A TECHNICALL VIEW ON CNX--NIFTY--5-2-2018

CNX-NIFTY---5-2-2018

Open-10938.20—High-10954.95---Low—10736.10---Close—10760.60 on 2-2-2018

Support: 10666.75/10592.70/10552.40/10530.70/10404.65.

Resistance: 10782.65/10878.09/ 11109.20/11044.55/11110.10/11121.10/11171.55.

For-5-2-2018 the intra-day short support and resistance levels are given here-under:-

Support: - 10733/10685/10585/10552/10530/10404.                                                                                                          

Resistance: 10780/10851/10944/10997/11009.20.

Further to my last post of 29-1-2017, as envisaged, it got into correction mode from the expected range of 11165—225. The on-going correction may possibly culminate at 10697/10585/10552/10530 levels but if it breaks and sustain below 10530 level on the closing basis then the uptrend may lose its steam. Please note that its sharp fall today indicate that the fall may continue for some time therefore not to take long call in a hurry and let the fall be arrested first and it shows sign of moving up then only try it otherwise you may be trapped in long trade, however long call can be attempted by the aggressive trader in the range of 10552—530 with a strict stop loss of below 10500.  

Technical setup has weakened a bit as it has broken short term moving averages, furthermore the technical indicator are showing huge negative divergence on daily and weekly chart which indicate moderate to sharp fall may be ahead in coming days. Therefore safe trader should avoid long call till the fall is arrested and it shows visible sign of correction completion. Since it is in correction mode so short call seems a better option now and can be tried below 10736 with a stop loss of above 10770 for a target of 10697/10585/10552/10530 or on the rise near but not above 10870—90 with a stop loss of above 10940 for the day. Looking at today’s fall it seems that the on-going down correction could be painful this time.

Remark: - The long term trend is still up. But since it has gotten into correction mode long trade should be completely avoided till it shows sign of recovery, because today’s fall seems to be an impulse down move and if it is so then this down move could be severe and painful.

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--29-1-2018

 CNX-NIFTY---29-1-2018

Open-11095.60—High-11095.60---Low—11009.20---Close—11069.65 on 25-1-2018

Support: 11005/10940/10881.40/10782.65/10755/10666.75/10552.40/10530.70.

Resistance: 11110--120/11160—175/11220---250/11500+

For-29-1-2018 the intra-day short support and resistance levels are given here-under:-

Support: - 11005/10959/10940/10909/10881.40/                                                                                                          

Resistance: 11110--20/11160—175/11200/11220---250

Further to my last post of 14-12-2017, it did not break the last support range of 10033.35---10008 and bounced back from 10074.80 and then went on to cross the tough resistance range of 10400—490.45 (see my post of 14-12-2017) and thereafter it  moved from strength to strength and hit a new high of 11110.10 on 24-1-18. The chart setup is good and it is in strong up move but certain technical indicators suggest that it is in overbought zone, furthermore is has been rising unabated for last 8 weeks which is a Fibonacci number also and if it moves up further there is a strong resistance zone in the range of 11115---11165—11225, therefore there is a strong possibility that it may correct from here or may be after moving up little further from here, but the correction looks imminent in next1-2 weeks time. Please note that if it moves above 11225--250 and sustain then it may race up to 11500+ levels.

It is important to mention here that the Union Budget will be presented during the next week; it is therefore suggested to keep your trading commitment light and one should be extremely cautious and careful in the trade because it may witness huge volatility on either side in coming week and may trap the traders on wrong foot. In all likelihood there is a good possibility that the correction may be triggered soon after the Budget.

For traders the broad range for the week starting from 29-1-18 would be between 11110---10880 and the range for the day would be between 11110---11005. Long trade can be tried if it moves and sustain above 11110 for some time with a stop loss of below 11060 or on decline near but not below 11005 with a stop loss of below 10950. I once again reiterate that in view of the ensuing Union Budget there could be extreme volatility both ways so trade should be handled with utmost alertness. Although there is no sign as yet to go short in it but short trade can be tried amid expected volatility. If it fails to move above 11110.10 for some time then try short trade near 11110 with a stop loss of above 11125 or on the rise and in the range of 11165—11225 with a stop loss of above 11250,it could be a risky trade but worth trying. The overall bias is up.

