CNX-BAN NIFTY--A TECHNICAL VIEW--20-1-2016

CNX--BANK NIFTY

Closed at 15269.65 on 19-1-2016(Open-15086.75/High-15338.20/Low-15086.75)

Support:-15206.30/15165.20/15154.35/14956.95/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

 It closed with a gain of 248.85 points today. Although it’s overall technical setup is still weak but today move raised some hope of moving up from here because it crossed previous day’s high after 11 trading session and closed just below it. Therefore chances are that it could move up further from here provided it manages to hold 15206 & then 15154 for the week. Please note that it will show stability only if it moves and sustain above 15762.20.

For 20-1-2016 long trade can be tried on dip but not below 15206 with a stop loss of below 15150 similarly short calls can be tried if it maintains below 15130 for some time with a stop loss of above 15210. 

 Remark:-The long term trend is down. Since it has crossed previous day’s high after 11 trading sessions, long call can be tried as suggested above.

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--19-1-2016

CNX-NIFTY

Closed at 7351 on 18-1-2016(Open-7420.35/High-7463.65/Low-7336.40)

Support:-7295/7118.45/6868.85/6638.55.

Resistance:- 7422/7425.80/7437.80/7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It has closed with a loss of 86.79 points today. It is just refusing to stop going down and technically also very weak which is negative sign therefore this fall may continue. But please note that it has a very strong support at 7295 which it may hold but if this level is taken out and sustained then it will trigger bigger fall and then the next good support levels will be at 7118.45/6868.85—6825. It is therefore suggested not to go for long trade till this fall is arrested and it starts showing some sign of strength or try it if it moves and sustain above 7438 with a stop loss of below 7400. Short call can be tried on the rise but below 7425 with a stop loss of above 7450.

It is important to mention here that looking at the time taken in the making of tops and bottoms in recent past it seems that it could make a short bottom by   the end of this week or early next week but at what level has to be seen. . Therefore traders are requested to be circumspect in their trade position. It is needless to mention here that long term trend is down now.

Remark:-The long term trend is down. It is falling relentlessly, therefore it is suggested to avoid long call till the on-going fall is arrested and it shows strength.

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---19-1-2016

CNX--BANK NIFTY

Closed at 15020.80 on 18-1-2016(Open-15165.20/High-15270.40/Low-14956.95)

Support:-14858.90/14709.10/14338.65/13414.30.

Resistance:- 15130.35/15166/15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It has been falling relentlessly for last few days with no respite. It is already in a long term bear trend, so it is difficult to predict that when this fall is going to be arrested, but moving down it will find good support at 14709.10/14338.65/14130 hopefully it could take a breather at any one of these levels and stage a short relief rally. In view of the above it is suggested not to go for long trade till this fall is arrested and it start showing some sign of strength or try it if it moves and sustain above 15210 with a stop loss of below 15130. Short call can be tried on the rise but below 15154 with a stop loss of above 15210.

It is important to mention here that looking at the time taken in the making of tops and bottoms in recent past it seems that it could make a short bottom by   the end of this week or early next week but at what level has to be seen. Therefore traders are requested to be circumspect in their trade position. I once again reiterate that it is in long term bear market.

Remark:-The long term trend is down. Since it has been falling continuously and is in long term bear market therefore it is suggested to avoid long call till the on-going fall is arrested and it shows strength.

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--AN IMPORTANT OBSERVATION--18-1-2016

CNX-NIFTY

Please note that from the bottom of 7714.15 it took 12 days to make a top at 7979.30 and then went down and that correction lasted for 9 days and it made a bottom at 7551.05 and then again it started moving up and made a top at 7972.55 in 14 days and started correcting and the on- going down move is already 11 days old. You would find that it has taken less time to make a bottom on first occasion and at present the situation is similar. However it could take 1or 2 days more also to complete the process.  Therefore the week starting today looks crucial and it could make a short bottom in this week and the possible downside before it makes a short bottom may not be below 7295. It is therefore suggested to avoid short call if it maintains above 7422. Long call can be tried if it maintains above 7422 with a stop loss of below 7400 or near 7295 with a stop loss of below 7265.  

    

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.

