Nifty-Technical View For-9-1-2015

NIFTY CLOSED AT 8234.60 ON 8-1-2015

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

 RESISTANCE:- 8256 / 8272.80 / 8282.70 / 8291 /  8364.75 / 8445.60 / 8470 / 8535.35 / 8626.95 ..

(Figures in bold are important)

Nifty opened with a gap up at 8191.40 and made a high of 8243.50 and a low of 8167.30 before closing the day at 8234.60. It gave a robust up move today but it seems that it is a pull- back rally as of now and it may exhaust around 8256 & 8301 level or may extend up-to 8365 level but not likely to sustain these levels .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. I would therefore advice to take long call only if it moves above 8291 and stays.Going up it will face resistance at 8283 / 8328 & 8365 and moving down it will have support at 8180 / 8160 & 8147. 

The aggressive and day trader can try both long and short call on 9-1-2015 according to the price movement in the market.

1. Short call can be tried below 8270 with a stop loss of above 8291 for a target of 8200 & 8180 .

2. Long call can be tried above 8291 with a stop loss of below 8260 for a target of 8330 & 8365.

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. It gave a decent up rally today, so trader can try both short and long call on 9-1-2015 at proper points as mentioned above but positional long call should only be taken if it moves above 8291 and sustain for some time.

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.