Nifty-Technical View----24-12-14

NIFTY CLOSED AT 8267 ON 23-12-14

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

 RESISTANCE:- 8290.25 /  8355.65 / 8364.75 / 8414 / 8454.50 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a flat note at 8324.60 and made a high for the day at 8364.75 and thereafter started moving  down and made a low of 8252.85 before closing the day near the low at 8267.As expected today’s move somewhat gave indication of that  this on going up rally is giving sign of fizzle  out. Since it had a down day today, so I would suggest to avoid long call tomorrow if it trades below 8250 instead short call can be tried if it trades below 8263 for some time with a stop loss of 8275 for a target of 8215.Going down it can find support at 8210 / 8160 / 8115 & 8050,and going up  it will have resistance at 8295 & 8365.

  

TECHNICAL VIEW

It is still running within its short term moving averages range and the range for it is between 8361-----8209(it changes every day) for 24-12-14, therefore, I would personally  try long call only if it moves above the upper band of the moving averages range i.e 8361 and stay. Please note that if it closes below 8200 then avoid long call completely till it bounces back above 8370 and stay.

REMARK:-  :- Long term up trend is intact .Since nifty had a down day today therefore avoid long call below 8250 on 24-12-14.

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

Contact me for strategic guidance to enter and exit the trade