Nifty-Technical view For---1-1-15

NIFTY CLOSED AT 8282.70 ON 31-12-14

SUPPORT: - 8270 / 8216 / 8180 / 8160.90 / 8147 / 8115 / 8056 / 7961.35 / 7949 / 7936 / 7856 / 7819 / 7723.85 / 7540 / 7422.15.

 RESISTANCE:-   8290.25 / 8364.75 / 8468 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a flat note at 8243.90 and made a low of 8243.75 and then made a high of 8291 before closing the day near the high at 8282.70.It ended the year 2014 on a firm note. One can go fresh long if it moves above 8291 and stays with a stop loss of below 8260 and can add further long position above 8314 with a stop loss of below 8275 for a target of 8373.Those who are still holding long position should avoid fresh long if it consistently starts trading below 8280 and get alerted in long position below 8250 and exit trade if it moves below 8200 and stays. Please avoid long call below 8147 for sure. Going up it will face resistance at 8314 / 8324 / 8372 / 8468 / 8535.35 & 8627 and moving down it will have support at 8180 / 8160 / 8147 / 8115 & 8051.

REMARK:-  :- Long term up trend is intact .Long call can be tried above 8280 with a stop loss of below 8260.

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.