Nifty-Technical View-6-8-14

NIFTY CLOSED AT 7746.55 ON 5-8-14

 SUPPORT: - 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7639.55 /  7602.60 / 7593.90 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7206.70.

 RESISTANCE:- 7799.90 / 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened with a up gap today but filled the gap during the day and made a low of 7638.05 and a high of 7752.45 for the day before closing the day near the high at 7746.55. It has just closed below the upper band of the short term DMA range today and the range  is between 7750—7665(it changes every day) for 6-8-14, therefore I still suggest to avoid fresh long call till it closes above and  the short term DMA upper band ie.7750 and stays, however those who are having long position taken at the lower level and they still want to hold the position can take that chance  but get alerted below 7721.30.Kindly note that the authentic stop loss for all long trade is below 7582(it changes every day) for 6-8-14.It will face  good resistance at 7799.90,7808.85 & 7840.95 going up.

REMARK:- Long term trend is up but avoid long call until and unless it moves above the short term DMA range ie.7750 for 6-8-14 and those who are already having long calls be get alerted below 7721.30.

 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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