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Friday, 15 March 2013

Which stocks to trade today 15 Mar

Dear Readers

Today was very volatile for the first half with a down move in the beginning and  V shaped recovery with volatality after the data was announced.

Todays inflation data gave hopes to the market that there will be a positive movement from RBI on March 19 and there will be a reduction of 25 points in the key lending rates.

Banking sector rallied and SBI and ICICI made significant upmove. Axis bank however made only a moderate upmove. Most of the sectors have turned buy in daily and hourly charts.

In Auto, Maruti crossed above the resistance of 1410 and made significant upmove. Hero Honda and Bajaj Auto closed in the red.

Dow has made another record high in todays trades and overall global market mood indicates that Nifty is likely to move up on Friday first half with little bit of profit booking during the second half. Be cautious about the domestic news on financial irregularities, any remarks announcements on this during market hours in next few days could trigger a down fall.

Nifty Outlook for 15 Mar

Nifty will remain positive above 5880 levels where majority of buying happened on Thursday. All intraday longs should be exited below this.

On the higher side, resistances are 5950 followed by 5975. If sustained above 5975, the index could hit 5990-6000 where there will be major resistance. I do not expect a move above this on Friday.

On the down side, support is at 5880- 5860-5840. Nifty is unlikely to fall below this.

Intraday Calls for 15 Mar

1. Hero Honda -  We had a successful short on Hero Honda today. I would like to trade a further short on Hero Honda. Below 1676, Hero Honda is negative. First target is 1660-56. Sustaining below 1654, Hero Honda will go to 1645 – 1631 levels.

2. Bajaj Auto – Sell below 1860 for a target of 1850. Below 1840, there is another selling opportunity for a target of 1830-25

3. ICICI Bank – Buy only above the previous resistance level of 1125 for a target of 1130-40. SL for long is 1110.

4. Reliance – Buy above 865 for a target of 870 and 880. SL for longs is 853.

5. L&T -  Buy above 1535 for a target of 1540 –1555 with SL at 1515.

As usual enter only after 09:35 AM.

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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