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Tuesday, 19 March 2013

Nifty outlook and stocks to trade on 19 March

Dear Readers

Today markets were impacted by multiple negative news including the domestic news on the banking sector irregularities and global news from Cyprus triggering the concern of a chain reaction. US markets saw a sell off at opening, but recovered from lows, but closed negative.
Markets will be watching and reacting to the RBI news on trading hours and it is strictly advised not to have any intraday positions until the news is settled and market stabilizes. Markets have already factored in 25 points cut in tomorrows RBI meet, so a major sell off or rally is not expected unless there is a big surprise in either direction.

Sector trends as of 18 Mar

Pharma, FMCG and PSU Banks are still holding positive in daily charts, while all other sectors especially Auto and Metals are negative in both daily and hourly charts.

Nifty View for 19 March

Nifty support level is 5800. Sustaining this will result in further bearish mood.

Critical resistances are 5850 followed by 5875-5900. Support levels are 5825 – 5800 followed by 5780. I expect this to be the maximum low today.

As long as Nifty is below 5825, overall trend is bearish and no intraday longs are recommended.

Intraday Calls for 19 March


Reliance – Buy above 837 for a target of 842 with SL 828. If 842 sustains, then 846 will be next target.
L&T – ended in positive due to the stake sale news. 1525 to 1535 range is a no trading zone for L&T, since the stock is unlikely to make decisive moves in this band. Buy L&T above 1535 for a target of 1545 with SL at 1505.
Cipla – Based on sector analysis, Pharma is positive. We had few successful trades in Cipla in the past. I would like to re-enter for long trades tomorrow. Buying is recommended only above 392.50 for a target of 395-396 with SL at 387.50. Sustaining above 396 is bullish for Cipla in the short term.
Bajaj Auto – We made good profits on Bajaj Auto sell today and the stock ended close to the level of 1815 in the pre-market call. Sell below 1805 for a target of 1790 and 1770 with SL at 1830.
Tata Motors – Below 285, the stock could touch 283-2. Below 282, 280-79 is the target. SL for shorts is 288.
Wish you good luck and feel free to raise any queries.
Please do not trade blindly on these levels. A buy position should be supported by charts giving positive signals. A sell position should be supported by charts giving negative signals. Please see real trades in earlier posts to understand how an intraday long or short is created.

Real Trades Update

Trading Videos

Any significant news which affects individual stocks or  overall market direction will invalidate the technical analysis behind the above views. In such a situation use real time charts to trade. 

All the views and contents mentioned in this blog are the personal observations of the author and is in no way a recommendation for the readers to enter into trades of stocks/futures. The author do not accept any liability/loss resulting from the use of any content from this blog. Any act of trading performed by readers should be at their own discretion and neither the author or the sources mentioned in the blog will be responsible for the outcome. 

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