Nifty Technical View-16-10-14

NIFTY CLOSED AT 7864  ON 14-10-14

SUPPORT: - / 7855.95 / 7841.80 / 7808.85 / 7796 / 7784 / 7700.05 / 7593 / 7540.10 / 7422.15.

 RESISTANCE:- 7925.15 /7960.50 / 7964.80 /7972.35 / 8030.90 / 8141.90 / 8160.90 / 8180.20.

   (Figures in bold are important)

Nifty opened with a up gap today at 7923.25 and made a high of 7928 and then slipped down in the red  within 30 minutes of trade  and made a low of 7825.45 during the day before closing the day at 7864.Today’s move indicate  that It is not showing strength on the up side  range but it is also finding good support in the region of  7825-7796, it seems that it has made a short bottom at 7796 ,but it is still below its short term moving averages and far below the recent  top of 7972.35,therefore the broad range for the nifty is now 7973-7796.It is still sell on the rise market technically but avoid  fresh short call if it moves above 7915(this figure change every day) and stays furthermore if it moves above 7973 and stays then we could see a reasonable further up move may be up to 8100-8160.Kindly note that those who are already having short position can hold on with a stop loss of close above 7930 and one can initiate fresh short call below 7800 with a stop loss of 7845 because break below 7800 can take nifty to 7700 level or may be below that also. Since it seem that a short bottom is in place at 7796 therefore I would suggest to wait and watch to initiate fresh trade till the range on either side is broken i.e 7915 or 7800.The aggressive trader can try long call on the dip with a stop loss of  close below 7790.

REMARK:- Long term trend is still up but it is in intermediate downtrend  and since the range for the nifty is now 7915-7796 therefore I suggest to wait and watch to initiate fresh trade till the either side of the range is taken out.  

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Trading Calls For-13-10-14

DOW SEEMS TO HAVE TOPPED OUT AT 17350.64

DOW JONES INDUSTRIAL AVG INDEX CLOSED AT 16544.10 ON 10-10-14

SUPPORT:- 16341.30 / 16333.78 / 16312.66 / 16015.32 / 15703.79 / 15340.69.

RESISTANCE :- 16590 / 16735.51 / 16970 / 16978 / 17074.65 / 17152 / 17162 / 17350.64.

(Figures in bold are important)

The technical chart is showing tremendous weakness and it seems that Dow has topped out  at 17350.64 on 19-9-14 however in between pull back rallies will be there but eventually it will seek lower levels in coming days if it has topped out, as of now the good support for it exist at 16333 & 16015. Kindly note that  to resume the uptrend again it has to move above 17350.64 mark as soon as possible and stay , chances of which are looking very remote at this point of time because of the following reasons.

1. It has broken the very important support area of 16590—16572 after a long time.

2. It is below all its short and long term moving averages and certain averages are on the verge of giving negative crossover.

3. It is showing huge negative divergence on the weekly chart which suggest that it may test the range of 15698--14810 in near future, if it does not improve from here .

4.Technically all parameters collectively indicate that  it may be the beginning of a bear market, if yes it may seek lower levels from here in days to come, if not then  it has to get past the mark of 17350.64  in the fastest  possible time .

..REMARKS:-Long term uptrend is threatened and it seems that  it may be the beginning of a bear market. I strongly feel that there is potential indication technically that it is the beginning of a bear market, therefore I suggest to  adopt  sell on rise strategy with an adequate stop loss. Please use support and resistance level as entry, exit and target points and also as trailing stop loss in favorable trade. Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS.

 NOTE:-

1.PRICE STATED HERE IS OF SPOT MARKET.

 2. RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

 3. IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND

    CAPITAL  PROTECTION .     

                  

 Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical Overview--13-10-14

CNX-Bank Index closed at 15453.80 on 10-10-2014

SUPPORT: - 15392.25 / 15370.70 / 15320 / 15168.40 / 15130.35 / 15109 / 14858 / 14709 / 14670 / 14338.

RESISTANCE: - 15503.40 /15592.80 / 15626.90 / 15725.80 / 15742.05 / 15795.65/ 15973.35 / 16208.55 / 16272.35 / 16309.70.

