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Friday 5 April 2013

Nifty Outlook and Stocks to trade on 05 April

Nifty finally made a decisive close below 200 Day Moving Average. Domestic worries related to financial irregularities and political uncertainties, mix of negative news from Europe and US added to the fall. FIIs are also in the selling mode particularly in large caps. This is the reason, we have also been on sell mode in blue chips in the few past few days.

Reality and IT sectors were the biggest losers in todays trade.

Nifty View for 05 April

Resistance levels will be 5600-5625 followed by 5675.

Support levels are 5545 – 5510. Below 5510-5500 levels Nifty will be extremely bearish and no intraday longs are recommended

Intraday Calls for 05 April

  1. ICICI Bank – During the previous swing low in March, ICICI bounced from 997 levels. This level is critical support for ICICI Bank. Sustaining below this will open up 990-980 levels intraday. SL for shorts is 1015
  2. TCS – Sell below 1500 for a target of 1490-80 with SL at 1520.
  3. L&T – Sell below 1353 for 1345 with SL at 1368. Below 1345 targets are 1335- 25.
  4. Tata Steel – Sell below 303 for a target of 301 with SL at 306. Below 300, Tata Steel will fall to 290 in few trading sessions.
  5. Hero Motors – Sell below 1450 for a target of 1440 with SL at 1465.
  6. Axis Bank – Sell below 1240 for a target of 1233. Below 1230, the stock could slip to 1220-1200 levels.
  7. BHEL – Sustaining below 177, could give quick 2 points profit up to 175. The stock is likely to bounce strongly from 174, so do not hold shorts for long. If sustained below 174, then there will be heavy fall any day.
  8. Reliance Industries – Sell below 764 for a target of 760-756 with SL at 771.

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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Thanks for sharing this analysis. I don't think technical analysis is for everyone. I don't think everyone is fond of using charts to make their decisions. Sites such as yours, that focus on one method or the other, are always reminding traders to use evidence to make their decisions.

If you don't use evidence, you run a real risk of losing money. If you've invested a significant amount, you will lose what you have put into it. Traders with discipline are the ones who make money.


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