Nifty-Technical View For-26-8-14

NIFTY CLOSED AT7906.30  ON 25-8-14

SUPPORT: -7870 / 7855.95 / 7840.95 / 7808.85 / 7731.05 / 7721.30 / 7700.05 / 7662.50 / 7598.60 / 7593.90 / 7563.50 / 7540.10 / 7487.50 / 7481.30 / 7447.20/ 7441.60 / 7422.15 / 7206.70 / 7118.45.

 RESISTANCE:-7913.20 / 7929.05 / 7931.75 /  7940 / 7968.25 / 8027 / 8050 / 8130 / 8330.

  (Figures in bold are important)

Nifty opened flat to positive today and steadily moved up throughout the day and maintained it for considerable time and made a new all time high of 7968.25 and thereafter all of a sudden started moving down in last 45 minutes trade and made a low of 7897.95 before closing the day near the low at 7906.30.Today’s move almost made a key downward reversal had it closed below 7900.05 but any way the move was disturbing , therefore one should be cautious in long trade. Kindly be alert in long trade if it starts trading below 7860 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7760 and stays. Kindly note that going up it will face good resistance at 7940,7968.25  &7995.

REMARK:- Long term trend is still up, I suggest to buy on dip but be cautious on long trade and avoid fresh long call below 7860 for sure. 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