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Thursday 4 April 2013

Nifty Outlook and Stocks to trade on 04 April

Nifty crashed below critical support levels on 03April after disappointing PMI data combined with bearishness from global markets. The market over-reacted to the numbers. US markets are also down at the time of writing this.

Nifty Outlook for 04 April

On 03rd April, Nifty touched exactly the support level of 5650 as covered by me in the pre-market call. This is a good support point. If the market moves below and sustains, then it opens up for 5600-5590 levels. 5600 is the level from which markets bounced back in the last down move. Going below this level is highly bearish and could open up 5300 levels as I had written many times before.

For 4th April, Nifty resistance levels are 5700-20 followed by 5745-50..

Support levels are 5625 followed by 5600. Sustaining below 5600 will result in 5580- 5550.

Intraday Calls for 04 April

We are taking only sell positions. There is a possible up move after the big fall, but is unlikely to be sustained.

  1. ICICI Bank – Sell below 1025 for a target of 1017 with SL at 1040.
  2. SBI – Sell below 2090 for a target of 2078 with SL at 2110. Below 2075, the next target is 2050.
  3. Axis Bank – Sell below 1270 for a target of 1260 with SL at 1285.
  4. Tata Steel – Sell below 315 for a target of 313-311 with SL at 318.
  5. Hero Motors – Sell on rise to 1510 levels with SL at 1522 for a target of 1490. Alternatively below 1485, the next target is 1475 followed by 1460.
  6. Tata Motors – Sell on rise to 259-60 with SL at 262.50 for a target of 256. Below 256, next target is 253. Short term target for Tata Motors is 242 in next 5-6 trading days.
  7. Bajaj Auto – Sell below 1684 for a target of 1665 with SL at 1700.
  8. L&T – Sell below 1390 levels with SL at 1406 for a target of 1375-60 levels.
  9. Reliance Industries – Sell below 770 for a target of 765-60 with SL at 778.

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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