchful. I would personally think of long trade only if it sustains above 8055 instead I would try sell call on the rise but below 8055 with a stop loss of above 8100 or below 7900 and below 7829 & 7788 for sure with proper stop losses. Please also note that it will only show strength if it moves above 8161(it changes every day) and sustain.

  

Remark:-The trend is down and it seems that the on going pull back rally is either completed or  almost on the verge of completion ,therefore it is suggested to book profit on the long trade now and avoid fresh long trade till it moves above 8055 and sustain. Short call can be tried as suggested above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--21-9-2015

CNX--BANK NIFTY

Closed  at 17409.15 on 18-9-15.

Support:--17353/17214/17156---17015.75/16879/ 16781.55/16670/16525/16452/16192.

Resistance:-17029/17150/17214/17353/17450/17569.80.

It opened with a huge up gap at 17184.25 and made a high of 17602 and low of 17156.20 and closed the day at 17409.15. Today’s movement showed tremendous strength and intra-day it crossed the strength showing mark of 17593(see my post for 18-9-150) but could not hold above it. For 21-9-2015 the strength showing level is at 17589, therefore if it moves above this mark then avoid short call for sure till it breaks it again and sustain.

It is showing better strength in comparison with nifty but note that the gap it created today is still there and if it makes an effort to fill this gap on 21-9-2015 then it can come down to 17015.75 level , if it does and fails to hold this  level then it can go down sharply. Although it closed 200 points below from the top of the day today but price movement is still ok but support points are at much lower levels first being at 17130(it changes every day) from the short term rising trend line and the other one is from short term moving averages which is in the band of 17020-16613 (it changes every day) and it is well above these levels now. Please note that break below 17130 mark will show first sign of crack on the rising trend and finally it will gather downside momentum when it moves below 16613 and sustain, so if traders wait for aforesaid levels to break to show desired weakness to exit their trades then all their profit will be wiped- out. Therefore it is suggested for traders who are still carrying long position to book profit now and on the rise too if they get a chance because authentic support levels are much lower. Those who want to initiate fresh long trade can try if it moves above 17602 and sustain with a stop loss of below 17570 or base their trade decision on above mentioned support range. In fact I would take a contrarian bet and try sell call on the rise but below 17589 with a stop loss of above 17640.

Remark:-The trend is down but the pull back rally is on and it is difficult to ascertain now whether this rally has completed on near completion but since the support levels are much lower now, therefore profit booking is suggested for sure on the existing long trades and fresh long trade should only be initiated if it moves above 17602 and sustain. Instead short call can be tried as suggested above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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---18-9-2015

CNX-NIFTY

Closed  at 7899.15 on 16-9-15.

Support:--7895/7881/7840/7746/77237678.50/7667.25/7539.50/7450-422.

Resistance:-7929.10/7940--7962/7997/8065/8092.

 As perceived it moved up (see my post of 14-9-15) and up movement is still on and it is showing no sign of weakness as of now to come down. It has a support from short term rising trend line at 7890 for 18-9-15 and break below this will indicate some weakness but in broader perspective as long as it holds 7829 it is ok for long trades and below this mark it will indicate real weakness and will show potential weakness below 7770(it changes every day), therefore it is suggested to avoid fresh long trade below 7829 and exit long position below 7770 for sure similarly    if it  moves above 7915(it changes every day ) and sustain then this rally could extend to 7940---7972/7997/ 8065/8092/8135 before it get exhausted, chances of which are looking possible as of now. Therefore fresh long call can be initiated above 7915 with a stop loss of below 7880. Please note that it will gain good strength if it moves above 8163(it changes every day) and sustain. Looking at overall technical parameters it is suggest that short call should be avoided for now and can only be tried if it consistently trades below 7828 with a stop loss of above 7860 and add on position below 7770 with a stop loss of above 7800 OR in the range of 8065—8135 with a stop loss of above 8170 for sure.

Remark:-The trend is down but the pull back rally is on and it is showing strength, therefore those who want to ride this rally can try long calls as suggested above but short call should be avoided till the price movement shows potential weakness or try it as suggested above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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---18-9-2015

CNX--BANK NIFTY

Closed  at 16964.80 on 16-9-15.

Support:--16880/16781.55/16670/16580/16452/16188.

Resistance:- 17029/17150/17214/17353/17450/17569.80.

