Nifty Closed At 6694.80 on 2.5.2014
Range for the week ended on 2.5.14 was :- 6786.25 - 6656.80
Range for the month of April-14 was :-6869.85 - 6650.40
SUPPORT:-6650.40 / 6600 / 6540 / 6473 / 6432 / 6415.
RESISTANCE:-6709.95 / 6776.75 / 6819.05 / 6869.85 / 6917 / 6988 / 7197.
The weekly and monthly closing was near the lower end of the range,although the trend is still up but at this point of time nifty is looking slightly weak but since it did not break the critical support level of 6650 , which gives some hope that it may bounce back from here and going up the critical resistance area would be in the region of 6760--6780,please note that nifty will regain momentum again above this range.
Technically nifty is running below its short term moving averages and RSI is showing negative divergence on the daily chart,so there is chances that it could break 6650 level and can come down to 6550-6450 level in coming days but as I always says(see my earlier post) that divergence should not be viewed in isolation and should be synchronized with other technical parameters which are not that bad,therefore only get alert in long trade if it breaks 6650 and stays below it.
REMARKS:- Long trade should be avoided if nifty breaks 6650 level and stays below it,because then it could go in for deeper down correction,furthermore if it do not cross 6760-80 level in coming 3-4 trading session the chance of breaking 6650 level would increase,so one's stop loss level for long trade should be strictly at 6640 for now.
Range for the week ended on 2.5.14 was :- 6786.25 - 6656.80
Range for the month of April-14 was :-6869.85 - 6650.40
SUPPORT:-6650.40 / 6600 / 6540 / 6473 / 6432 / 6415.
RESISTANCE:-6709.95 / 6776.75 / 6819.05 / 6869.85 / 6917 / 6988 / 7197.
The weekly and monthly closing was near the lower end of the range,although the trend is still up but at this point of time nifty is looking slightly weak but since it did not break the critical support level of 6650 , which gives some hope that it may bounce back from here and going up the critical resistance area would be in the region of 6760--6780,please note that nifty will regain momentum again above this range.
Technically nifty is running below its short term moving averages and RSI is showing negative divergence on the daily chart,so there is chances that it could break 6650 level and can come down to 6550-6450 level in coming days but as I always says(see my earlier post) that divergence should not be viewed in isolation and should be synchronized with other technical parameters which are not that bad,therefore only get alert in long trade if it breaks 6650 and stays below it.
REMARKS:- Long trade should be avoided if nifty breaks 6650 level and stays below it,because then it could go in for deeper down correction,furthermore if it do not cross 6760-80 level in coming 3-4 trading session the chance of breaking 6650 level would increase,so one's stop loss level for long trade should be strictly at 6640 for now.
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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