Nifty-Technical View For-1-8-14

NIFTY CLOSED AT 7721.30 ON 31-07-14

 SUPPORT: -  7720 /  7700.05 / 7680 / 7631 / 7629 / 7611.35 / 7593 / 7582 / 7563.50 / 7526 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15

 RESISTANCE:  7731 / 7790.45 /  7792.90 / 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened negative today and could not cross the previous day’s high of 7798.70 and made high for the day at 7791.85 and then moved down gradually to make a low of 7711.15 before closing the day near the low point at 7721.30. It is not showing strength furthermore it has closed below the upper band of the short term DMA range again today , therefore it seems that  it wants to correct before resuming the up- trend again. I still suggest to avoid fresh long call below 7792.90 for the week, below 7721.30 for the month of August-14.Since it has moved below the short term DMA today, therefore long call should be completely avoided below the  short term DMA range which would be between 7762—7676(these figures will change every day) for 1-8-14,therefore get alerted and avoid fresh long call below 7762 for sure and get out of the long trade if it closes below 7676 (this figure will change every day)on 1-8-14. 

REMARK:- Long term trend is up but avoid long call below 7792.90 for the week and off course below the short term moving average also which is at 7762 for 1-8-14 for sure .

 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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