NIFTY---Technical View For---18-2-2015

NIFTY CLOSED AT 8809.35 ON 16-2-2015

SUPPORT: -8808.90 / 8802.50 / 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: - 8822.10 / 8841 / 8873 / 8996.60 / 9040 / 9065 / 9338.

 (Figures in bold are important)

Nifty opened with a up gap at 8831.40 and made a low of 8793.40 and in this process it has filled the gap also which is good, thereafter it moved up and made a high of 8870.10, crossing the multiple top range of 8841 and almost touching the 76.40% retracement level which was at 8873 and finally closed at 8809.35. Technically it is looking good but  the noticeable thing today was that, it crossed the multiple top range of 8841 and it had almost hit the aforesaid retracement level also but could not sustain at higher level and it closed near the low of the day  which is creating a question mark that this on-going up rally may either take a breather or get exhausted here until and unless  it moves above 8873 mark and stays, therefore I would suggest to book at least part profit here and on the rise too in existing long trade  and take fresh long call only if it moves above 8873 and stays because then it can possibly surpass its previous high of 8996.60 in coming days. Please note that fresh long 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) but It is advisable to exit long call if it consistently starts trading below 8780 on 18-2-2015. The critical support for nifty  exist at 8626.95 which may please note.

 Going up it will face resistance at 8873 & 8996.60 and moving down it will have support at 8780 / 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. It is suggested to book part profit on existing long trade here and on the rise too and take fresh long call if it moves above 8873 and stays and exit long trade below 8780 on 18-2-2015.

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.