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Wednesday 13 March 2013

Which stocks to trade today 13 Mar


Nifty is facing resistances on its upmove. On Monday ,the resistance was at 5975 and on Tuesday at 5950. For today’s trade Nifty will be negative below 5920. Resistances will be 5940-50-75..  Next support is 5900-5880.

In daily charts Nifty made a Doji on Monday followed by  a low close candle. Another red candle in daily chart will be a confirmation of a down trend.

As written yesterday, IT stocks have turned weak further. HCL Tech after rallying for several days closed in red today. Infosys looks weak and downfall could continue.

Most of the sectors have become sell in hourly charts. Metals is showing good amount of weakness with Hindalco, JSW Steel and Tata Steel negative.

IIP data was positive, but inflation data was not favorable for rate sensitive stocks. ICICI from the banking sector was down. SBI is still holding.

I am adding Reliance and Tata Steel to my watchlist for trading.

Todays Intraday Calls

I am increasing the number of calls based on the feedback that on some days enough opportunities are not generated. However do not enter more than 2 trades at a time. Ideally 1 open trade at a time.
1. ICICI Bank – Likely to move down further. If ICICI opens above 1125 and slides below this level, sell with SL as 1137. If opening is below 1125, sell below 1112 for a target of 1102. SL for short is 1125 in that case.
2. SBI – Indecisive, so I will not be trading today.
3. Infosys – Likely to move down further. Sell only below 2910 with SL as 2925. Target is 2905-2985.
4. Maruti – Sell below 1416 with SL of 1426. Target is 1405. Sustain below 14o0 will see the stock moving to 1390-75.
5. Reliance – Reliance ended up positive in today’s session. Daily charts are in buy mode. Buy only above 855 for 860 target.
6. L&T – Yesterday it did not cross my level of 1525. Today  L&T is a buy above 1525 with SL 1515. If Nifty is below 5920, then L&T can be shorted below 1515 with SL at 1525.
7. Tata Steel – Buy above 363 with SL below 356. Sell below 356 with SL above 363 for target of 352. Below 352, the stock could slide to 349-8.
Please take positions only after 09:35 AM.Trade less - based on levels and chart. Question yourselves before entering a trade – whether it is a high probability trade or an emotional trade. Today major movement is not expected, so buy/ sell will give only few points profit. Be quick to grab your profits. Wish you good luck.
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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