BSE-SENSEX-A TECHNICAL UPDATE-18-1-2016

BSE-SENSEX

Closed at 24455.04 on 15-1-2016

SUPPORT: -24530/24387.69/24163.62/24156.47/24020/22912.52/22286.26/22197.51/21573.48.

RESISTANCE: - 24833.54/24867.73/24878.66/24892/25018.46/25232.82/25287.33/25298.42/25453.32.

 (Figures in bold are important)

 After two days of see saw movement it gave breakdown today. It closed near the low of the week with a loss of more than 300 points, furthermore it is below its entire short and long term moving averages, it is well below its one of the most important level of 24833.54 valid for the entire year of 2016 for the 2^nd consecutive day and most importantly today it has broken its yearly rising trend line drawn from the bottom of 8047.17 of 2009 which is at 24530 for the year 2016 is a very bad sign and indicates gross weakness in it. Technically it is already on a weak footing and if it maintains below 24530 then the on –going fall may continue for few days before it takes a breather and moving down it will find potential support from it threshold point for entering it into bear market which is at 24020 and sustained break below this could trigger bigger fall which may please be noted. Please note that it will show some respite if it maintains above 24530 and show some strength if it moves and sustain above 24833.54.It is needless to mention here that the long term trend is down. Therefore long call should be avoided now and can only be tried at the lower levels if visible sign of some kind of bottom formation emerges or else try if it moves and sustain above 24833.50.

Remark:-The long term trend is down. It was a breakdown today and break below yearly trend line is highly concerning and the overall technical setup is extremely weak, therefore long call should be avoided till it exhibits visible strength.

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 Update for- 18-1-2016

CNX-NIFTY

Closed at 7437.80 on 15-1-2016(Open-7561.65/High-7566.50/Low-7427.30)

Support:- 7425.80/7422/7295/7118.45/6868.85/6638.55.

Resistance:- 7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened on a positive note and traded in a very short range for the major part of the day but in last 1- hour trade it fell down sharply and almost hit the low of 7425.80 it made on 13-1-2016. It closed near the low of the week with a loss of 99 points and most importantly well below its one of the most important level of 7539.50 valid for the entire year of 2016 for the 2^nd consecutive day which is a bad sign and indicates gross weakness in it. Technically it is already on a weak footing and today’s move suggest that the on –going fall may continue for few days before it takes a breather and moving down it will find support at 7295/7118.45/6868.85.  The range for the week starting from 18-1-2016 is between 7422—7539.50 and sustained breakout on either side will decide the direction of the market for the week. It is needless to mention here that the long term trend is down.

It is important to mention here that long call should be avoided for the entire year of 2016 if it remains below 7539.50 and below 7422 for the entire week starting from 18-1-2016. Please note that the copy book threshold level for it entering the bear market it at 7295, so sustained break below this mark can trigger big fall. Long call can be tried at lower levels only if visible sign of some kind of bottom formation emerges or else as stated above.

For 18-1-2016 it is suggested to try short call below 7422 with a stop loss of above 7460 or sell on the rise but not above 7539.50 with a stop loss of above 7570. Looking at the overall technical setup long trade is not recommended till it shows some strength at the lower levels or until and unless it moves and sustain above 7539.50 levels. It is advised to watch the market for some time before initiating trade.

Remark:-The long term trend is down. After two days of see saw movement it was a sort of breakdown today which showed weakness, therefore short call is recommended below 7422 or take trading calls as suggested above.

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.

TRADING CALLS FOR THE WEEK STARTING FROM-18-1-2016

TRADING CALLS

THE FOLLOWING TRADING CALLS ARE VALID FOR THE ENTIRE WEEK STARTING FROM-18-1-2016 PROVIDED IT REMAINS BELOW THE BENCHMARK PRICE.

1. A C C

 Sell below 1223, S/L-1230, Target-1183/1132/.

2. B H E L

Sell below 135, S/L-136.50, Target-131/126/100.

3. CANARA BANK

Sell below 178, S/L-180.50, Target-168/155/144.

4. AUROBINDO PHARMA

(A)Sell below 810, S/L-816, Target-796/781/732.50 –Valid for the day only.

(B) Below 796, S/L-805, Target-781/732.50 –Valid for the week.

