Nifty Technical Overview For The Week Starting From 9-6-14

NIFTY CLOSED AT 7583.40 ON 6-6-14

Range for the week ended on 6-6-14 was:-7592.70 -7239.50

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

SUPPORT:-7563.50 / 7497.65/ 7484 / 7360.50 / 7342 / 7206.70 / 7193.55 / 7118.45

RESISTANCE:- 7634/ 7700 / 7852 / 7988 / 8011 /  8052 / 8195 / 8310

Nifty opened with a small gap up on 6-6-14 and made new all time  high of 7592.70 and closed the week near the highest point of the range ,it has also closed above the last month high of 7563.50 which shows great strength in it for further up move in the coming week starting from 9-6-14, so for now 7563.50 is a good support for nifty ,but since it has left a gap behind it may come down to fill the gap and that level is 7484-7497.65 and this can only happen if it breaks below 7563.50 and stays so watch out for this level. I expect the nifty to move in the range of 7450—7790 in the coming week.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price  moves  up/down to gain maximum profit and avoid losses.

                               

REMARKS:-Long term trend is up, so buy on dip strategy is advised Please use support and resistance levels as entry ,exit and target 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