Nifty-Technical View-22-7-14

NIFTY CLOSED AT 7684.20 ON 21-07-14

 SUPPORT: -7661 / 7629 / 7611.35 / 7593 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7402.25/ 7382 / 7291 / 7229/ 7118.45 / 7067 / 7020.

 RESISTANCE:   7685 / 7700.05 / 7731.05 / 7808.85 /7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened with a gap up today and made a high of 7722.10 and made a low of 7674 during the day before closing the day near the low at 7684.20. Its today’s movement suggest that avoid fresh long call below 7701.65 & 7685 during the week and below 7629 & 7611.35 for the month of July-14.Kindly get alerted if it goes below 7610 (this figure will change every day) and get out of the long trade if it closes below 7582(this figure will change every day). Your stop loss for the long trade in nifty is close below 7582 for 22-7-14. Kindly note that nifty will face tough resistance in the range of 7700-7735 , if it manages to cross and stays above it then it may cross the previous high of 7808.35.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market now but avoid long calls below 7685 and one can try fresh long call near 7630 or above 7685 & 7701.65 with a strict stop loss of below 7582 on closing basis for 22-7-14. 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. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS

                                             Note:-PRICE STATED HERE IS OF SPOT MARKET

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