NIFTY--Technical View---16-2-2015

NIFTY CLOSED AT 8805.50 ON 13-2-2015

SUPPORT: - 8795 / 8733 / 8671 / 8626.95 / 8593 / 8535.35 / 8470 / 8445.6 / 8364 / 8282.70 / 8272.80 / 8236 / 8180 / 8160 / 8147.95 / 8065.45 / 7961.35.

 RESISTANCE: - 8808.90 / 8822.10 / 8841 / 8873 / 8996.60 / 9040 / 9065 / 9338.

Range for the week ended 13-2-2015:-8470.50---8822.10

(Figures in bold are important)

Nifty had a good run during the week under review and closed the weekend  near the high at 8805.50 .It is showing good strength on the technical chart therefore fresh long call can be initiated above 8809 & 8822.10 with a stop loss of below 8780 .I would like to mention here that it can face stiff resistance  at 8841(multiple top range) and then at 8873 which is 76.40% retracement point of the total fall from the top of 8996.60 and bottom of 8470.50 and if it cross this mark of 8873 and stays then it can possibly surpass its previous  high of 8996.60 in coming days, chances of which are looking ok as of now. Please note that fresh call should be avoided below 8800 and the authentic stop loss for positional long call would be below 8710 as of now (it keeps on changing with price movement).The critical support for it exist at 8626.95 which may please note.

Going up it will face resistance at 8841/8873 & 8996.60 and moving down it will have support at 8795 / 8700 / 8658 & 8626.95. 

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. 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.