Nifty-Technical View For--6-1-2015

NIFTY CLOSED AT 8378.40 ON 5-1-2015

SUPPORT: - 8364.75 / 8282.70 / 8272.80 / 8160 / 8147.95.  

 RESISTANCE:- 8395.45 / 8411 / 8470 / 8535.35 / 8626.95 / 8720 / 9050.

(Figures in bold are important)

Nifty opened on a positive note at 8407.95 and made a high of 8445.60 and then slipped  down  and made a low of 8363.90 before closing the day near the lower band at 8378.40.It closed 17 points lower today because  of profit booking at higher level but it closed below certain important level also , therefore now fresh long position should only be taken if it moves above 8411 and stays with a stop loss of below 8380 for a target of 8470. The existing long call can still be held on to but get alerted in long position below 8360 and exit trade if it closes below 8265.Going up it will face resistance at 8470 / 8587 & 8627 and moving down it will have support at 8364.75 & 8270.The bias is up now.

REMARK:-  :- Long term up trend is intact .Hold existing long position  but add fresh long position only if it stays  above 8411 with proper 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.