Nifty-Technical View For-27-8-14

NIFTY CLOSED AT7904.75  ON 26-8-14

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 gap down today and made a low of 7862.45 and thereafter moved up and filled the gap and made a high of 7915.45 for the day before closing the day at 7904.75. Please be cautious in long trade and get alerted if it starts trading below 7880 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7766 and stays, one can try long call near 7766-7800 range with a stop loss of below 7760. 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 7880 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