As expected it moved up (see my post for 14-9-15) and up movement is still on and it is showing strength as of now. It has a support from short term rising trend line at 16950 for 18-9-15 and break below this will indicate some weakness but in broader perspective as long as it holds 16739 it is o.k for long trades and below this mark it will indicate real weakness and will show potential weakness below 16528(it changes every day), therefore it is suggested to avoid fresh long trade below 16739 and exit long position below 16670 & below 16528  for sure similarly    if it  moves above 16984(it changes every day ) and sustain then this rally could extend to 17150—17214—17353--175770 before it get exhausted, chances of moving up from here are looking quite possible as of now . I expect it to exhaust in the range of 17214--17400. Therefore fresh long call can be initiated above 16984 with a stop loss of below 16940. Please note that it will gain good strength if it moves above 17593(it changes every day) and sustain. Looking at overall technical parameters it is suggested that short call should be avoided for now and can only be tried if it consistently trades below 16730 with a stop loss of above 16790 and add on position below 16670 & 16528 with a stop loss of above 16710 & 16580 OR try it in the range of 17214---17400 with a stop loss of above 17460 for sure.

Remark:-The trend is down but the pull back rally is on and it is showing strength, therefore those who want to ride this rally can try long calls as suggested above but short call should be avoided till the price movement shows potential weakness or try it as suggested above.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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---16-9-15

CNX-NIFTY

Closed at 7829.10 on 15-9-15.

Support:--7759/7723/7678.50/7667.25/7539.50/7450-422.

Resistance:-7840/ 7846.05/ 7864.85/7881/7940--7962/7997/8065.

 It opened flat to negative at 7867.35 and crossed the previous day’s high of 7879.95 by a whisker and made a high of 7880 but failed to keep the yesterday’s up momentum on and steadily went down and made a low of 7799.75 before closing the day at 7829.10. Today’s move was not encouraging and it broke the lower band of the range for the day at 7800 ( see my post for 15-9-15) but managed to close within the day’s range, for 16-9-15 the range is between 7788—7881 furthermore it is also above the lower band of the short term moving averages which is between 7750—7916 for 16-9-15, so there is still some hope for the long trader that market could recover from here tomorrow but this may go  other way also and it could slide as it a pull -back rally and these rallies can fizzle out anytime . Therefore for long trader it is suggested to get alerted below 7788 and exit position if it sustain below 7750, fresh long call can only be tried if it moves above 7881 and sustain. Short call can be tried near the range of 7864—7880 with a stop loss of above 7910 or below 7750 with a stop loss of above 7790. Looking at today’s movement the bias seems to be on the downside but one should respect the price movement and take action accordingly in their trades.  

 Remark:-The trend is down and I prefer not to go against the trend. The  on- going up move  is a pull- back rally and it may end anytime and one may get caught unaware  therefore , personally I would not like to take advantage of the  up move  instead I would look for opportunity to initiate sell trade.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--16-9-15

CNX--BANK NIFTY

Closed at 16739.55 on 15-9-15.

Support:--16580/16452/16188/15888/15762/15130.35..

Resistance:- 16781.55/16880/16984/ 17150.

 It opened flat to negative at 16905.80 and could not cross the previous day’s high of 16937.90 and made a high of 16919.45 for the day but failed to keep the yesterday’s up momentum on and steadily went down and made a low of 16681.55 for the day before closing near the low at 16739.55. Today’s move was not encouraging at all and exhibited weakness, however it managed to close above the bear market territory threshold level of 16730, furthermore it is also above the lower band of the short term moving averages which is between 16984--16450 for 16-9-15, so there is still some hope for the long trader that market could recover from here tomorrow but this may go other way also and it could slide as it a pull -back rally and these rallies can fizzle out anytime. Therefore for long trader it is suggested to get alerted below 16670 in their trade and exit position if it sustain below 16640, please note that the authentic stop loss for long trade on 16-9-15 would be below 16450, fresh long call can only be tried either if it moves above 16782 or 16940and sustain, it would be safe to try long call above 16940. Short call can be tried on the rise but below 16940 with a stop loss of above 16985. Looking at today’s movement the bias seems to be on the downside but one should respect the daily price movement and take action accordingly in their trades. Kindly note that break below 16590 may trigger fall and the fall may accelerate below 16450 and below 16188 sharply.

Remark:-The trend is down and I prefer not to go against the trend. The  on- going up move  is a pull- back rally and it may end anytime and one may get caught unaware in these rallies therefore , personally I would not like to take advantage of the  up move  instead I would look for opportunity to initiate sell trade.

 Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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---14-9-2015

CNX-NIFTY

Closed at 7789.30 on 11-9-15.

Support:--7750/7723/7678.50/7667.25/7539.50/7450-422.

