NIFTY CLOSED AT 8169.20 ON 30-10-14
SUPPORT: - 8031.75 / 8067 /
8141.90 / 8160.90 / 7972.35 /
7964.80 / 7960.50 / 7925.15 / 7862.45
/ 7855.95 /7841.80 /7808.85 / 7784 /
7700.05 / 7593 / 7540.10 / 7422.15.
RESISTANCE:-
8180.20 / 8181.55 / 8300 / 8330 /
8355 / 8390.
(Figures
in bold are important)
Nifty opened flat at 8085.20 and the
open was the low also for the day and then it went on moving up steadily and
made a new all time high of 8181.55 surpassing previous high of 8180.20 just by
a whisker and then closed the day almost near the high at 8169.20. Technically it is showing all the strength and suggest that it can
take forward this rally further but I would like to mention here that moving up
it had left three gaps on 20th,22nd & 29th
Oct-14 and if it makes an effort to fill these gaps it can slide down to 8037 /
7936 &7819 level so the adequate alertness is required in long positions
here. Please note that the long term trend line support for it is at 8090 for
30-10-14, therefore one can continue with the long trade now or can initiate fresh
long trade on dip also but get alerted
if it starts trading below 8090 and exit the trade if it closes below 8037. Going
up it can face very stiff resistance at 8280 / 8300 / 8330 & 8390 and this
up rally may exhaust around these levels.
REMARK:- Long term trend is still up ,so
one can try long trade on dip and get alerted if starts trading below 8090 and
exit the trade if it closes below 8037 or above 8182 with a stop loss close
below 8120.I would prefer to hold on to the existing long trade and initiate
fresh long trade only above 8182.
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
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