Nifty-Technical View-24-7-14

NIFTY CLOSED AT 7795.75 ON 23-07-14

 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 / 7809.20 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened up firmly today at 7797.90 and made a new all time high of 7809.20 by a whisker  and closed the day at 7795.75.It has made double top at the high (Previous top of 7808.85 & today’s top of 7809.20),therefore I suggest that take fresh long call only if nifty closes above 7809.20 and one can book partial profit on long calls carried on from the lower level. However those who want to hold the entire long position can hold the long call above 7701.65 & 7685 for the week and above 7629  for the month of July-14.Kindly get alerted if it goes below 7640 (this figure will change every day) and get out of the long trade if it closes below 7618(this figure will change every day). Your stop loss for the long trade in nifty is close below 7618 for 24-7-14.

REMARK:- Long term trend is up but now it is a top  situation therefore avoid fresh long call till nifty closes above 7809.20.

 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