Nifty-Technical view For-17-11-14

NIFTY CLOSED AT 8389.90ON 14-11-14

SUPPORT: - 8330.75 / 8320 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8415.05 / 8430 / 8475 / 8500 / 8600 / 8650.

(Figures in bold are important)

Nifty opened on a positive note at 8360.70 and made a high of 8400.65 and thereafter it went down and made a low of 8346.80 before closing the day at 8389.90. The range for nifty now is 8415.05----8290 for the week starting from 17-11-14 and break on either side will decide the further direction, the strong support for it exist at 8180 & 8160. Traders are  advised to get alerted in long trade below 8320 and exit trade if it closes below 8290.Going up it will face stiff resistance at 8415 / 8458 &8500 on 17-11-14. I still suggest to avoid fresh long call and advice to book part profit in long trades here and on the rise too because it seems that nifty is not far away from topping out for the time being and correction sets in, therefore I would suggest that think of fresh long trade only after nifty reasonably corrects till then stay out. However aggressive trader can go long on the dip with a stop loss of close below 8290 or if it stays above 8420 with a stop loss of  close below 8390. 
     

    

REMARK:-  :- Long term trend is  up but avoid fresh long trade till nifty corrects, therefore traders are advised at least to book part here and on the rise.

 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