Nifty--Technical View--13-2-2015

NIFTY CLOSED AT 8711.55 ON 12-2-2015

SUPPORT: - 8662 / 8626.95 / 8535.35 / 8445.6 / 8350 / 8282.70 / 8272.80 / 8205 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

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

(Figures in bold are important)

Nifty opened with a up gap at 8676.95 and made a low of 8599.25 and while making low it filled the gap also it moved in a range for quite some-time and thereafter shot up and made a high of 8732.55 before closing the day at 8711.55. It held the critical level of 8626.95 pretty well and closed way above it, which shows strength therefore this rally can extend to 8734 / 8809 & 8873 before it get exhausted, here please note that if it manages to move above 8720 and stay then it will get good strength and finally if it moves above 8809 mark and stay then it will resume the real up momentum again. Therefore it is suggested to hold the existing long position with a stop loss of below 8620 and fresh long position can be added if it maintains above 7720 with a stop loss of below 8640. Please note that below 8626.95 long  call should be completely avoided.

Going up it will face resistance at 8733 / 8796 / 8809 & 8841 and moving down it will have support at 8672 / 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. It seems that the pull back rally is on therefore long call can be tried 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.