Nifty Update-(For week Starting From 21.4.2014)

NIFTY CLOSED AT :- 6779.40 ON 17.4.2014

The range of  nifty for the coming week is 6813.40 – 6665.15.40 .Break on either side will take it up or down but it is still looking good for up move.The support and resistance for nifty are given here under :-

SUPPORT:- 6730 / 6704/ 6665.15 / 6650 /  6550

RESISTANCE :- 6796.40 / 6813.40 / 6819.05 / 6868 / 6917 / 6988 / 7057 / 7197.

It did close below 6694.35 but did not break 6650 downward therefore it staged a smart up rally on 17.4.14 and closed near the up range of the week. The bias in index is for long trade, one can take a long call with a stop loss of 6725.Please note that if it closes above 6796.40  and then crosses 6819.05 and stays above that it will gain further strength and similarly if it breaks 6704 and stays below that it will show weakness .Since the index is volatile and in great momentum and swings both way  during the day ,therefore  trade cautiously .

REMARKS:- The trend is up but it is in an overbought zone and one technical parameter is showing  sign of weakness but as of  now there is no potential threat of nifty going down .Please note that if nifty closes below 6675.30 and then breaks 6665.15 and 6650  and stays below that then it will be a great threat to the short term up trend. Kindly have a balanced approach in the market when you trade and be flexible in switching side with market movement. Please follow stop-losses  religiously .

NOTE:-1.PRICE STATED HERE IS OF SPOT MARKET.

          2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

          3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL PROTECTION. 

 Contact me for strategic guidance to enter and exit the trade