NIFTY CLOSED AT 8344.25ON 10-11-14
SUPPORT: - 8330.75 / 8322 / 8297 / 8180 / 8160 / 8085.
RESISTANCE:-
8348.15
/ 8383.05 / 8408 / 8430 / 8475 / 8550 / 8600
/ 8650.
(Figures in
bold are important)
Nifty opened flat at 8337.80 and made
a low of 8304.45 and thereafter made a new all time high of 8383.05 before
closing the day at 8344.25.Technically it is still ok but as it is moving in a
channel and the range for it is between 8523—8340(it will move up every day)
for 11-11-14 and break out on either side will decide whether the rally will
continue or correction will set in, since it is near the lower range of the
channel therefore caution is advised on long trade because it may correct from
here and if correction sets in it could
be significant one, therefore it is advised to book at least part profit in
long trades here. It will give first
sign of weakness and of impending correction if it breaks the channel lower range
of 8340 and stays below it. Avoid long trade completely if it consistently
starts trading below 8300.Going up it will face stiff resistance at 8430 / 8475 & 8550.
REMARK:- Long term trend is up ,traders are advised to book part profit
in long trades and avoid fresh long trades below 8300.
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.
Disclaimer:-The view expressed here are
solely of the author and he is not at all responsible in any way for the
outcome of the trade you enter based on the above view.
Note: Price stated here
is of spot market
Contact me for strategic guidance to enter
and exit the trade
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