Nifty outlook and stocks to trade on 08 April

Nifty ended the last week with a decline of close to 2%.  All sectors except Pharma have turned bearish in the daily charts. Ever since the 200 DMA was crossed, the market has turned extremely bearish and every rise will be faced with huge selling.

Next week , we have Infosys announcing the results on April 12 Friday. On the same day IIP data will also be announced.

Nifty View for 08 April

Nifty crossed below the 200 DMA and is close to touching the first target 5500. Read the earlier post on Nifty outlook here.

Where is Nifty heading to ?

For 08 April, 5575-80 will act as a major resistance. Above 5575, 5600 and 5625 will be the resistance levels.

Support will be at 5535 followed by 5510 and 5480 levels.

Avoid intraday longs below 5535. Nifty will be positive above 5580 and bullish above 5600.

Intraday calls for 08 April

1. ONGC – Buy above 316 for a target of 317. Crossing and sustaining 317 will result in a target of319. Keep SL at 312.
2. RELIANCE – Buy above 786 for a target of 792 with SL at 779.
3. Bajaj Auto – Buy above 1725 for a target of 1735-50 with SL at 1709.
4. Tata Steel – Buy above 309 for a target of 311 with SL at 307.
5. ICICI Bank – Sell below 996 for a target of 985 with SL at 1002.
6. TCS – Sell below 1484 with SL at 1500 for a target of 1470.
7. Axis Bank – Sell below 1214 for a target of 1200 with SL at 1232.
8. SBI – Sell below 2060 for a target of 2040. Sustaining below 2040 will give a target of 2020. Keep SL for shorts at 2075.

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