Last but not the least as long as it holds the range of 10552---10530 on the closing basis there is no threat to the uptrend. Therefore long trade can be tried on sharp decline at the appropriate levels till it holds the above range.

Remark: - The long term trend is up. But in view of vertical rise the possibility of correction is also pretty bright, however long trade can still be tried as suggested above but with utmost caution. The contrarian trader can try short trade if price movement permits.                                                                                                                                                                                     

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 OBSERVATION ON BITCOIN---26-1-2018

BITCOIN—26-1-2018

Closed At:--$11259.40 on 25-1-18  

Support: $ 10831.39/10403(it changes every day)/10129.70/9402.29/9202.05/8348.

Resistance: -$11265/11616.35/11967.19/12401.30/12508.34/13103.

After hitting an all time high of $20089 on 17-12-17 it had a sharp correction and hit a low of $9402.29 on 17-1-18. But now it seems that the deep correction may be over and a short term bottom is in place at $9402.29 as it has made higher bottom at $10129.70 on 22-1-18 but yet to make higher top, the recent top is at $13103. Please note that as long as it holds $10831.39 level on the closing basis chances are that it may cross the recent top of $13103 and rally may continue but moving up it will face stiff resistance at -$11616.35/11967.19/12401.30/12508.34. Similarly sustained break below $10831 may break the recent higher bottom at$10129.70 and it may slip down further which may please be noted.

Since it has made higher bottom at$10129.70 but the short term moving average placement are not good now, it may consolidate here in the range of $10831---11970 for some time before deciding which way to move so  at this point of time it is evenly poised.

It is important to mention here that it will pick up real fast and smooth up momentum when it moves and sustain above $14160.It is still in long term uptrend now and the trend will only be threatened if it break below $10403(it changes every day) and sustain.So avoid fresh buying if it sustains below $10403 on the closing basis because then it may slip down further and you may get it at much lower rate may be in the range of 9200--8450.

Remark: - It is still in long term uptrend; but after the deep correction it is consolidating now and it seems that it may resume the uptrend in near term after consolidation is over. The technical setup  looks weak as of now  ,however buying is still recommended but on sharp declines only.  

 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--BANK NIFTY--14-12-2017

CNX--BANK NIFTY

Open-25118.20--High-25270.75--Low-24938.55—Close-25000.35 on

 13-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 24938/24878.65/24813.60/24798.65/24560/.

MajorResistance:- 25119.50/25166/25206/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support:-24938/24910/24878.65/24813.60/24798.65/24768/24560/.

Resistance: 25119.50/25140/25166/25206/25219/25299/25333/25448.85/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 11-12-17 it did move up that day but could not cross the short term moving averages and in next two days moved down sharply. It is well below its short term moving averages now but near its medium term averages which are placed at 24938/24910 & 24768(it changes every day), it may find support at the above points and may bounce back from here for a while before resuming the down move again. But sustained break below 24910 may drag it down further from here itself. The smooth up move from here does not seem easy because moving up it will face host of resistance first from its short term moving averages which are placed in the range of 25140—219---315---450(it changes every day) for the day, then from its multiple top in the range of 25694—695.75---25924—953.50 and finally from some of its long term indicators which are placed in the range of 25848—26111(it changes every day) for the day.  The technical setup has weakened and bias is on the downside so further down move cannot be ruled out. Therefore it is suggested to avoid long trade till it gives sign of correction completion or if initiated should be handled with extreme caution.

 In view of the above observation, safe trader should avoid long trade now and should try once it moves above 25450 and sustain. However aggressive trader can try long trade in or around the range of 24938—24910 but not below 24910 with a stop loss of below24870, it could be a risky trade mind you. In light of last two days sharp down move short trade can also be tried if it moves below 24910 and sustain with a short stop loss of above 24950 or sell on the rise and the possible sell point could be 25170—219 and then 25285 with a stop loss of above 25330.  

Remark: - The trend is still up but it is in correction mode and at this juncture looks evenly poised with slight downward bias, therefore both side trades can be attempted depending upon the price movement and 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.

