Nifty-Technical View For---30-12-14

NIFTY CLOSED AT 8246.30 ON 29-12-14

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

 RESISTANCE:-  8270 / 8290.25 / 8364.75 / 8373 / / 8468 / 8504.65 / 8535.35 / 8627.

(Figures in bold are important)

Nifty opened on a positive note at 8214.70 and the open was the low also and it made a high of 8279.15 before closing the day at 8246.30.I would suggest to avoid any trade in  two trading session left in the current year of 2014 and start a fresh in the new year of 2015. However aggressive intra- day trader can trade and they are advised to try fresh long call above 8280 only. Those who are still holding long call now should not add fresh long position below 8230 and get alerted in long position if it starts trading below 8200 and exit trade if it moves below 8170. Short call can be tried if it consistently starts trading below 8230 with a stop loss of above 8250 for a target of 8160. Please avoid long call below 8160 & 8147 for sure for the entire week .Going down it can have support at 8160 / 8147 / 8115 / 8051 & 7949,moving up it will have resistance at  8270 / 8279.15 / 8295 & 8365.The overall bias is mixed with a slight tilt on the downside till it moves above 8375 and stays.

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REMARK:-  :- Long term up trend is intact .I suggest  not to initiate any trade in last two days of the current year 2014.

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