NIFTY CLOSED AT 8382.30ON 19-11-14
SUPPORT: - 8330.75 / 8322 / 8290
/ 8180 / 8160 / 8085.
RESISTANCE:-
8415.05 / 8455.65 / 8475 / 8550 / 8600 /
8650.
(Figures in
bold are important)
Nifty opened on a positive note at 8440.65
and made a new all time high of 8455.65 and thereafter went down and made a low
of 8360.50 before closing the day at 8382.30.It is moving in a short channel
for last few days and the range for it is between 8461---8360(it will increase
with each passing day) for 20-11-14, and breakout on the either side will
decide further direction for it but since it has closed near the lower end of
the channel today which is slightly disturbing and indicative of that it may give
downside breakout in days to come ,so exit long trade if it closes below 8340
on 20-11-14 and re-enter long trade only if it moves above 8455.65 and stays.
The good support for it exist at 8290 & 8160 and going up it will have
resistance at 8456/ 8497 & 8537.I once again reiterate that the up trend is
still intact as of now but we are not far away from the top for the time being
and reasonable to significant correction in coming days, I would therefore
suggest to book profit in long trade now and on the rise too and be careful in
long trades at higher levels .
REMARK:- :- Long term trend is
up but today’s move indicate that correction may set in coming days
therefore traders are advised to book
profit in long trades and avoid fresh long trades below 8340 on 20-11-14
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
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Thank you for sharing your views.