Nifty-Technical view For-24-11-14

NIFTY CLOSED AT 8477.35ON 21-11-14

SUPPORT: - 8353.15 / 8330.75 / 8322 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:- 8490 / 8550 / 8600 / 8850.

(Figures in bold are important)

Nifty opened on a positive note at 8408.20 and made a low of 8398 and thereafter steadily moved up and made a new all time high of 8489.80 before closing the day near the high at 8477.35.Today it gave upside breakout from the channel which is a good sign but it has to be seen for at least 2-3 days whether it will sustain this breakout or fall within the channel again ,if it  sustain the breakout then good upside move can be expected otherwise it may start moving sideways with a downward bias, so the range of the channel is between 8480---8374(it will increase with each passing day) for 24-11-14.I would suggest to  hold on to existing long trade but book at least part profit if it falls within the channel 8480 and stays, aggressive intra–day trader can go long above 8490 with a stop loss of below 8470 for a target of 8550 for 24-11-14.positional  trader are advised to book part profit if it stays below 8460 and should get alerted in balance long trade below 8405 and exit trade completely if it closes below 8375.The support for it exist at 8353 & 8290 and going up it will face resistance at 8490/ 8550 & 8600.

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REMARK:-  :- Long term trend is up. I would suggest to keep long commitments light at this point of time therefore traders are advised to book at least part profit in long trades and exit long trade if it closes below 8375 on 24-11-14.

 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

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