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Friday 22 March 2013

Nifty Outlook and Stocks to trade on 22 March

Dear Readers

Nifty made wild swings on Thursday and finally crossed crucial supports and ended in red. News in the domestic front and European news – all contributed to the fall. European and US markets also ended in red yesterday. Overall, the market sentiment is bearish globally at least for the trading on Friday.

Nifty View for 22 March

Nifty today closed below another support of 5680 which is further confirming the bearish trend which started from the day 5880 support was broken. I had covered the importance of this level in my previous posts. Today we are down 200 points from that level.

Several traders bought futures and call options in the past few days hoping for a recovery and big returns, most of them have left the markets in big losses. Their last hope was a rally today , which was in fact a chance to exit. Many were not ready to book losses on 5900 CE when 5880 was broken. Instead they hoped that they will be in profit soon. It is always important to go with the trend rather than go against the trend and hope for a recovery.

Coming back to the views for tomorrow.

Support levels for tomorrow 5645 , followed by 5615 levels. A break of this will open up 5570 levels. Unfortunately there are not many strong support levels till 5570 which is a matter of concern.

Resistance levels are 5680-5720-5745.

Avoid any intraday longs below 5680. Nifty will be positive above 5700 and bullish above 5745 which is a quite unlikely move.

Intraday calls for 22 March

1. Hero Motors – Sell below 1615 for a target of 1605 with SL at 1636. Sustaining below 1605 will take the stock further down to 1585 levels.

2. Bajaj Auto – Bajaj Auto crossed the level of 1805 which we were tracking few days back and the stock had a high volume fall. Sell below 1740 with SL at 1760 for a target of 1715.

3. Tata Steel – Sell on sustain below 325 for a target of 322 with SL at 328. Below322, the target is 318.

4. HCL Tech – Sell below 767 for a target of 763 followed by 758with SL at 782.

5. Infosys – Sell below 2855 for a target of 2840 with SL at 2875.

6. BHEL –  Sell below 179 for a  target of 178 and 176. SL is 181.50.

I have provided several calls since all of them might not trigger.  Do not take more than 1 position at a time as news based moves could result trigger SLs.

Please take positions only after 9:35 AM.

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
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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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