Nifty-Technical View For-9-9-14

NIFTY CLOSED AT 8173.90  ON 8-9-14

SUPPORT: -8150 / 8141.90 / 8132.95 / 8086.85 / 8049.85 7990.35 / 7968.25 / 7954.35 /7855.95 / 7840.95 / 7808.85 / 7700.05 / .

 RESISTANCE:-  8183 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened with a up gap by 10.25 points at 8132.95 and immediately filled up 50% gap and made a low of 8126.20 and  thereafter gradually moved up and made a new all time high of 8180.20 before closing the day near the high at 8173.90.Today’s move indicate that  last two days down move has been completed as nifty  is showing great momentum ,therefore it is still  buy on dip market but with caution and  one should get alerted in long trade if it starts trading below 8020 and exit long trade if it closes below 7900 and stays. Please note that it has recently made bottom at 8049.75 therefore I suggest to avoid fresh long call below this point. Kindly note that going up it will face good resistance at & 8183 / 8210 & 8294

REMARK:- Long term trend is still up, therefore ,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