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Tuesday 2 April 2013

Nifty Outlook and Stocks to Trade on 02 April

Dear Readers
Nifty made modest gains on 1st April the first trading day of the financial year. There were no news on positive or negative side to make a big move. However, there was not much buying seen at days highs. Overall most of the stocks were down from the days high on close. US markets have closed negative on the weak manufacturing data.

Sector View

Realty was the biggest gainer today with DLF, Unitech, HDIL etc gaining 6 to 8%.
IT and Pharma has become strong buy in daily and hourly charts. Cipla, Ranbaxy, Biocon gained between 1 t0 5%. In IT, Infosys gained close to 2%.
Metal and Auto were the two indices closed in negative. Hero Motors, Bajaj Auto closed in negative.

Nifty Outlook for 02 April

Nifty will continue to face resistance at the level 5720-25 as written yesterday. Once this level is crossed 5745-50 , 5780 is the next resistance.
Support levels are 5650, followed by 5625- 5600. Sustaining below 5600 is really bearish for Nifty.
Avoid intraday longs below 5650. Nifty will be positive above 5700 and bullish above 5745.

Intraday Calls for 02 April

  1. Infosys – Buy above 2938 for a target of 2950. Above 2955, next target is 2960-75. SL for long is 2926.
  2. Ranbaxy – Buy above 453 for a target of456 – 460. SL 447.
  3. L&T – Buy above 1405 for a target of 1415 – 1425 SL at 1390.
  4. Hero Honda – Sell below 1521 for a target of 1510-1500. SL is 1535.
  5. Tata Motors – Sell below 262 for target of 259-257 with SL at 266.
  6. TCS – Sell below 1545 for a target of 1535-25 with SL at 1562.
  7. Bajaj Auto – Sell below 1770 for a target of 1760. Below 1760, next target is 1740. Keep SL at 1790.
  8. ONGC – Sell below 306 for a target of 304- 302 with SL at 310.
I have provided several calls since all of them might not trigger.  Do not take more than 2 positions at a time.
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.

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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. Subscribe for the posts in your favorite reader. Please click on the RSS button in the age.
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