  (Figures in bold are important)      

            

After a long  holiday  index opened the week under review on a weak note  at 15214.25 on 7-10-14 and the next day it went down further and made a low of 15130.35 and thereafter staged a smart recovery and  made a high of 15795.65 on 9-10-14 but could not sustain at that level and went down the next day and closed the week at 15435.80.As of now it is comparatively looking  better on the chart then nifty but it is still weak.

Technically it has shown better strength then nifty in last 3 days trade but it is still not out of danger, as it is still below its upper band of the short  and medium term moving averages , therefore I would avoid long trade till it bounces back above its short and medium term averages upper band and stays for 3-4 days, the range for averages is between  15835---15438(it changes every day) for 13-10-14. I would prefer to go short on the rise with a stop loss of close above 15850 or below 15370 with a stop loss of 15480.Please note that some important technical parameter suggest that it may test the range of 14700-800 in coming days. The range of 15168—109 is a good support area for it as of now. Please also note that avoid long trade if it stays  below 15168 for the month of Oct-14.however  contrarian and aggressive  trader can try long call near the critical support area of 15370 / 15168  & 15109 with an adequate stop loss.

REMARK:- Long term trend is still up, but since it below its all short and medium term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,I would suggest to go short on the rise with a stop loss of close above 15850. Avoid impulsive trade .

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty Seems To Be Heading For Lower Levels In Coming Days

NIFTY CLOSED AT 7859.95  ON 10-10-14

SUPPORT: -  7855.95 / 7841.80 / 7808.85 / 7784 / 7070.05 / 7593 / 7540.10 / 7422.15.

 RESISTANCE:- 7925.15 /7960.50 / 7964.80 /7972.35 / 8030.90 / 8141.90 / 8160.90 / 8180.20.

   (Figures in bold are important)

After a long holiday nifty opened the week  under review on a weak note at 7897.40 on 7-10-14 and went further down further the next day and made a low of 7815.75 ,it staged a sharp recovery  on 9-10-14 and made a high of 7972.35 in this process it  tried to move above the short term moving averages upper band also but could manage to close in the mid range only  at 7960.55,but it could not sustain it and fell sharply the next day and closed the week at 7859.95 slightly above the lower mark of 7815.75 for the week. I once again reiterate that nifty seems to have topped out at 8180.20 for now.(see my earlier post)

The technical chart is exhibiting gross weakness and is precariously poised too and if it breaks the level of 7800 chances of which are looking reasonably high then nifty  will be heading for 7784 / 7700 / 7593 & 7530 level. Looking at the other technical parameter nifty is likely to test the range of 7500-7600 in coming days. Furthermore it is still making lower top and bottom and also below its all short term moving averages and the range for short term DMA is between 7996—7897(it changes every day) for 13-10-14, therefore long trade is completely ruled out for me till it reasonably bounces back above the upper band of the DMA i.e 7996 and stays for 3-4 days or start making higher top and bottom. I would prefer to go short on the rise now with a stop loss 8010.I would advice to avoid long call below 7815.75 for sure for the entire week starting from 13-10-14 and below 7840 for the entire month of Oct-14 however contrarian and aggressive trader can try long call near the critical point at 7840 /7800 / 7700 & 7540 with an adequate stop loss. Kindly note that technically it is sell on the rise market as of now.

REMARK:- Long term trend is still up but it is in intermediate downtrend  and since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,therefore I would suggest to go short on the rise  with a stop loss of close above 8010.  

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View-7-10-14

CNX-Bank Index closed at 15316.20 on 7-10-2014

SUPPORT: - 15613.20 / 15270.95 / 15168.40 / 15109 / 14858 / 14709 / 14670 / 14338.

RESISTANCE: - 15370.70 / 15392.35 / 15503.40 /15592.80 / 15626.90 / 15636.45 /15725.80 / 15742.05 / 15770.80 / 15891.75 / 15973.35. 

  (Figures in bold are important)

Index opened on a negative note at 15370.70 and made a high of 15377.60 and low of 15270.95 for the day before closing the day near the low at 15316.20.Technically it looks much weaker in comparison with nifty. It is moving below its short term and medium term averages , therefore for me long trade is completely ruled out till it bounces back above its short and medium term averages upper band and stays for 3-4 days, the range for averages  is between  15904---15470 for 7-10-14. I would prefer to go short on the rise with a stop loss of close above 15750.Please note that if it breaks the level of 15168 & 15109  and stays then it is expected to break the level of 14709 too, chances of which are looking reasonably bright as of now. Please also note that avoid long trade below 15270 for the entire week starting from-7-10-14 and below 15168 for the month of Oct-14.

