NIFTY--A TECHNICAL VIEW----30-4-2015

CNX NIFTY

CLOSED  AT 8239.75 ON 29-4-2015.

SUPPORT: - 8180 / 8160 / 8147.95 / 8065.45/7961.15 /7841 / 7723.

RESISTANCE: - 8269.15 / 8272.70 / 8282.70 / 8364 / 8445 / 8470 / 8505 / 8612 / 8626.95 / 8669 / 8788.70 / 8794.48 / 8844.80 / 8849.75 / 8913.45 / 8996.60 / 9119.20.

Nifty opened at 8274.80 and made a high of 8291.40 and thereafter made a low of 8219.20 for the day before closing at 8239.75. It is holding the low of 8185.15 it made on 28-4-2015 but not adequately above it therefore chances are that it may break this mark .I still feel that it is going to make bottom for now in the range of 8140—7960.

I would therefore suggest to avoid long call below 8286, it can be tried either above 8286 or within the range of 8140---8050---7960 with a stop loss of below 8250 &7950 respectively similarly Short call can be tried below 8210 with a stop loss of above 8250. Since the bias is still down therefore I would personally prefer to look for more clarity and better signal at least to initiate long trade.

  

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 but threatened. Please handle your trade with extreme caution.

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.