Nifty-Technical View---15-1-2015

NIFTY CLOSED AT 8277.55ON 14-1-2015

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

 RESISTANCE :- 8282.70 / 8290 / 8327 / 8365---8375 / 8445.60 / 8470 / 8535.35 / 8626.95 ..

(Figures in bold are important)

Nifty opened on a positive note at 8307.25 and made a high of 8326.45 and thereafter made a low of 8236.65 before closing the day at 8277.55. It closed below its critical point of 8291 today after staying above it for two days. Please note that even if it closes above it again and maintains but for smooth and uninterrupted up move it has to cross two important points of 8375 & 8470 also and crossing these point does not seem easy at this point of time. I would therefore suggest to avoid fresh long trade till it closes above 8291 again and maintain above it for at least 3-4 days, but for those who are still holding long trade should get alerted if it starts trading below 8270 and exit  trade below 8235. Short call can also be tried if it consistently trade below 8270 with a stop loss of above 8330 for a target of 8211 / 8176 & 8147.

Going up it will face resistance at 8282.70 /8291 / 8365-75 / 8445.60 & 8470 and moving  down it will have support at 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 closes above 8291 again and maintain for at least 3-4 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.