REMARK:- Long term trend is still up, but since it below its all short and medium term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,I would suggest to go short on the rise with a stop loss of close above 15750. Avoid impulsive trade .

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View-7-10-14

NIFTY CLOSED AT 7945.55  ON 1-10-14

SUPPORT: - 7925.15 / 7855.95 / 7841.80 / 7808.85 / 7784 / 7700.05 / 7593 / 7540.10 .

 RESISTANCE:- 7960.50 / 7964.80 /7968.25 / 8039 / 8049.85 / 8057.30 /8082 /  8141.90 / 8160.90 / 8180.20.

   (Figures in bold are important)

Nifty opened on a weak note at 7960.50 and made a high of 7977.50 for the day and a low of 7936.70 before closing the week near the low at 7945.55, it is showing gross weakness and indicate reasonable to good fall in coming days and in all possibilities likely to break the bottom of 7841.80 it recently made on 26-9-14,if it breaks it and stays then it may head for further  fall and may find support at 7808 / 7784/ 7700/ 7593 & 7540. It is already making lower top and bottom and also below its all short term moving averages, the range for short term DMA is between 8045—7981 for 7-10-14, therefore long trade is completely ruled out for me till it reasonably bounces back above the upper band of the DMA i.e 8045 and stays for 3-4 days or it start making higher top and bottom. I would prefer to go short on the rise now with a stop loss 8060.I would advice to avoid long call below 7923 for sure for the entire week starting from 7-10-14 and below 7840 for the entire month of Oct-14 however contrarian and aggressive trader can try long call near the critical point at 7923/ 7840 / 7808 7700 & 7540 with an adequate stop loss.

AN IMPORTANT OBSERVATION:-Nifty and most of its constituent stocks are below one of the very important technical parameter for quite some time now and those which are above it are coming close to it and may break it in days to come ,furthermore some of the constituent stocks are below 10-25 %from their recent peak price whereas nifty is just 2.87% below its peak because certain constituents stocks are holding it up but I feel that this gap will be narrowed down in coming days  either by rise in the stock prices or by fall in the nifty, at this point of time fall in nifty looks likely because the stocks which are holding it up is likely to move sideways  to  downward in coming days, this is creating some doubt in the mind although  premature that is this the beginning of a bear market if yes nifty will seek  lower levels from here ,if not then nifty should get past its previous all time high of 8180.20  as soon as possible. SO  BE  WATCHFUL.

REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 8060. Avoid impulsive trade .

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View-1-10-14

NIFTY CLOSED AT 7964.90  ON 30-9-14

SUPPORT: - 7964.80 / 7958.90 / 7925.15 / 7855.95 / 7841.80 / 7808.85 / 7700.05.

 RESISTANCE:- 7968.25 / 7990.35 / 8039 / 8049.85 / 8057.30 /8082 /  8141.90 / 8160.90 / 8180.20 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened on a negative note at 7948.80 and then went on to make high for the day at 8030.90 and thereafter plunged down and made a low of 7923.85 before closing the day at 7964.80.It did not even cross the first resistance point of 8039 as mentioned in my post of 29-9-14 and went down sharply from 8030.90 level, today’s move clearly shows that the under tone of the nifty is quite weak ,furthermore it is still below all its short term moving averages ,therefore long trade is completely ruled out till it bounces back above it and stays for 3-4 days and the range for short term DMA is between 8055—7993 for 1-10-14, therefore it is still sell on the rise market as of now. I once again reiterate that I would think of going long only if it moves above 8180.20 and stays for 2-3-days.Kindly note that now if it breaks the level of 7840 it will get support at 7784 / 7700 / 7593 & 7540, and if it fails to hold the level of 7700 then it may test the bottom of 7540,chances of breaking the bottom of 7840 looks reasonably bright in coming days. Please also note that I would avoid long call completely now but contrarian and aggressive trader can try long call near the critical bottom at 7925.15 & 7841 with an adequate stop loss. ONE CAN TRY SELLING NIFTY ON 1-10-14 IF IT TRADES BELOW 7958.90 WITH A STOP LOSS 7985

REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 8090. Avoid impulsive trade . 

