Nifty -Technical View For-10-9-14

NIFTY CLOSED AT 8151.80  ON 9-9-14

SUPPORT: -8150 / 8141.90 / 8132.95 / 8086.85 / 8049.85 /7990.35 / 7968.25 / 7954.35 /7855.95 / 7840.95 / 7808.85 / 7700.05 / .

 RESISTANCE:-  8183 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened on a negative note at 8161.90 and made a high of 8174.55 and then started slipping down and made a low of 8126.50 before closing the day at 8151.80.Since it is still reasonably above the short term & long term DMA therefore it is buy on dip market but with caution and one should get alert in long trade if it starts trading below 8040 and exit long trade if it closes below 7930 and stays. Please note that it has recently made bottom at 8049.75 therefore I suggest to avoid fresh long call below this point. Kindly note that going up it will face good resistance at & 8183 / 8210 & 8294

REMARK:- Long term trend is still up, therefore ,I suggest to buy on dip but with caution and  at appropriate level with an adequate stop loss, avoid long fresh long call below 8049.85. 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