Nifty outlook and stocks to trade on 10April

Nifty touched the resistance of 5600 and fell down continuously today on negative sentiment based on foreign fund selling.

Support of 5530 and 5500was broken today.This has opened up the way for further downfall.

On 10 April, 5535 is the resistance followed by 5575-5600 levels. Support levels are 5450 and 5420.

Avoid intraday longs below 5480. Nifty will be positive above 5535 and bullish above 5575.

Intraday calls for 10 April

1. ICICI Bank – Sell below 982 for a target of 976 and 969 with SL at 988
2. SBI –  Sell below 1978 for a target of 1969 with SL at 2000.
3. Tata Steel – Sell below 303 for a target of 300 with SL at 305.60
4. Infosys – Sell below 2755 for a target of 2735 with SL at 2770
5. TCS – Buy above 1515 for a target of 1525 with SL at 1499.
6. Bajaj Auto – Buy above 1728 for a target of 1738 with SL at 1715.
7. Tata Motors – Buy above 263 for a target of 265 with SL at 259. Above 266, fresh buy for a target of 269 with SL at 264.
8. ONGC – Sell below 301 for a target of 298 with SL at 304.50
9. Cipla – Sell below 386 for a target of 382 with SL at 392.50
10. Ranbaxy – Sell below 426 for target of 422 with SL at 430.50

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.

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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