Nifty-Technical View For-13-1-2015

NIFTY CLOSED AT 8323 ON 12-1-2015

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 on a positive note at 8291.35 and made a high of 8332.60 and made a low of 8245.60 before closing the day at 8323. It was a day of huge fluctuation but at the end of the day the nifty closed above its critical level of 8291, now it has to be seen whether it will sustain this level or not, however since it has closed above 8291 therefore existing long call can be held on to and fresh long call can also be added above 8291 but get alerted and avoid adding fresh long call if it consistently starts trading below 8270 and exit long trade if it closes below 8220. Please note that fresh long call one would take on 13-1-15 should be exited if it gives sign of closing below 8265.

 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. Since it has closed above the critical point of 8291 therefore existing long trade can be carried on and fresh long position can also be added with proper alert and stop losses as mentioned above.

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