Nifty-Technical View-8-8-14

NIFTY CLOSED AT 7649.25 ON 7-8-14

 SUPPORT: - 7639.55 / 7602.60 / 7593.90 / 7563.50 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7206.70.

 RESISTANCE:-7662.50 / 7700.05 / 7721.30 / 7731.05 / 7799.90 / 7808.85 / 7840.95 / 7873 / 8060 / 8125.

  (Figures in bold are important)

 Nifty opened in a negative territory today and  made a high of 7708.95 and low of  7630.40 for the day before closing the day near the low at 7649.25.Nifty is exhibiting gross weakness and indicating reasonable to big fall in coming days It has also closed below the lower band of the short term DMA range today , therefore I suggest to avoid fresh long call completely till it moves above the short term DMA band which is at 7724 for 8-8-14 and stays, those who are still holding the long trades for them  the authentic stop loss s below 7609(it changes every day) for 8-8-14 on the closing basis, below this point nifty will get support at 7536 & 7422.Technically it is a sell on rise market  now.

REMARK:- Long term trend is still up but since it is  correcting downward, therefore long call is a complete avoid for now until and unless it moves above the upper band of the short term DMA range and stays or try long call only when it gives  visible sign of completion of down correction The expected region for aggressively trying the long call would be between 7100---7250 As of now ,I would suggest to try short call on the rise at appropriate level with an adequate stop loss.

 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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