NIFTY---( A TECHNICAL VIEW 0----17-4-2015

CNX NIFTY

CLOSED AT 8706.70 ON 16-4-2015.

SUPPORT: - 8669 / 8626.95 / 8612 / 8470/ 8445 / 8364 / 8282.70 / 8272.80 / 8269.15 / 8180 / 8160 / 8147.95 / 8065.45/7961.15.

 RESISTANCE: - 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened on a flat to positive note at 8757.05 and made a high of 8760 and thereafter steadily moved down and made a low of 8645 before closing the day at 8706.70. Today’s move confirmed that the pull back rally which started from 8269 level on 27-3-2015 is over for sure and down move has begun. Going down apart from bottom support at various points such as 8669 / 8612 / 8470 / 8269 it will also have Fibonacci Retracements support points at 8708 / 8624 / 8556 / 8489 / 8405 from where it could  bounce back but please note that if it starts trading below 8405 then it can break the recent bottom of 8269.15 it made on 27-3-2015.I, would suggest to try sell call today below 8736 with a stop loss of above 8770.  

I would once again like to mention here that if its critical point of 8626.95 is broken then fall will accelerate and it is distinctly possible and yesterday it came very close to it. Furthermore its long term moving average upper point is placed at 8495 now and break below this mark will threaten the long term up trend which may please be kept in mind.

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 still intact. Since it seems that pull back rally is over, I would therefore advice to avoid long call and try sell 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.