Nifty-Technical View-20-8-14

NIFTY CLOSED AT 7897.50 ON 19-8-14

 SUPPORT: - 7870 / 7840.95 / 7808.85 / 7799.90 / 7796.70 / 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7598.60 / 7593.90 / 7563.50 / 7540.10

 RESISTANCE:-7935 / 7995 / 8060 / 8130.

  (Figures in bold are important)

Nifty opened gap up today and made a low of 7881.15 and a new all time high of 7918.55 and closed the day at new closing high of 7897.50.It is showing great strength and it is continuously moving up for the last six trading session and has risen by 378 points on intra -day basis. As of now the bias is on the up side and it is buy on dip market but be alert in long trade if it starts trading below 7800 and get out of the long trade if it closes below 7710 and stays. Since it has moved up vertically in last six days therefore a small down correction for a day or two cannot be ruled out and that correction should be utilized for buying off course keeping the above alert point and stop loss in mind, going up it will find good resistance at 7940 &7995.  

REMARK:- Long term trend is still up, I suggest to buy on dip at appropriate level and with an adequate stop loss.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move 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