Nifty-Technical View (25-6-14)

Nifty closed at 7580.20 on 24-6-2014

SUPPORT:- 7563.50 / 7540 / 7502 / 7487.55 / 7477/  7441.60 / 7409 / 7340 / 7263 / 7229/7200

RESISTANCE: 7601 / 7635/ 7656.40/ 7678.50 / 7700.

Nifty opened at 7515.20 and steadily moved up, it exhibited huge volatility during the day and made a high of 7593.35 for the day before closing the day near the high at 7580.20. Today’s move partially indicate that the on-going correction may be over as it has crossed its short term moving averages but this is not enough as nifty has still not made a higher top & bottom on the line & bar chart ,to make higher top and bottom on line chart it has to close above 7631.70  and  hold the bottom of 7493.35 made on 23.6.14 on the closing basis , to make higher top on bar chart it has to cross 7663 and hold the bottom of 7441.60 made on 23-6-14.Therefore as of now one should see that it should trade above the short term DMA  till it makes higher top and bottom on line and bar chat. The short term DMA are placed at 7566 &7540 for 25-6-14.Avoid long calls if nifty starts trading below 7540.

REMARK:- Since there is partial indication of  completion of the on- going correction, I would suggest to avoid taking any position in nifty , simply watch the market on 25-6-14.The aggressive trader can try long call with a stop loss of  below 7540.

   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