Nifty-Technical View For-28-8-14

NIFTY CLOSED AT7936.05  ON 27-8-14

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

   (Figures in bold are important)

Nifty opened gap up today and made a high of 7946.85 and  filled the gap during the day and made a low of 79116.55 for the day before closing the day at 7936.05.I suggest buy on dip with caution and get alerted in long trade if it starts trading below 7890 and off course avoid fresh long call below this point and get out of the long trade if it closes below 7775 and stays, one can try long call near 7775-7800 range with a stop loss of below 7760. Kindly note that going up it will face good resistance at 7940,7950,7968.25&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 7890 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