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Thursday 21 March 2013

Nifty Outlook and Stocks to trade on 21 March

Dear Readers
In continuation to yesterdays fall, Nifty further slided and closed down by more than 50 points today. Markets seemed to be fully digesting the news. Banks and Reality were worst hit in this fall. A bounce back is expected in todays trade.

Review of 19 March trades.

3 successful trades from pre-market calls.
L&T Sell below 1460 – booked at 1430
ICICI Sell below 1020 – booked at 1000
BHEL Sell below 185 – booked at 182
TCS long – booked close to cost since markets started falling.

Nifty view for 21 March

A close below 5800 on 19 March has resulted in close to 100 points loss. Nifty closed yesterday just below 5700. Nifty touched 5680 level and bounced back during the last hour of trade. This bounce could continue till 5725-30 levels. Crossing this and sustaining above will take the Nifty to next resistance of 5770.
Avoid any intraday longs below 5700. Nifty will be positive as long as 5700 is held and bullish above 5730.

Intraday calls for 21 March

1. ONGC – Sell only on sustain below 300 for a target of 297. SL 304
2. Tata Steel – Sell below 332 for a target of 331-330 with SL at 337
3. Cipla – Buy above 394 with SL at 388 for a target of 396. If stock sustains above 396, then 388-90 is the target.
4. Tata Motors – Buy above 287 with SL at 282.5 for a target of 290. Is the stock sustains above 290, then 292 is a possible target.
5. Hero Honda – Buy above 1660  for a target of 1680. SL 1645.
6. ICICI Bank – Sell below 995 for a target of 989-980 with SL at 1012
7. Bajaj Auto – Buy above 1850 for a target of 1870-80 with SL at 1834

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 inearlier 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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