Nifty-Technical View For-3-9-14

NIFTY CLOSED AT 8083.05  ON 2-9-14

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:- 8130 / 8183 / 8290 / 8330.

   (Figures in bold are important)

Nifty opened with a minor up gap today and made a new all time  high of 8101.95 and made a low of 8036.55 for the day before closing the day near the high at 8083.03 .It is showing good strength although today’s gap was very minor but it did not fill it, therefore it created up gap for last two days which makes one apprehensive of a down correction and if it open with a gap on 3-9-14 then the down correction could be imminent, therefore I would suggest to book part profit on the long trade if it open with a gap on 3-9-14. In any case I expect the nifty to correct in next1-2 days and its  coming down to 7968 level would be healthy for the further up move of nifty. However it is still buy on dip market but one should get alerted in long trade if it starts trading below 7950 and exit long trade if it closes below 7820 and stays. Kindly note that going up it will face good resistance at 8130 / 8167 & 8183.

REMARK:- Long term trend is still up, I suggest to buy on dip but with caution and  at appropriate level with an adequate stop loss. Avoid impulsive trade. I expect the nifty to correct downward in next 1-2 days

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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