Nifty-Technical View--12-2-2015

NIFTY CLOSED AT 8627.40 ON 11-2-2015

SUPPORT: - 8626.95 / 8535.35 / 8445.60 / 8350 / 8282.70 / 8272.80 / 8205 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8662 / 8733 / 8796 / 8802.50 / 8808.90 / 8841 / 8996.60 / 9039 / 9061 / 9704.

(Figures in bold are important)

Nifty opened on a positive note at 8603.30 and made a low of 8593.65 and a high of 8651.95 for the day before closing the day at 8627.40. Since It has closed just above its most critical level of 8626.95 today therefore as long as if hold this level this pull back rally may go to the following levels 8672 / 8734 / 8809 & 8873 before it get exhausted, but if it manages to move above 8720 as of now and stay then it will get deep strength and finally if it moves above 8809 mark and stay then it will resume the real up momentum again. Therefore hold existing long trade above 8626.95 and can add fresh long position also above this with a stop loss of below 8584. Please note if it consistently starts trading below 8626.95 then avoid fresh long call for sure instead try short call then with a stop loss of above 8650 for a target of 8526.

Going up it will face resistance at 8672 / 8733 / 8796 / 8809 & 8841 and moving down it will have support at 8626.95 / 8584 / 8526 / 8445.60 / 8364.75 / 8272 / 8220. 

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 is correcting now therefore it suggested to avoid long call till it gives visible indication of correction completion. The aggressive trader can try both long and short call as suggested 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.