NIFTY CLOSED AT 6858.80 ON 9-5-14
Range for the week ended on 9-5-14 was:-6871.35 - 6638.55
SUPPORT:-6819.05 / 6740 / 6665 / 6650 / 6638.55
RESISTANCE :-6869.85 / 6871.35 / 6905 / 6998 / 7015 / 7062/ 7215 / 7245 / 7455 / 7617.
Nifty showed weak trend in first 4 trading days(anticipated ,see my last post) and broke the critical level of 6650 intra day twice during the week but did not close below it and finally staged a stupendous recovery on the last day of the week and made a new high of 6871..35 before closing near the high at 6858.80.In technical parlance it is called Key Reversal because the 8 days zig- zag down move was covered in just one trading session,it indicates that a very strong up move is ahead in coming days, off course the in between down correction could be there ,please also don't forget that one major event of election result is lined up on 16-5-14,so the volatility in the market could be very high in the coming week.Trade very carefully and cautiously.The technical parameters are also good so it is a buy on dip market now for sure.Kindly use support and resistance level smartly to enter and exit market.DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend up,seeing the move of nifty on 9-5-14 it is expected that nifty could be in the range of 6905-7100 in the coming week,it can encounter tough resistance in the region of 6905-7070 but once the 7070 mark is cleared then there will not be any major hurdle going up.The strong support still exist at 6650 / 6638.but get alerted in long trade if it breaks 6700 and stays below it. so the stop loss for the long trade would be 6700.Since the volatility is expected to be high in the coming week hence the stop loss is wide.I reiterate once again that it is a buy on dip market.
Range for the week ended on 9-5-14 was:-6871.35 - 6638.55
SUPPORT:-6819.05 / 6740 / 6665 / 6650 / 6638.55
RESISTANCE :-6869.85 / 6871.35 / 6905 / 6998 / 7015 / 7062/ 7215 / 7245 / 7455 / 7617.
Nifty showed weak trend in first 4 trading days(anticipated ,see my last post) and broke the critical level of 6650 intra day twice during the week but did not close below it and finally staged a stupendous recovery on the last day of the week and made a new high of 6871..35 before closing near the high at 6858.80.In technical parlance it is called Key Reversal because the 8 days zig- zag down move was covered in just one trading session,it indicates that a very strong up move is ahead in coming days, off course the in between down correction could be there ,please also don't forget that one major event of election result is lined up on 16-5-14,so the volatility in the market could be very high in the coming week.Trade very carefully and cautiously.The technical parameters are also good so it is a buy on dip market now for sure.Kindly use support and resistance level smartly to enter and exit market.DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend up,seeing the move of nifty on 9-5-14 it is expected that nifty could be in the range of 6905-7100 in the coming week,it can encounter tough resistance in the region of 6905-7070 but once the 7070 mark is cleared then there will not be any major hurdle going up.The strong support still exist at 6650 / 6638.but get alerted in long trade if it breaks 6700 and stays below it. so the stop loss for the long trade would be 6700.Since the volatility is expected to be high in the coming week hence the stop loss is wide.I reiterate once again that it is a buy on dip market.
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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