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Thursday 29 August 2013

Nifty outlook and Intraday trading calls for August 29

We had another profitable day on 28 Aug with a profit of close to Rs. 12,000/-. We we000re in sell mode fully , but I am viewing IT as positive for tomorrow. Banks in general will still be weak , but I believe ICICI will bounce back. Be careful on IT longs, it is highly susceptible to the Rupee movement. If Rupee appreciates, IT stocks could fall in the middle of the session or any day. As of now, Infosys and TCS looks to be highly bullish. 

As expected Nifty fell by more than 100 points below 5250.  This level holds good for tomorrow as well. If the market can hold on to this level, buying will come for short term.  The worrying factor however is that market touched 5150 and below, which could be an indication that market can move to 5000 in the event of another fall. 

Markets will be very volatile due to expiry, please book profits at the first opportunity.

Intraday calls for August 29

Scrip Action Above Below T1 T2 SL
TCS Buy 1920 1940 1960 1900
HCL Tech Buy 985 989 995 975
Infosys Buy 3110 3125 3145 3110
ICICI Buy 811 817 825 788
Tata Steel Buy 284 286 288 278
SBI Sell 1520-25 1490 1480 1545
ONGC Sell 244 240 238 250
Bharti Airtel Sell 286 281 274 290.5
Maruti Sell 1225 1217 1200 1235
L&T Sell 698 692 685 705
Bajaj Auto Sell 1715 1710 1690 1725
Notes : 1 Buy Above or Sell Below the levels given for a target T1 or T2 with SL 2 Do not enter if target is achieved already 3 Always trade in two lots and book 1 lot at T1 *SBI Sell on rise to 1520-25 levels

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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