Nifty had a fantastic run up on 16th April though the global cues were negative.Most of the sectors have turned buy in both hourly and daily charts. Auto stocks rallied heavily on rate cut hopes and reduction in petrol prices. Banking sector also rallied.Only IT sector closed in red today.
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Sector View for April 17 |
Nifty View for 17 April
In the short term, on crossing 5700, market will face resistance at 5755 and 5775. Closing above 5775 will trigger hopes in further up move towards 5900.
For 17 April, Nifty will face resistance at 5740 followed by 5755-5775. Support will be 5650.
Avoid intraday longs below 5650. Nifty will be positive above 5700 and bullish above 5740.
Intraday calls for 17 April
- Reliance – Sell below 800 for a target of 790. If sustained below790, there is a chance of stock hitting 775 either today or in next 2 trading days. SL for shorts is 814.
- BHEL – Buy above183.50 for a target of 184.50-186.50 with SL at 181.
- L&T – Buy above 1430 for a target of 1445 with SL at 1420.
- ICICI Bank – Buy above 1085 for a target of 1095 with SL at 1070
- SBI – Buy above 2195 for a target of 2205-2225 with SL at 2170.
- Axis Bank – Buy above 1370 for a target of 1380-90 with SL at 1358.
- Infosys – Sell below 2290 for a target of 2280 with SL at 2305.
- Ranbaxy – Buy above 450 for a target of 454 – 458 with SL at 445.
- Bajaj Auto – Buy on decline to 1770-65 with SL at 1750 for a target of 1780. Sustaining above 1780, fresh buy with SL at 1765 for a target of 1795.
Please take positions only after 9:30 AM. Please do not enter into any fresh trades after 3:00 PM.
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.
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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