Nifty-Technical View---14-1-2015

NIFTY CLOSED AT 8299.40 ON 13-1-2015

SUPPORT: -8290 / 8282.70 / 8272.80 / 8180 / 8160 / 8147.95 / 8118 / 8075 / 8049 / 7961.35 / 7840 / 7808 / 7723.85 7664 & 7540.

 RESISTANCE:-  8365---8375 / 8445.60 / 8470 / 8535.35 / 8626.95 ..

(Figures in bold are important)

Nifty opened with gap up at 8346.15 and made a high of 8356.65 and thereafter was moving in a range before plunging down in the last hour of trade and made a low of 8267.90 and closed the day at 8299.40. It did break the critical point of 8291 during the day but managed to close just above it. Since nifty is giving whip saw movement around this level therefore it has to be seen that whether it will hold this level for next 2-3 days on closing basis or not, before initiating fresh long call.

I would like to mention here that the two most important indices namely CNX Bank Index & BSE-Sensex have closed below their critical point today ,so they  are not moving in sync with nifty which is concerning and indicative of that  nifty may follow them later. I would therefore suggest to avoid fresh long trade now till it maintains above 8291 for another 2-3 days or the above stated indices start moving in sync with nifty but for those who are still holding long call should get alerted and avoid fresh long call if it consistently starts trading below 8270 and exit long trade if it closes below 8225.

 Going up it will face resistance at 8365-75 / 8445.60 & 8470 and moving down it will have support at 8290 / 8282.70 / 8272.80 / 8180 / 8147 & 8049. 

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:-  :- Long term up trend is still intact. I would suggest to avoid fresh long call till it maintains above the level of 8291 for next 2-3 days.

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.