Nifty-Technical View For---31-12-14

NIFTY CLOSED AT 8248.25 ON 30-12-14

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 8260.30 and made a high of 8268.25 and low of 8220.55 before closing the day at 8248.25.It moved in a short range today and closed a shade higher then its previous days close which indicate some indecisiveness. I would therefore suggest to take fresh long call  only if it moves above 8300 and stays for some time and those who are still holding long call now are advised not to add fresh position if it consistently starts trading below 8230 and should get alerted below 8200 and exit trade below 8170. Short call can be tried if it moves below 8200 and stay with a stop loss of above 8220 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

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REMARK:-  :- Long term up trend is intact .I suggest  not to initiate any trade in the last day of the  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