Nifty-Technical View For The Week Starting From-21-7-14

NIFTY CLOSED AT 7663.90 ON 18-07-14

Range for the week ended on 18-07-14 was: - 7685--- 7422.15

 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 after making a low of 7422.15on14-7-14 moved steadily up during the week and made a high of 7685 on 18-7-14 before closing the week near the high at 7663.90. It seems that bottom of nifty is in place at 7422.15 for now and its movement suggest long call in it above 7611.35 & 7629, avoid fresh long call below this but hold long call if one already having it, get alerted in long call if it goes below 7600(the figure will change every day) and get out of the long trade if it closes below 7580(the figure will change every day) and re-enter only if it move again above its short term DMA range which is between 7600—7580 for 21-7-14. Your stop loss for the long trade in nifty is close below 7580 for 21-7-14. 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 and one can take long call above 7629 with a strict stop loss of below 7580 on closing basis for 21-7-14. 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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