NIFTY--( A TECHNICAL VIEW) 7-4-2015

CNX NIFTY

CLOSED AT 8659.90 ON 6-4-2015

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

 RESISTANCE: - 8669.45 / 8788.70/ 8849.75.

Nifty opened with a small up gap today at 8615.80 and made a low of 8573.75 for the day and then in late afternoon started moving up and made a high of 8667.55 before closing the day near the high at 8659.90. Please note that today it has closed above its critical point of 8626.95  and it is also above its short term moving averages, therefore aggressive day trader  can try long call above 8626.95 with a stop loss of below 8580 and stop loss for positional trader would be below 8510. I would like to mention here that although it is above its critical point but it could be a whip saw also, therefore it is suggested to avoid adding fresh long calls if it moves below 8626.92. It still seems to be a pull- back rally and may get exhausted around 8695 or 8795 in next 1-2 days.

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. Aggressive trader can try long call as suggested above but should be extremely and avoid fresh long call if it starts trading below 8626.95.

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.