Nifty-Technical View For-12-1-2015

NIFTY CLOSED AT 8284.50 ON 9-1-2015

SUPPORT: -8282.70 / 8272.80 / 8256 / 8180 / 8160 / 8147.95 / 8118 / 8075 / 8049 / 7961.35 / 7840 / 7808 / 7723.85 7664 & 7540.

 RESISTANCE:- 8291 /  8364.75 / 8373 / 8445.60 / 8470 / 8535.35 / 8626.95 ..

(Figures in bold are important)

Nifty opened with a gap up at 8285.45 and made a high of 8303.30 and a low of 8190.80 before closing the day at 8284.50.It had a wild swing today, overall it seems that the pull back rally is either completed or is on the verge of exhaustion so optimistically at the most it can extend up to 8365-8375 level. Kindly note that nifty will gain real strength and resume smooth up run again only if it moves above 8291 and sustain it for some time, it did get past beyond 8291 today but could not close above it. I would therefore take a long call only if it closes above 8291 and stays for 2-3 days.

However aggressive and day trader can try both short and long call at proper levels, one can take long call now for a target of 8330 but get alerted if it starts trading below 8255 and exit trade below 8220,short call can be tried  below 8250 with a stop loss of above 8291 for a target of 8180 & 8150. I once again reiterate that it will regain steady up momentum only if it could sustain above 8291 mark.

Going up it will face resistance at 8328 & 8365-75 and moving down it will have support at 8272  / 8220 / 8180 / 8160 & 8147. 

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 strictly advice to take long call only if it closes above 8291 and stays, but aggressive and day trader can try both long and short call using the above mentioned levels and stop losses.

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.