5. HINDALCO

 Sell below 71.15, S/L-72.25, Target-67.50/60.95/52.

6. GAIL

Sell below 333, S/L-336, Target—320/309/283/276.

7. PNB

Sell below 91.25, S/L—92.50, Target—80/74.50/66/57.50.

8. SRIRAM TRANSPORT FINANCE

Sell below 761, S/L--766, Target—714/697.

9. BANK OF BARODA

Sell below 124.60, S/L—126.50, Target—113/104/102.

10. TATA STEEL

Sell below 228, S/L—230, Target—222.50/212.65/199.70.

11. L&T

 Sell below 1100, S/L-1110, Target-996/965/951/912.

12. GLENMARK PHARMA

Sell below 825, S/L-831, Target—807/777/751/725/705.

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.

Contact me for strategic guidance to enter and exit the trade

CNX--BANK NIFTY- A Technical Update for 18-1-2016

CNX--BANK NIFTY

Closed at 15206.30 on 15-1-2016(Open-15621.85/High-15650.70/Low-15154.35)

Support:- 15130.35/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened on a positive note but could not hold on and steadily moved down, it closed near the low of the week and with a loss of 403.50 points and most importantly way below its one of the most important level of 15762.20 valid for the entire year of 2016 for the 2^nd consecutive day which is a bad sign and indicates gross weakness in it. Technically it is already on a very weak footing and today’s move suggest that the on –going fall may continue for few days before it takes a breather and moving down it will find support at 15130/14858/14709  . The range for the week starting from 18-1-2016 is between 15130—15762.20.and sustained breakout on either side will decide the direction of the market for the week. It is needless to mention here that it is in the long term bear market.

It is important to mention here that long call should be avoided for the entire year of 2016 if it remains below 15762.20 and below 15130 for the entire week starting from 18-1-2016. Please note that it is already in a bear market because it is well below its threshold level of 16725 for the bear market which is hugely negative sign, therefore long call can be tried at lower levels only if visible sign of some kind of bottom formation emerges or else as stated above.

For 18-1-2016 it is suggested to try short call below 15130 with a stop loss of above 15210 or sell on the rise but not above 15762.20 with a stop loss of above 15800. Looking at the overall technical setup long trade is not recommended till it shows some strength at the lower levels or until and unless it moves and sustain above 15762.20 levels. It is advised to watch the market for some time before initiating trade.

  Remark:-The long term trend is down. Since it is already in a long term bear market territory long call  should be avoided  till is shows strength or until and unless  it moves and sustain above 15762.20 , instead short call can be tried as suggested above.

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.

GOLD IN $ TERMS A Technical Update-18-1-2016

GOLD IN $ TERMS

Gold closed at $1090.70 on 15-1-2016

SUPPORT:- $1071.10/1061.50/1060.20/1056.50/1046.80/1045.40/1044.50/1026.90/983.20/974.30/931.30/925.20/904.80..

RESISTANCE: - $1097.70/1103.80/1113.10/1149.30/1169.80/1193.10/1191.70/1205.70/1224.50/1232/1238.90/1255.60.

its Long term trend is bearish but as of now it is making higher tops and bottoms on the daily chart, furthermore it is well above its most critical and important levels of $1061.50, 1060.20 & 1045.40 valid for the entire year of 2016, therefore as long as it remains above these points it looks o.k. and it may give moderate to good up move from here in coming days, weeks and months. Moving up it would face stiff resistance from its long term moving averages which are in the range of $1107—1145 now (it changes every day) but once this range is taken out it may drive it up further  to the range of $1191—1256 so watch out . In view of the above long call can be tried on dip but not below 1060 with a stop loss of close below $1043. Similarly short call can be tried if it moves and sustain below $1044.50 with as stop loss of close above $1061.50.The bias in short term is up.  

REMARKS:-Long term trend is down but since it is making higher tops and bottoms now and well above its critical points for the year 2016.therefore long call 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

Contact me for strategic guidance to enter and exit the trade

Dollar – Vs –Rupee A Technical Update-18-1-2016

Dollar – Vs –Rupee

Dollar   closed at Rs.67.76 on 15-1-2016

SUPPORT: -67.17/66.19/65.93/65.84/65.55/65.31/64.68/64.62.

