Nifty-Technical View-21-8-14

NIFTY CLOSED AT 7875.30 ON 20-8-14

 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:-7922.70 / 7935 / 8060 / 8130.

  (Figures in bold are important)

Nifty opened firmly today and made a new all time high of 7922.70 and then made a low of 7864.05 before closing the day near the low point at 7875.30.Today’s move showed some choppiness and indicate that it may correct for 2-3 days but as of now the bias is still up and it is buy on dip market at appropriate levels but be alert in long trade if it starts trading below 7820 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7720 and stays. Kindly note that going up it will face 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. Avoid impulsive trade.

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