Nifty-Technical View For-23-9-14

NIFTY CLOSED AT 8146.30  ON 22-9-14

SUPPORT: - 8141.90 / 8121.45 / 8084.45 / 8057.30 / 8049.85 / 7990.35 / 7968.25 / 7954.35 / 7855.95 / 7840.95 / 7808.85 / 7700.05.

 RESISTANCE:- 8160.90 /  8180.20 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened on a negative note at 8084.45 and made a low of 8064.80 and thereafter steadily moved up and made a high of 8159.90 before closing the day near the high at 8146.30.Today’s move indicate that nifty is in good momentum but it will have to get past 8160.90 to keep it going up further ,if it does not then it may give down move again, so for 23-9-14 crossing of 8160.90 point is important. Since it is above its short term averages now therefore on can buy on dip and get alerted in long trade only if it starts trading below 8077 and get out of long trade if it closes below 8030 and stays. Kindly note that going up it will face good resistance at  8160.90 & 8181 .

REMARK:- Long term trend is still up, therefore I suggest to buy on dip with a stop loss  of close below 8030. 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