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View--29-9-14

CNX-Bank Index closed at 15607.25 on 26-9-2014

SUPPORT: - 15568 / 15503.40 /15448.90 / 15168.40 / 14858.90 / 14709.10.

RESISTANCE: -15740.40 / 15770.80 / 15790.25 / 15891.75 /  15973.35 / 15982.50 / 16049.25 / 16053.90 / 16208.55 / 16239.70 / 16272.35 /16309.70 / 16434 / 16568 / 16634.

  (Figures in bold are important)

Index moved as envisaged (see my post for 24-9-14) and broke the bottom of 15503.40 & 15448.90 and made a low of 15168.40 before closing the week at 15607.25.It is clearly evident from the last week move that index has lost the momentum and the sharp bounce back it made from the low of 15168.40 just seems a pull back as of now and in this pull back mode it may touch the level of 15739 / 15874 & 16024 and not expected to go beyond this. Therefore it is sell on the rise market for sure as of now, think of going long only if it moves above 16030 and stays for 3-4 days OR above 16309.70.I would prefer to go long only if it moves above 16309.70 and stays for 2-3-days.Kindly note that now if it breaks the level of 15109 and stays then it may test the bottom of 14858 & 14709,chances of breaking the level of 15109 looks reasonably good in coming days. Please also note that I would avoid long call completely now but contrarian and aggressive trader can try long call near the critical bottom at 15448 & 15168 with an adequate stop loss.

REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 16030. Avoid impulsive trade .

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View-29-9-14

NIFTY CLOSED AT 7968.85  ON 26-9-14

SUPPORT: - 7968.25 / 7954.35 /7925.15 / 7855.95 / 7840.95 / 7808.85 / 7700.05.

 RESISTANCE:-7990.35 / 8039 / 8049.85 / 8057.30 / 8141.90 / 8160.90 / 8180.20 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty moved as envisaged (see my post for 24-9-14) and broke the bottom of 7925.15 & 7855.95 and made a low of 7841.80 before closing the week at 7968.85.There is no doubt that nifty has lost the momentum and the sharp bounce back from the low of 7841.80 seems just a pull back and in this move it is not expected to go beyond 8039 & 8082 level at the maximum. Therefore it is sell on the rise market for sure as of now, think of going long only if it moves above 8085 and stays for 3-4 days OR above 8180.20.I would prefer to go long only if it moves above 8180.20 and stays for 2-3-days.Kindly note that now if it breaks the level of 7840 it will get support at 7784 / 7700 / 7593 & 7540, and if it fails to hold the level of 7700 then it may test the bottom of 7540,chances of breaking the bottom of 7840 looks reasonably bright in coming days. Please also note that I would avoid long call completely now but contrarian and aggressive trader can try long call near the critical bottom at 7925.15 & 7841 with an adequate stop loss.

REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 8090. Avoid impulsive trade .

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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View-24-9-14

CNX-Bank Index closed at 15902.85 on 23-9-2014

SUPPORT: - 15891.75 / 15790.25 / 15770 / 15742.05 / 15740.40 / 15626.90 / 15592.80 / 15503.40 /15448.90 .

RESISTANCE: - 15973.35 / 15982.50 / 16049.25 / 16052.55 / 16152.50 /  16208.55 / 16239.70 / 16272.35 /16309.70 / 16434 / 16568 / 16634.

  (Figures in bold are important)

Index opened on a flat note and made a high of 16240.55 for the day and thereafter moved in a range for some time and nose-dived in the late afternoon and made a low of 15894.55 before closing the day near the low at 15902.85.Today’s move was thoroughly disappointing. kindly note that it did not sustain above the short term moving averages for 2-3 days when it bounced back above it on 18-9-14 (see my post for 19-9-14) and it fell below all its short term moving averages again on the 3^rd day today which shows gross weakness in it and indicate further fall in  days to come.

 Furthermore it made two attempt to cross the previous all time high of 16309.70 but could not therefore it seems that the potential top is in place for now and it will be difficult for the index to cross it for some time.

Since it is below its all short term moving averages therefore long trade is a complete avoid for me until and unless it bounces back above it again and stay for 3-4 days. The range for short term DMA is between 16087-----15960(it changes every day) for 24-9-14.Please note that if it fails to hold the level of 15896 then it is expected to break the bottom of 15770.80 it made on 18-9-14  and  thereafter may break the bottom of 15503.40 & 15448.90 also. One can try short call on the rise with an adequate stop loss. Going up it will face good resistance at 16272.35 & 16309.70.

 REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 16170. Avoid impulsive trade .

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical Overview-24-9-14

NIFTY CLOSED AT 8017.55  ON 23-9-14

SUPPORT: - 7990.35 / 7968.25 / 7954.35 / 7855.95 / 7840.95 / 7808.85 / 7700.05.

RESISTANCE:-8049.85 / 8057.30 / 8084.45 / 8121.45 / 8141.90 /  8160.90 /  8180.20 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened on a flat note and made a high for the day at 8159.75 and thereafter moved in a range for  some time before taking a downward plunge in the late afternoon and made a low of 8008.10 before closing the day near the low at 8017.55.As expected it did not get past 8160.90 today and hence big fall(see my post for 23-9-14), kindly note that it did not sustain above the short term moving averages for 2-3 days when it bounced back  above it on 18-9-14 (see my post for 19-9-14) and it fell below  all its short term moving averages again on the 3^rd day today, which show gross weakness in it and particularly last three days move  indicate that the high of 8180.20 it made on 8-9-14  has been a potential top and it seems difficult for nifty to cross it at least for some.

 Since it is below its all short term moving averages therefore long trade is a complete avoid for me until and unless it bounces back above it again and stay for 3-4 days. The range for short term DMA is between 8073---8030(it changes every day) for 24-9-14.Please note that if it fails to hold the level of 7984 then chances are good  that it will break the recent bottom of 7925.15 it made on 16-9-14 and then 7855.95 made on 21.8.14.One can try short call on the rise with an adequate stop loss. Kindly note that going up it will face good resistance at 8085 / 8122 / 8160.90 & 8180.20 .

REMARK:- Long term trend is still up, but since it below its all short term moving averages therefore long trade is completely ruled out till it bounces back above it again and stay for 3-4 days ,on the contrary one can try short call here on the rise with a stop loss of close above 8090. Avoid impulsive trade .

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

CNX-Bank Index-Technical View

CNX-Bank Index closed at 16194.55 on 22-9-2014

SUPPORT: -16152.50 / 16052.55 / 16049.25 / 15982.50 / 15973.35 / 15891.75 / 15790.25 / 15770 / 15742.05 / 15740.40 / 15626.90 / 15592.80 / 15503.40 / 15448.90 .

RESISTANCE: -  16208.55 / 16239.70 / 16309.70 / 16434 / 16568 / 16634.

  (Figures in bold are important)

Index opened on a negative note and made a low of 116021.15 and thereafter  moved up and made a high of 16272.35 for the day before closing the day at 16194.55.It is showing positive movement but it has to cross the level of 16309.70 and stay to give further sharp up move. Since it above all its short term moving averages therefore I suggest to buy on dip but get alerted in long trade below 16112 and exit long trade if it closes below 15966 and stays. Kindly note that going up it will face good resistance at 16309.70 / 16434 & 16634.

REMARK:- Long term trend is still up , therefore I suggest to buy on dip  with a stop loss of close below 15966. Avoid impulsive trade .

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Nifty-Technical View For-23-9-14

NIFTY CLOSED AT 8146.30  ON 22-9-14

SUPPORT: - 8141.90 / 8121.45 / 8084.45 / 8057.30 / 8049.85 / 7990.35 / 7968.25 / 7954.35 / 7855.95 / 7840.95 / 7808.85 / 7700.05.

 RESISTANCE:- 8160.90 /  8180.20 / 8210 / 8294 / 8330.

   (Figures in bold are important)

Nifty opened on a negative note at 8084.45 and made a low of 8064.80 and thereafter steadily moved up and made a high of 8159.90 before closing the day near the high at 8146.30.Today’s move indicate that nifty is in good momentum but it will have to get past 8160.90 to keep it going up further ,if it does not then it may give down move again, so for 23-9-14 crossing of 8160.90 point is important. Since it is above its short term averages now therefore on can buy on dip and get alerted in long trade only if it starts trading below 8077 and get out of long trade if it closes below 8030 and stays. Kindly note that going up it will face good resistance at  8160.90 & 8181 .

REMARK:- Long term trend is still up, therefore I suggest to buy on dip with a stop loss  of close below 8030. Avoid impulsive trade .

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

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade