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Thursday, 28 March 2013

Nifty Outlook and Stocks to trade on 28 March

Dear Readers

Today is the last day of derivatives expiry and expect volatility. Sell on bounce looks like a good strategy for the day.

On 25th March, we had a good trading day with several of sell calls giving good profits. Tata Steel, L&T and BHEL were particularly good intraday sells.

Nifty View for 28 March

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

Resistance levels are 5660-5680-5700.

Avoid any intraday longs below 5600 levels. Nifty will be positive above 5660 and bullish above 5680 levels.

Intraday Calls for 28 March

We had good short sells on stocks hitting 52 week lows. So we will try to short them in the coming days as well.

1. Hero Motors – Sell on rise to 1586-90 levels with SL at 1600. Alternatively sell below 1566 for 1552-32 targets with SL at 1580.

2. BHEL – Sell below176 for target of 175 – 173. SL 178.

3. L&T – Sell below 1330 with SL at 1350 for a target of 1320- 1310.

4. Reliance – Sell below 790 with SL at 799 for a target of 774- 768.

5. Tata Steel – Sell below 308 with SL at 312 for intraday target of 305. Below 305, fresh sell for target of 303-299 with SL at 308.

6. ICICI Bank – Buy above 1027 with SL at 1017 for target of 1032-1038.

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