Nifty-Technical view For-21-11-14

NIFTY CLOSED AT 8401.90ON 20-11-14

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 8406.50 and made a high of 8410.85 and  made a low of 8353.15 for the day before closing the day near the high at 8401.90.It violated trend-line of the channel intra-day but managed to close within the channel and the range for it is between 8472---8366(it will increase with each passing day) for 21-11-14, and breakout on the either side will decide further direction for it, since it is moving in a channel now trader can take both long and short call using the channel range as entry and exit points till the breakout occur. Please get alerted in long trade if it gives downside break or consistently starts trading below 8380 and exit long trade completely if it closes below 8350 on 21-11-14 and re-enter long trade only if it moves again above 8455.65 and stays. The good support for it exist at 8290 & 8160 and going up it will face resistance at 8456/ 8509 & 8549.Aggressive intra day trader can take long call above 8416 with a stop loss of below 8395 for a target of 8450 on21-11-14.

I once again emphasize 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. I would suggest to keep long commitments light at this point of time because correction may set in coming days therefore traders are advised to book profit in long trades and exit long trade if it closes below 8350 on 2-11-14 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

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