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Tuesday 26 March 2013

Nifty outlook and Stocks to trade on 26 March

Please read the Nifty short term view here.

Where is Nifty heading to ?

For 26 March, expect good amount of volatility due to expiry of March derivatives. Be quick to book small profits.

Support levels are 5600 , followed by 5565-50  levels. A break of this will open up 5500 levels.

Resistance levels are 5700-5725-5750.

Avoid any intraday longs below 5620 levels. Nifty will be positive above 5660 and bullish above 5725 levels.

Stocks near 52 week low

Several stocks are now close to their 52 week lows. These stocks show weakness and may be traded on the short side for good intraday gains in the next few days. Below is a partial list of these stocks.

Tata Steel, Sail, Hero Motors, BHEL, ABB, Coal India, Reliance Infra, HDIL, Gail, NTPC, HPCL and Reliance Capital.

Intraday Calls for 26 March

1. Hero Motors – Sell close to 1630 levels with SL above 1650 for target of 1610-1595 levels.

2. Bajaj Auto – Sell below 1795 with SL at 1815 for a target of 1785-70.

3. BHEL – Sell below 177 for a target of 175 with SL at 181.

4. Tata Steel – Sell on rise to 318 levels with SL at 322 for a target of 314-3. If sustained below, fresh sell with target of 308.

5. L&T – Sell below 1360 for a target of 1345 with SL at 1385.

6. ICICI Bank – Sell below 1005 for targets of 995-985 with SL at 1025.

7. Maruti – Sell below 1300 with SL at 1320 for a target of 1275. Below this level, fresh sell for a target of 1260.

8. SBI – Sell below 2050 for target of 2030 with SL at 2080.

9. Tata Motors – Sell below 268 for target of 266 with SL at 272.50. Below 266, the stock could touch 262.

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 trigger SLs.

Please take positions only after 9:30 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
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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