Resistance:-7840/ 7846.05/ 7864.85/7881/7940--7962/7997/8065.

It opened with a up gap at at 7833.80 and went past the stop loss level of 7850 for the short calls (see my post for 11-9-2015) for a while and hit a high of 7864.85 for the day but could not sustain above 7850 mark even for a minute thereafter steadily moved down and made a low of 7759.90 before closing the day 30 points above the low at 7889.30. It exhibited weakness today but price action did not support it completely, furthermore looking at the daily chart pattern and some other technical parameters, it seems that chances of it moving up further are still not over, although weekly and monthly charts are tremendously weak and looking hugely bearish. Therefore there is no doubt that this on- going up move is a pull- back rally and once it get exhausted in all likelihood the recent bottom of 7668.50 & 7539.50 it made on 10-9-15 &8-9-2015 will be taken out in coming days/weeks. But development on the daily chart should not be ignored to catch the day to day market movement in time. There are three reasons why it could move up:-

1.RSI is showing positive divergence on the daily chart, please note that this indicator should be viewed in sync with other technical parameter, which are not supporting it now ,but still you cannot ignore it.

2.It is running above  its lower band of the short term moving averages range which is between 7960—7740(it changes every day).

3. Crossed recent top of 7846.05 and made higher bottom at 7678.50.

 The range for nifty is between 7740—7865 for 14-9-2015 and between 7972—7667 for the month of September-15 and breakout on either side from this range will decide the further price action. Please note that now if it moves above 7865 and sustain then this rally may extend to 7940—7962-8000—8065.before it get exhausted.

Strategy for Short Calls:-

1.Initiate fresh short call if it sustain below 7740 with a stop loss of above 7795 or  near 7865 with a stop loss of above 7895. One can add on position if it sustain below 7708 with a stop loss of above 7730.

2.Those who are still holding short position will have to be alert and take action  keeping the range of  7740—7865 in mind . Therefore if one get a chance of lower price range on 14-9-15 cut the short position near 7740 or 7723 and not below 7723 and re- build the position again if it breaks 7708 and sustain. It is suggested to square short position if it sustain above 7865 for 5—10 minutes similarly re-enter position if it breaks this mark again and sustain below it.

Strategy for Long Calls:-

1.Those who are carrying long calls can hold with a stop loss of below 7740. Avoid fresh long call below 7789.

2. Aggressive day trader can try long call above  7805 with a stop loss of below 7775.

I once again repeat that the pull back rallies shows strength on the face of it but are inherently weak in nature and may end most of the time without giving proper signal, but the price movement has to be respected as it is showing some resilience now and may move up further, even then I would caution long trader to handle their trade vigilantly and with extreme care, because the trend is down and this rally may fizzle out any time.

Remark :- The trend is down and I prefer not to go against the trend, therefore I personally I would not like to take advantage of the remaining  expected up move  instead I would look for opportunity to initiate sell trade.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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--14-9-2015

CNX--BANK NIFTY

Closed at 16612.60 on 11-9-15.

Support:--16580/16452/16188/15888/15762/15130.35..

Resistance:- 16670.55/16781.55/ 16882/ 17145.

Today it behaved exactly the way nifty has but with a slight difference nifty crossed its previous top of 7846.05 whereas it has failed to cross its previous top of 16781.55 and made a high of 16781.15, so it has made classic double top which indicate that this rally may be over if it fails to cross 16781.55 mark again in 2—3 days time but today’s price action is not supporting it completely, furthermore looking at the daily chart pattern and some other technical parameters it seems that the up movement may still not be over ,so now if it moves above 16781.55 and sustain then this rally may extend further in the range of 16880—17150 before it get exhausted, although weekly and monthly charts are tremendously weak and the long term trend is hugely bearish . Therefore there is no doubt that this on- going up move is a pull- back rally and once it get exhausted in all likelihood the recent bottom of 16192.25 &15762.20 it made on 10-9-2015 & 7-9-2015 will be taken out in coming days/weeks. But development on the daily chart should not be ignored to catch the day to day market movement in time for your own benefit. It is very important to move with the market flow.

There are three reasons why it could move up:-

1.RSI is showing positive divergence on the daily chart, please note that this indicator should be viewed in sync with other technical parameter, which are not supporting it now ,but still you cannot ignore it.

2.It is running above  its lower band of the short term moving averages range which is between 17129—16420(it changes every day).

3.Although it has made double top at 16781.55 but it has also made higher bottom at 16192.25.

 The range for it is between 16420—16782 for 14-9-2015 and breakout on either side from this will decide the further price action. Till it holds 16192.25 level short trade should also be handled with care.

