Nifty-Technical View-2-7-14

Nifty closed at 7634.70 on 1-7-2014 

SUPPORT :- 7629 / 7611.35 / 7593.35 / 7487.55 / 7481.30 / 7477/  7441.60 / 7409 / 7340 / 7263 / 7229/7200

RESISTANCE:  7635/ 7656.40/ 7663 / 7678.50 / 7700.

Nifty moved in a very short range of 31 points today, this indicate that a reasonable big move  can happen on the either side in coming 1-2 days time .Kindly note that nifty made higher top & bottom on the bar chart but yet to make higher bottom on the line chart therefore it may still come down on closing basis on the line chart to make higher bottom, so as of now the bench mark level for nifty is 7629 &7611.35(for the month of July-14) and the short term DMA which is placed at 7550 for 2-7-14 for long trades, if nifty starts trading below 7629 & 7611.35 then be alert in long trades and if it breaks 7550 today and stays then get out of the long trade in nifty.

REMARK:-Long term trend is up and it is buy on dip market as of now but since nifty has not made higher bottom on the line chart ,therefore I feel that it can give down move on the closing basis either on 2-7-14 or 3-7-14 to make higher bottom, Trade  cautiously with an adequate stop loss. 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. 

Contact me for strategic guidance to enter and exit the trade