Nifty-Technical View For-14-11-14

NIFTY CLOSED AT 8357.85ON 13-11-14

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 8405.25 and made a high of 8408 and thereafter it went down and made a low of 8320.35 before closing the day at 8357.85. Today’s movement showed weakness in it, furthermore it broke the trend-line of the channel yesterday which is indicative of reasonable to significant correction in coming days. I would therefore suggest to avoid fresh long call completely here and advice to book profit on existing long trades. The range for nifty now is between 8415.05---8290 but avoid long call completely if it starts trading below 8320 on 14-11-14 and below 8290 for sure. Aggressive trader can try short call for the day also below 8320 or on the rise and near 8408 with a stop loss of 8340 & 8430 respectively .  

     

REMARK:-  :- Long term trend is  up but today’s move indicate that correction may set in therefore traders are advised to book  profit in long trades and avoid fresh long trades below 8320 on 14-11-14.

 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