A TECHNICAL VIEW ON CNX---NIFTY--14-12-2017

 CNX-NIFTY

Open-10236.60—High-10296.55---Low—10169.85---Close—10192.95 on 13-12-2017

Support: 10182/10178.95/10137.85/10118.05/10108.15/1010310094/10043.65/10033.35/9955/9943.

Resistance:10216.18/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                                    

For-14-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10182/10178.95/10162/10137.85/10118.05/10108.15/10103/10008/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10202/10216.18/10223/10237/ 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

It opened on a flat note and had both way swing during the day but eventually closed with a loss of 47.20 points. It  broke all its short term moving averages today except for one which is at 10182(it changes every day) and medium term moving average are placed in the range of 10162—10097(it changes every day) for the day. Moving down other support points would be 10146—10103/10094—92/10033.35/10008. So it has good support area in the range of 10162—10092 and then 10033.35---10008 and 10008(it changes every day) would be the last bounce back point because sustained break below it on the closing basis could pose a potential threat to the on-going uptrend. Similarly moving up it will face resistance from its short term moving averages which are placed in the range of 10202---10259 for the day and other important resistance point would be 10216.18/10265.84/10321/10335 and it is needless to mention here that the range of 10400---10490.45 would be the very tough range to cross (see my earlier post). So the continuation of smooth up move from here seems difficult, furthermore the technical setup has weakened and the bias is on the downside now and if it does not give a sharp recovery shortly then the down move could deepen. Therefore it is advised that long trade should be avoided till it gives visible sign of correction completion.  

In view of the above observation safe trader should avoid long trade now, however aggressive trader can try long trade on decline near but not below 10094 with a short stop loss of below 10080 and then in or around the range of 10033—10008 but not below 10008 with a stop loss of below 9965. In light of two day fall and anticipating further fall from here short call could be a better option and can be tried on the rise near but not above 10259 with a stop loss of above 10297 or sell if it sustain below 10162 with a stop loss of above 10205.

Remark: - The long term trend is still up. But it is correcting now, so long trade should be avoided now and can only be tried as suggested above. It would be relatively safe to try long trade in the range of 10033—10008. Short trade seems a better option now and could be worth trying as mentioned 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.

A TECHNICAL VIW ON CNX--NIFTY--13-12-2017

 CNX-NIFTY

Open-10324.90—High-10326.10---Low—10230.20---Close—10240.15 on 12-12-2017

Support: 10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10251/10259.37/ 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-13-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10239/10228/10202/10199/10178/10159/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10242/10251/10255/10259.37/10264/10271/10312/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 11-12-17, it just lost momentum today and went down to end the day with a loss of 82.09 points this is a bad indication. Furthermore it is making lower top and bottom on the bar chart therefore long trade should be avoided till it crosses 10335 and sustain. Please note that if it does not move above 10335 in next 2-3 days time then it could head down again and this time down move could be sharp. The only hope of bounce back now is that it is still holding on to some of its short and medium term moving averages which are placed in the range of 10159---10199---10255(it changes for the day)for the day.

It is important to mention here that its long term averages are placed in the range of 10003—9691(it changes every day) for the day, break below 10003 will threaten the uptrend and sustained break below 9691 may put the uptrend in real danger.

In view of the above observation safe trader should avoid long trade   till it moves and sustain above 10335, however aggressive trader can try long trade above 10271 with a stop loss of below 10239. Although there is no clear sign of going short in the market but in light of yesterdays move short trade can be tried if it sustain below 10230 for some time with a stop loss of above 10271,it could be a risky bet but worth trying.

Remark: - The long term trend is still up. But long trade should be attempted only if it moves and sustain above 10335. Short trade could be worth trying 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.

A TECHNICAL VIEW ON CNX-- BANK NIFTY--11-12-2017

CNX--BANK NIFTY

Open-25145.50--High-25367.70--Low-25145.50—Close-25321.15 on

 8-12-2017.

(Bold and underlined figures are important)

MajorSupport:- 25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

MajorResistance:- 25383.55/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support:- 25275/25202/25198.80/25186.05/25145/25119.50/25103/25097/24878.65/24813.60/24798.65.

Resistance: 25350/25383.55/25398/25467/25518/25611.55/25685/25695.75/25726/25924.90/25953.50.

