Nifty-Technical View---23-12-14

NIFTY CLOSED AT 8324 ON 22-12-14

SUPPORT: - 8290.25 / 8263.45 /  8215 / 8208 / 8174 / 8180 / 8160.90 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-  8355.65 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a positive note at 8255 and made a low of 8228.20 and then moved within a range for quite sometime before making an upsurge in the last hour of the trade and made a high of 8330.95 and closed the day near the high at 8324.As of now it has not given any sign of this rally to fizzle out but if it is a pull - back rally then it should not last beyond today. I once again reiterate that if it moves above 8375 & 8461 and stay then the up journey may resume and it may cross the earlier high of 8626.95. Therefore overall it suggest that the positional long call can be carried on now but get alerted in long trade and avoid fresh long call if starts trading below 8295 and exit trade if it closes below 8195 .

TECHNICAL VIEW

Now it is running within its short term moving averages range and the range for it is between 8375-----88201(it changes every day) for 23-12-14, therefore, I would personally  try long call only if it moves above the upper band of the moving averages range i.e 8375 and stay but aggressive intra-day trader can try long call above 8295  with a stop loss of below 8250 for a target of 8375—8425 on 23-12-14.

REMARK:-  :- Long term up trend is intact .Avoid positional long call today but Intra- day trader can try long call above 8295 with a stop loss of below 8250 for a target of 8375 & 8425.

 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