Nifty-Technical View For-26-11-14

NIFTY CLOSED AT 8463.10ON 25-11-14

SUPPORT: - 8353.15 / 8330.75 / 8320 / 8290 / 8180 / 8160 / 8085.

 RESISTANCE:-8535.35 / 8550 / 8600 / 8850.

(Figures in bold are important)

Nifty opened on a flat note at 8530.80 and made a new all time high of 8535.35 and thereafter gradually moved down during the day and made a low of 8429.45 before closing the day at 8463.10.It could not sustain the upside breakout it gave from the channel on 21-11-14 and fallen back within the channel today therefore now it is expected to oscillate again within the channel till it gives breakout on either side again and sustain, fresh breakout will give further direction which way it will move, but today’s move shows some weakness in it and indicate that it may move sideways with downward bias in coming days. The range of the channel is between 8500---8389 (it will increase with each passing day) for 26-11-14.I would therefore suggest to book part profit in long trades and for balance long trade get alerted if it stays below 8440 and exit trade if it closes below 8410 on 26-11-14. The support for it exist at 8353 / 8320 & 8290 and going up it will face resistance at 8535.35/ 8550 & 8600.Think of taking fresh long call only if it moves above 8536 and stays or if it reasonably corrects.

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 REMARK:-  :- Long term trend is up. I would suggest to keep long commitments light at this point of time since nifty has fallen back within the channel again, therefore traders are advised to book at least part profit in long trades and exit long trade if it closes below 8410 on 26-11-14.

 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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