Nifty-Technical View For-2-9-14

NIFTY CLOSED AT 8027.70  ON 1-9-14

SUPPORT: -7990.35 /7968.25 / 7954.35 /7855.95 / 7840.95 / 7808.85 / 7700.05 / 7593.90 / 7563.50 / 7540.10 / 7487.50 / 7481.30 / 7447.20/ 7441.60 /7422.15 .

 RESISTANCE:- 8022 / 8050 / 8075 / 8130 / 8183 / 8290 / 8330.

   (Figures in bold are important)

Nifty opened with a up gap today and made a new all time  high of 8035 and made a low of 7984for the day before closing the day near the high at8027.70.It is showing good strength but it did not make any effort to fill the gap it left today(Gap area-7967.80—7990.35)  therefore keep this in mind that if it breaks 7990 level in next 2-3 days then it can come down to 7967 level to fill the gap, if it does and then starts moving up again then it  would be good for the nifty but if it does not then it leaves a question mark that when it will fill the gap. However the nifty seems to be on the strong footing as of now therefore, I suggest buy on dip with caution and get alerted in long trade if it starts trading below 7940 and exit long trade if it closes below 7799 and stays. Kindly note that going up it will face good resistance at 8050 /8075 & 8100.

REMARK:- Long term trend is still up, I suggest to buy on dip but with caution  at appropriate level with an adequate stop loss. Avoid impulsive trade. I expect the nifty to correct downward in next 2-3 days, so be cautious in long 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

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