Nifty-Technical View-14-8-14

NIFTY CLOSED AT 7739.55 ON 13-8-14

 SUPPORT: - 7731.05 / 7721.03 / 7700.05 / 7662.50 /  7593.90 / 7563.50 / 7540.10 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7206.70.

 RESISTANCE:-  7752.45 / 7799/90 / 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened on a negative note and made a low of 7695.70 but did not breached the previous day’s low but crossed the previous day’s high of 7735.75 and made a high of 7757.10 for the day before closing the day near the high at 7739.55.It has still not filled the gaps completely which it has left on 11^th & 12^th Aug-14, furthermore today up move also  lacked volumes, therefore this on -going up move is looking a bit dicey and not likely to sustain. However since it has moved above the upper band of the short term DMA range today and the range is between 7703—7663(it changes every day) for 14-8-14, therefore I suggest to avoid fresh short call till it moves below the short term DMA lower band ie.7663 and stays, however those who are carrying short position can hold on to it with a stop loss of 7775.For initiating fresh long call I would suggest to wait for 3-4 days(today was the 2^nd day) and see that whether it holds the short term DMA upper band or not ,if it does then go for long position with a stop loss of below the lower band of the short term DMA range

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REMARK:- Long term trend is up but wait and watch for 3-4 days move for initiating fresh long call.

 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