Nifty Overview For The Week Starting From-2-6-2014

NIFTY CLOSED AT 7229.95   ON 30-5-14

Range for the week ended on 30-5-14 was:-7504 -7118.45

Range for the month of May-14 ended on was:-7563.50—6638.55

SUPPORT:-7296 / 7245 / 7206.70 / 7193 / 7118.45 / 7067.15 / 7020.05 / 6991 / 6869 / 6740 / 6665 / 6650 / 6638.55

RESISTANCE:-  7253/7273 / 7354 / 7450 / 7504/ 7563.50 /  7617 / 7788 / 7988 / 8057

Nifty  moved in the range of 385.55 points during the week and closed the week at 7229.95 which is 111.50  points above the days low of 7118.45 made today itself, this move of today exhibits weakness in the index .Furthermore the technical parameter are showing sign of weakness and the index is making lower top and lower bottom and broken recent closing bottom of  7318  and also running below short term DMA, which indicates that the down correction has possibly set in and may continue for few days and now if it break down the level of 7193 and stays below that then it can drag down the index to these level 7118.45/ 7020/6990 6869/ 6740/6650. If it happens then I expect the index to bounce back from the level of 6900--7000.To regain the momentum now it has to close above the short term DMA which is placed at 7292 for 2-6-14 and recent closing tops of 7329.65 & 7367.10,the chances of  which are looking bleak.                                                                                           

REMARKS:-Long term trend is up, since the nifty is in correction mode so I suggest to avoid long trade in it as of now. Please use support and resistance level as entry and exit points and also as trailing stop loss in favorable trade. Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS

 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