Nifty-Technical View For-4-9-14

NIFTY CLOSED AT 8114.60  ON 3-9-14

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 / 8141.90 / 8150 / 8183 / 8290 / 8330.

   (Figures in bold are important)

Nifty opened with a small up gap today but filled the gap immediately and made a new all time  high of 8141.90 and made a low of 8092.25 for the day before closing the day  at 8114.60.It is showing good strength ,but it has been rising for last five days, therefore a small  correction may be round the corner and if it happens that will be good 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 7960 and exit long trade if it closes below 7840 and stays. Kindly note that going up it will face good resistance at 8150 & 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 because a down correction may be round the corner.

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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