Further to my last post on 4-12-17 it further moved down and broke its bottom of 25119.50 but later in the week as perceived bounced back from around the possible support points(see post of 4-12-17) and ended the week near the high. Therefore it seems that a bottom is in place at 24813.60 for now and it may move up further from here. But it is still below its short term moving averages, which are placed in the range of 25327—398—467(it changes every day) for the day. Furthermore moving ahead it will face resistance from its multiple top in the range of 25694—695.75---25924—953.50 and then from some of its long term indicator which are placed in the range of 25832—26095(it changes every day) for the day.  So moving up does not seems to be easy and smooth.  

 In view of the above observation, safe trader should avoid long trade now and should try once its closes above its short term moving averages. However aggressive trader can try long trade above 25370 with a stop loss of below25300.  

Remark: - The trend is up and it seems that it may further move up from here, but it would be safe to try long trade once it closes above its short term moving averages, however aggressive trader can try long trade 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.

A TECHNICAL VIEW ON CNX--NIFTY--11-12-2017

 CNX-NIFTY

Open-10198.45—High-10270.85---Low—10195.25---Close—10265.65 on 8-12-2017

Support: 10251/10178.95/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.

                                                                                                                                                                                                                              

For-11-12-17 the intra-day short support and resistance levels are given here-under:-

Support: -10246/10233/10220/10205/10178/10149/10137.85/10118.05/10108.15/10094/10043.65/10033.35/9955/9943.

                                                                                                           

Resistance: 10271/10315/10321/10335/10384.50/10400/10409.55/10411.16/10451.65/10453/10461.70/10485.75/10490.45/10536.52/10590.15.                                                                                                                                                                                                           

Further to my last post of 4-12-17, it did break the bottom of 10094 on three successive day’s intra-day but did not close below it. It was reasonably above its long term moving average during the week and last but not the least it crossed its short term moving averages and closed above it on the last day of the week, which is a positive sign. So as perceived it bounced back from the important point (See my post of 4-12-17) therefore it seems that a bottom is in place at 10033.35for now and it can rally further from here. But I once again reiterate here that the range of 10400—10490.45 seem very tough range to cross (see my post of 29-11-17), it may cross the said range this time but be alert and careful in long trade in and around this range. However the up journey from here to 10400 may be smooth.

In view of the above observation long trade can be tried on decline but not below 10178 with a stop loss of below 10145 on the closing basis or can try above 10271 with a short stop loss of below 10230.

Remark: - The long term trend is still up. It seems that a bottom is in place; therefore long trade should 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.

TRADING CALLS FOR----4-12-2017

TRADING CALLS

1. ADANI  PORT.

Buy above -386.75, S/L-382, Target-395/405.

2. ASIAN PAINTS.

Sell below-1130, S/L-1135, Target-1123/1114/1110/1083.

      

3. AUROBINDO PHARMA.

     (A)Buy above -672.50, S/L-668, Target-689/697.

     (B) Sell below-665, S/L-673, Target-649.90/628.25.

4. AXIS BANK.

Sell below-531.90, S/L-536, Target-526/523/515.

5. DR.REDDY LAB.

Sell below -2222, S/L-2235, Target-2197/2166.                                     

6. EICHER MOTORS.

Sell below -29135, S/L-29300, Target-28408/28183.

                                       

 7. GLENMARK PHARMA.

Sell below-553.50, S/L-556, Target-540/530/507.

                                          OR

Sell on the rise but not above 562, S/L, 569, Target-553.50/540/530.

8. ICICI BANK.

Sell below-303.90, S/L-306, Target-295/289.

9. L & T.

Sell below -1202, S/L-1212, Target-1179/1158.  

10. L I C HOUSING FINANCE.

Sell below-568, S/L-572, Target-560/550.

11. RELIANCE INDUSTRIES.

Sell below-907, S/L-911, Target-890/878.

                          

12. TATA MOTORS.

Sell below-396.50, S/L-400, Target-391/387/380.

                          

Note: -- After opening watch the market for sometime before initiating trade.

   

.                              Note: Price stated here is of spot market.   

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.                       

 Contact me for strategic guidance to enter and exit the trade