Nifty-Technical View For-30-7-14

NIFTY CLOSED AT 7748.70 ON 28-07-14

 SUPPORT: -  7731 / 7700.05 / 7680 / 7631 / 7629 / 7611.35 / 7593 / 7582 / 7563.50 / 7526 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15

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

  (Figures in bold are important)

 Nifty opened flat and steadily moved down and made a low of 7722.65 for the day  before closing the day just 26 points above the low  at 7748.70.It has violated short term DMA upper band today and closed just  a fraction below it, therefore, I suggest to avoid fresh long call below 7792.90 for the week. However those who are having long position taken at the lower level and they still want to hold the position can take that chance above 7700.05 & 7674 for the week .

The short term moving average range is between 7749.03—7668.80(these figures will change every day) for 30-7-14 and since the nifty closed just below the upper range of DMA , so avoid long call below 7749 also. Please get out of the long trade if it closes below 7668 (this figure will change every day). Your alert point is below 7749 and stop loss for the long trade in nifty is close below 7668 for 30-7-14.

REMARK:- Long term trend is up but avoid long call below 7792.90 for the week and off course below short term moving average also which is at 7749 for 30-7-14 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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