Strategy for Short Calls:-

1.Initiate fresh short call if it sustain below 16670 and then below 16400 with a stop loss of above 16460 & 16700 or  near 16780 with a stop loss of above 16820. One can add on position if it sustain below 16188 with a stop loss of above 16230.

2.Those who are still holding short position will have to be alert and take action  keeping the range of  16420—16782 in mind .

Suggestion

(A)Can cut short position if it maintains above 16670.55 for sometime and re-enter position if it breaks this mark again and sustain with a stop loss of 16700.

(B) It is suggested to square short position if it sustain above 16782 for     5—10 minutes similarly re-enter position if it breaks this mark again and sustain below it

Strategy for Long Calls:-

1.Those who are still carrying position can hold with a stop loss of below 16400 but the authentic stop loss is below 16180 which may please note. Avoid fresh position below 16670.55.

2. Aggressive day trader can initiate fresh trade above 16670.55 with a stop loss of below .

I once again repeat that the pull back rallies shows strength on the face of it but are inherently weak in nature and may end most of the time without giving proper signal, but the price movement has to be respected as it is showing some resilience now and may move up further, even then I would caution long trader to handle their trade vigilantly and with extreme care, because the trend is down and this rally may fizzle out any time.

Remark :- The long term trend is down and I prefer not to go against the trend ,therefore personally I would not like to take advantage of the remaining  expected up move  instead I would look for the opportunity to initiate sell call .

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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.

TATA STEEL LTD--A TECHNICAL VIEW--11-9-2015

Tata Steel Ltd

It had huge support in the range of 214--200-195 and it bounced back from 200.10 level and now looking good on the daily chart and given upside breakout from the recent top of 234.60, so the upside target could be 254.90/268.50/274,if it hold the range of 230--226 but it is hugely bearish on the weekly and monthly chart. Therefore the on- going rally seems to be a pullback only as of now. One can try long call at current level or on dip but avoid fresh trade below 234 and  get alerted in trade below 230 and exit trade if it breaks 225 level.

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--TECHNICAL VIEW--11-9-2015

CNX-NIFTY

Closed at 7788.10 on 10-9-15.

Support:--7678.50/7667.25/7539.50

Resistance:-7846.05/7881/7940--7962/7997/8065.

It opened with a huge gap down at 7729.05 and went down further and made a low of 7678.50 for the day. It gave all the indication that the on- going pull back rally may be over, but in last 45 minutes of trade it staged a stupendous recovery and crossed the previous day's closing of 7818.60 by a whisker and hit 7819.85 mark before closing the day 30 points lower at 7788.10.

It exhibited huge volatility today and the move was surprising and gave some indication that the pull back rally may not be over yet and can continue for few days only if it moves above 7846.05 and sustain, if it does then this rally can extend further and may get exhausted in the range of 7940--7962, similarly if it moves below 7667 and sustain then this rally will fall flat. Therefore those who are carrying short position should get alerted above 7825 and avoid fresh short and exit position if it sustain above 7850 and for those who are holding long position now should get alerted below 7740 and avoid fresh long below 7723 and exit trade below 7700 but the authentic stop loss for long trade would be below 7667 which may please note.

Remark:- The trend is down but looking at today's volatility ,it is suggested to watch the market for sometime tomorrow before initiating any fresh trade and for existing trade take action as suggested above. I once again caution that pull back rallies in downtrend are very treacherous therefore trader should be very vigilant and careful specially in long trades.

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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-TECHNICAL VIEW--11-9-2015

CNX-BANK NIFTY

Closed at 16597.65 on 10-9-15.

Support:-16452/16188/16120/15933.

Resistance:-16670/16730/16781.55/16880/16984.

Today it behaved the same way as Nifty has but it is still below the bear market territory threshold level of 16730. Although not much has changed technically but today's move showed some underline strength ,so this rally may  extend if it moves above 16782 and sustain, if it does then it could hit the range of 16880---17250 , therefore those who are carrying short position now should get alerted above 16730 and exit trade if it sustain above 16782,avoid fresh short trade above 16670 similarly those who are holding long trade should get alerted below 16400 and exit trade below 16188,avoid fresh long trade below 16400.

It is needless to mention here that this is a pullback rally and after it gets exhausted, it is going to seek much lower levels then what we have seen in the recent past. So watch out.

Remark:-In view of today's volatility, it is suggested to watch the market for sometime tomorrow before initiating either side trade position and for existing trade position's take action as mentioned above

Please note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

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.