Nifty-Technical View For-5-9-14

NIFTY CLOSED AT 8095.95  ON 4-9-14

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 flat at 8114.20 and almost the open was the high for the day at 8114.80 and thereafter it gradually moved down and made a low of 8060.90 before closing the day at 8095.95.Today’s move indicate that may be correction has set in as expected but in bull market correction don’t last for too long therefore the possible correction completion points are 8074 / 8032 / 7998 / 7965 / 7927 from where nifty can bounce back. Kindly note that if it breaks the 7927 point and stays then there could be potential threat of it going down further and sharply too, as of now chance of which are looking bleak. Therefore it is still  buy on dip market but with caution and  one should get alerted in long trade if it starts trading below 7980 and exit long trade if it closes below 7860 and stays. Kindly note that going up it will face good resistance at 8141.90 / 8150 & 8183

REMARK:- Long term trend is still up, possibly correction has set in today therefore use the aforesaid level and support and resistance points as entry,exit and traling stop loss point in your trade.I suggest to buy on dip but with caution and  at appropriate level with an adequate stop loss. 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