Nifty-Technical View-23-7-14

NIFTY CLOSED AT 7767.85 ON 22-07-14

 SUPPORT: -7731.05 / 7700.05 / 7685 / 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:    7808.85 /7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened up firmly today  at 7708.20 and steadily moved up and  made a high of 7773.85  during the day before closing the day near the high at 7767.85.Since it has crossed the resistance range of 7700-7735 it is expected to surpass the previous high of 7808.35.I suggest to hold the long call above 7701.65 & 7685 for the week and above 7629 & 7611.35 for the month of July-14.Kindly get alerted if it goes below 7629 (this figure will change every day) and get out of the long trade if it closes below 7597(this figure will change every day). Your stop loss for the long trade in nifty is close below 7597 for 23-7-14.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market hold long calls above 7701.65 & 7685 for the 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. 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

Contact me for strategic guidance to enter and exit the trade