RESISTANCE: - 67.95/68.60/68.80/69.18/71.19.

TECHNICAL   OBSERVATION :-

The technical chart is nicely placed and showing good strength which is indicative of reasonable to significant rise ahead in coming days provided it hold it’s most important level of 67.17 & 66.19 these are the benchmark points for it for the entire year of 2016. Therefore it is suggested that the existing long position should be held and fresh long position can be added- on dip but not below 67.17 and one should get alerted if it breaks 67.17 and exit long trade if it sustains below 66.19. Going up it will face stiff resistance from its all time high of 68.80 which it made on 4-9-2013, but once this level is crossed and held then it is very likely to hit 71.25 mark, chances of which looks good at this point of time. It will get good support in the range of 65.93—64.62.

 REMARKS:-The long term trend is up, therefore it is suggested to take long call on dip but not below 67.17 with the above mentioned stop loss.

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

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX) (A TECHNICAL UPDATE)—18-1-2016

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $29.42 ON 15-1-2016

SUPPORT:-$ 26.65 / 25.04/24.82 /23.70/ 16.70.

RESISTANCE:-$31.77/ 32.20/32.40/32.70/34.53/37.04/37.60/38.39/39.91/42.20/42.58/43.58/48.36.

(Figure in bold are important)

It is hugely bearish on the technical chart. It is running far below its long term moving averages on the daily, weekly & monthly chart which indicate gross weakness, furthermore it has broken its multi year bottoms which was in the range of $32.70—32.20 and at present running below 12 years low which is unbelievable, looking at the chart it is very difficult to gauge where this fall is going to arrest. Going down it will find good support in the range of $26.65—23.70 and if this range is taken out and sustained then it could seek much lower levels. Please note that it may show some strength if it manages to cross and sustain the range of $32.20—32.70 and then $34.53 and it can build on this strength if it moves and sustain above $37.60 but as of now it looks like a distant dream, so watch out.       

REMARKS:-  Long term trend is down ,therefore buying is ruled out till it shows visible sign of some kind of bottom formation.

 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.

S& P 500-A TECHNICAL UPDATE-18-1-2016

S& P 500-

CLOSED AT 1880.33 ON 15-1-2016.

                                                                           

SUPPORT:-1871.91/1867.01/1857.83/1820.66/1814.36/1767.99/1746.20/1737.92/1646.47.

 RESISTANCE:-1904.78/1950.33/1972.56/1980.90/2038.20/2043.94.

(Figures in bold are important)

It fell down by more than 200 points in last thirteen trading session and in the process it has broken all its short and long term moving averages decisively which speaks of gross weakness in it. Please note that it’s most important benchmark points for the entire year of 2016 are 2043.94 & 1867.01 and now it is way below the first point and very near to the second one. But looking at the overall technical setup it seems that it is a matter of time only but the level of 1867.01 will be taken out for sure and sustained break below this mark may accelerate the fall, going down it will find good support in the range of 1833—1755 whether this range is taken out or not has to seen but looking at present technical setup it is likely to break this range in coming months. However in between relief rallies cannot be ruled out. It will show some strength if it moves and sustain above 2043.94 levels which may please be noted, chances of which looks slim as of now. It is in down trend now for sure, therefore it is very important to mention here that the threshold level for it entering the bear market is at 1707 and sustained break below this mark may trigger bigger fall this may be kept in mind. Technically it is on a very weak footing therefore it is suggested to avoid long call till it shows some visible strength.   

REMARKS: - The trend is down and in view of the above observation it seems that further fall is ahead therefore long call should be avoided but if initiated should be handled with extreme caution.

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.

NASDAQ COMPOSITE-A TECHNICAL UPDATE-18-1-2016

NASDAQ COMPOSITE

CLOSED AT 4488.42 ON 15-1-2016.

                                                                           

SUPPORT:-4419.41/4321/4292.14/4116.60/4074.17/3968/3946.03/3855.07

 RESISTANCE:-4547.31/4567.60/4580.46/4714.80/4871.89/4897.65/4908.66/4960.87/5007.41.

