Nifty Outlook and Stocks to trade on 03 April

Indian markets made a good up move on 02nd April on renewed buying in pivotal stocks and support from European markets. US markets are rallying with a record new high when this is being written. Sentiment has turned positive for global markets for the time being. We have  PMI data announcement on 03 March which can create some volatility if the data is not favorable.

Nifty view for 03 April

Today Nifty crossed the resistance of 5720-25 levels and touched the next level of 5750 which is a positive sign.

Next resistance is 5780 followed by 5810. Closing above this level will lead the rally to 5880 levels in the coming days.

Support is 5725-5700. Below 5700, markets will slip to  5680-5650.

Avoid intraday longs below 5700. Markets will be positive above 5730 and bullish above 5760.

Intraday Calls for 03 April

1. ONGC – Buy above 319 and book profits at 321 with SL at 316.
2. Reliance – Buy above 798 for target of 805-7 with SL at 788.
3. BHEL – Buy above 186 for a target of187. Sustain above187 will see 189-190. SL is 183.50
4. Cipla- Buy above 391 for a target of 395. Above 395 , 398- 400 is the target. SL for longs is 388.
5. Tata Steel – Buy above 322 for 323-324 target with SL at 317.50
6. ICICI Bank – Buy above 1055 for 1062-1070 with SL at 1045.
7. SBI – Buy above 2150 for a target of2160-2170. Above 2170 , a rally towards 2200 is possible. SL is 2135.
8. Bajaj Auto – Sell below 1740 for 1733 – 25 with SL at 1760

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.

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Posted in: Intraday