Nifty-Technical View For-13-11-14

NIFTY CLOSED AT 8383.30ON 12-11-14

SUPPORT: - 8330.75 / 8322 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8415.05 / 8430 / 8475 / 8550 / 8600 / 8650.

(Figures in bold are important)

Nifty opened on a positive note at 8378.90 made a low of 8370.50 and thereafter it went on to make a new all time high of 8415.05  before closing the day  at 8383.30. Technically it is still ok now, although it has broken the trend-line of the channel today which shows some weakness and to show strength again on this parameter it has to bounce back within the channel again and close above 8440 on 13-11-14 because the range for channel is between 8620---8440 for 13-11-14, chances of which are looking tough seeing today’s move, but anyway the strong support for it exist at 8290 therefore one should exit long trade if it closes below this mark. Going up it will face stiff resistance at 8430 / 8475 / 8550 & 8600 and I strongly feel that nifty may exhaust around these level and correction may set in, since we are not far away from these levels  therefore I suggest to book part profit on long trades.

REMARK:- Long term trend is  up , correction in nifty looks imminent therefore traders are advised to book part profit in long trades here and on the rise too and avoid fresh long trades now and below 8290 for sure.   

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