(Figures in bold are important)

It fell down by almost  700 points in last thirteen trading session and in the process it has broken all its short and long term moving averages decisively which speaks of gross weakness in it. Please note that it’s most important benchmark points for the entire year of 2016 are 5007.41, 4897.65 & 4292.14 and it is way below the first two points now and near to the third one. But looking at the overall technical setup it seems that it is a matter of time only but the level of 4292.14 will be taken out for sure and sustained break below this mark may accelerate the fall, going down it will find good support in the range of 4200—3960 whether this range is taken out or not has to seen but looking at present technical setup it is likely to break this range in coming months. However in between relief rallies cannot be ruled out. It will show some strength if it moves and sustain above 4900 levels which may please be noted, chances of which looks slim as of now. It is in down trend now for sure, therefore it is very important to mention here that the threshold level for it entering the bear market is at 4185 and sustained break below this mark may trigger bigger fall this may be kept in mind. Technically it is on a very weak footing therefore it is suggested to avoid long call till it shows some visible strength.   

REMARKS: - The trend is down and in view of the above observation it seems that further fall is ahead therefore long call should be avoided but if initiated should be handled with extreme caution.

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.

DOW JONES INDUSTRIAL AVG INDEX- A TECHNICAL UPDATE-18-1-2016

DOW JONES INDUSTRIAL AVG INDEX-

CLOSED AT 15988.08 ON  15-1-2016.

                                                                           

SUPPORT:-15855.12/15842.11/15370.33/15340.69/14760/14719.43/14551.27/14444.03.

 RESISTANCE:-16333.78/16593.51/16933.43/17116.73/17210.43/17405.40/17425.03.

(Figures in bold are important)

It fell down by more than 1700 points in last thirteen trading days and in the process it has broken its entire short and long term moving averages decisively which speaks of gross weakness in it. I gave fair indication about its weak undertone in my last post of 14-12-2015 when it was at 17265.21. It has also decisively broken its long term rising trend line few days back which was drawn from the bottom of 6469.95 and now is at 17000(it keeps on rising every day) is a very bad sign.  Please note that it’s most important benchmark points for the entire year of 2016 are 17425.03 & 15370.33 and  it is way below the first point and holding on the second one. It has good support in the range of 15500--15340 but looking at the overall technical setup  it seems that it is a matter of time only but the said range will be taken out for sure and sustained break below 15340 mark may accelerate the fall ,so watch out. However in between relief rallies cannot be ruled out. It will show some strength if it moves and sustain above 17425.03 levels which may please be noted, chances of which looks bleak as of now. It is in down trend for sure therefore it is very important to mention here that the threshold level for it entering the bear market is at 14681 and sustained break below this mark may trigger bigger fall this may be kept in mind. Technically it is on a very weak footing therefore it is suggested to avoid long call till it shows some visible strength.   

REMARKS: - The trend is down and in view of the above observation it seems that further fall is ahead therefore long call should be avoided but if initiated should be handled with extreme caution.

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--15-1-2016

CNX-NIFTY

Closed at 7536.80 on 14-1-2016(Open-7467.40/High-7604.80/Low-7443.80)

Support:- 7425.80/7422/7311/7295/7119

Resistance:- 7539.50/7551.05/7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened with a huge negative bias and went down further but the silver lining was that it did not break its yesterdays low of 7425.80 and staged smart recovery in the later part of the day and went past yesterdays high but failed to close above its one of the most important level of 7539.50 valid for the entire year of 2016. Since it tested but respected the level of 7425.80 and its earlier bottom of 7422 very next day, so it can be termed as good support level but it cannot be said convincingly that the possible short bottom is in place at 7425.80 because had it been a bottom it would not have been tested the very next day, furthermore technically it is still on a very weak footing, so one should be watchful. However certain technical parameters still faintly indicates that it may give an up move from here before it resume  down move again provided it manages to hold 7425.80—7422 range and moves and sustains above 7539.50. Moving up it will face resistance at 7635/7700-7725/7764/7844 levels. It could gain some momentum after crossing the level 7663 & 7763(it changes every day). It is therefore advised to try long call if it moves and sustain above 7539.50 similarly short calls can be tried below 7500. I once again repeat that although it is technically weak but hope of short up move is still alive as long as it holds 7425.80-7422 range.  

