Nifty Closed at 6782.25 on 25.4.2014
Range for the week was-6869.85 - 6772.85
Support :- 6767.50 / 6743.34 / 6730 / 6716 / 6704 / 6665.15 / 6650 / 6574 / 6540
Resistance:- 6792 / 6819.05 / 6868 / 6869.85 / 6917 / 6988 / 7197.
Nifty moved in the aforesaid range during the week and closed near the low point of the range on the weekend.The weekly and daily closing is not very enthusiastic and indicate that index could further correct downward from here but the uptrend is still intact and index is expected to bounce back from the range of 6730-6700 so as of now it is buy on dip market ,please note that if index goes below 6665 & 6650 and stays for 2-3 days then it may begin a short term down trend therefore the genuine stop loss for the long trade should be 6640 .Please use support and resistance level as targets for either side .
REMARKS:-Long term uptrend is still intact, weekend close indicate that further correction in the offing but there is no threat to the on going up move until it breaks 6665 / 6650 and stays below that.So buy on dip with adequate stop loss and be extraordinarily alert in long trade below 6650.
Range for the week was-6869.85 - 6772.85
Support :- 6767.50 / 6743.34 / 6730 / 6716 / 6704 / 6665.15 / 6650 / 6574 / 6540
Resistance:- 6792 / 6819.05 / 6868 / 6869.85 / 6917 / 6988 / 7197.
Nifty moved in the aforesaid range during the week and closed near the low point of the range on the weekend.The weekly and daily closing is not very enthusiastic and indicate that index could further correct downward from here but the uptrend is still intact and index is expected to bounce back from the range of 6730-6700 so as of now it is buy on dip market ,please note that if index goes below 6665 & 6650 and stays for 2-3 days then it may begin a short term down trend therefore the genuine stop loss for the long trade should be 6640 .Please use support and resistance level as targets for either side .
REMARKS:-Long term uptrend is still intact, weekend close indicate that further correction in the offing but there is no threat to the on going up move until it breaks 6665 / 6650 and stays below that.So buy on dip with adequate stop loss and be extraordinarily alert in long trade below 6650.
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
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