For 15-1-2016 it is suggested to try long call if it moves and sustain above 7539.50 with a stop loss of below 7500 and can add on further position if it moves and sustain above 7562 with a stop loss of below 7520 for added position for a target of 7610 and then 7635. Since overall technical structure is weak therefore it is suggested to handle long trade with extreme caution and care and short trade can also be tried if it moves and sustain below 7500 for some time with a stop loss of above 7560. It is advised to watch the market for some time before initiating trade. 

  

Remark:-The long term trend is down. It seems that it hangs in balance now therefore both long and short trade can be tried depending on the price movement and as suggested above. In view of the above observation short up move seems possible. 

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-15-1-2016

CNX--BANK NIFTY

Closed at 15609.80 on 14-1-2016(Open-15612.10/High-15803.20/Low-15453.40)

Support:- 15130.35/14858.90/14709.10/14338.65/13414.30.

Resistance:- 15762.20/16188.05/16192/16587.25/16648.30/16670.55/16741/16824.05/16922.05/16932.50/17067.45/ 17174.70/17246.55/17499/17502.45/17569/17652.35/17827/18029.05.

It opened with a huge negative bias and went down further and broke yesterdays low and later in the day recovered some lost ground but at the end of the day closed with a loss of more than 260 points, more importantly it has closed way below its one of the most important level of 15762.20 valid for the entire year of 2016. It is looking terribly weak on the technical chart and it seems that it may fall further from here and moving down it could find support at 15130.35/14858.90. To show some strength and to get a foothold it has to move and sustain above 15762.20 which my please be noted. Therefore it is suggested to avoid long call below 15762.20 similarly short calls can be tried below this level.

For 15-1-2016 short call can be tried on the rise but not above 15762.20 with a stop loss of above 15830. Long call can only be tried either near 15130 or if it moves and sustain above 15762.20 with a stop loss of below 15060 and 15700 respectively. It is advised to watch the market for some time before initiating trade. 

  Remark:-The long term trend is down. In view of the above long call be avoided until and unless it moves and sustain above 15762.20 or try near 15130, instead short call can be tried below this level with suggested stop loss.

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--14-1-2016

CNX-NIFTY

Closed at 7562.40 on 13-1-2016(Open-7557.90/High-7590.95/Low-7425.80)

Support:-7556.60/7551.05/7539.50/7422/7311/7295/7119

Resistance:-7667/7678/7691.20/7714.15/7723.85/7840/7863/7938.45/7940/7946.35/7960/7979.30/7997/8055/ 8065/8091.20/8116.10/8244.

It opened firmly today but could not hold on at the upper level for longer and plunged down after some time and almost hit one of its bottom at 7422 but in  later half of the day it bounced back sharply and closed reasonably above its one of the most important level of 7539.50 valid for the entire year of 2016. You would recall that I have been indicating that market may give short up move before it resume down move again and finally it is showing sign of that. (See my post for 12^th & 13^th Jan-2016). Today’s move somewhat indicates that a possible bottom is in place at 7425.80 for now, therefore an up move can be expected till it sustain above 7539.50 on the closing basis and finally holds 7425.80. However it does not seem to be the bottom for good and it may be taken out in coming months which may be kept in mind. But looking at present setup it is suggested to avoid short call now if it sustains above 7539.50 and long call can be tried above this mark. Moving up it will face resistance at 7635/7700-7725/7764/7844 levels. Avoid short trade above 7539.50 for sure.  

For 14-1-2016 it is suggested to try long call now or on dip but not below 7539.50 with a stop loss of below 7500 for a target of 7635 and then 7700-7725. It is advised to watch the market for some time before initiating trade. Although today’s move indicate that a possible bottom is in place but since it is overall weak technically, therefore it is suggested to handle long trade with extreme caution and care and short trade can also be tried if it moves and sustain below 7500 for some time with a stop loss of above 7560.   

Remark:-The long term trend is down. It seems that a bottom is in place today therefore long call can be tried as suggested above and short call should be avoided above 7539.50 and can only be tried below 7500.

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.