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Monday 19 August 2013

Nifty outlook and stocks to trade for 19 August

Nifty (5507) will face resistance at 5550-60  followed by 5580-5600. Support will be at 5480levels.

Avoid intraday longs below 5480. Nifty will be positive above 5560 and bullish if stays above 5580 levels.
For 19 August, we will be trading on expected bounce backs and sell on rise strategy. Please read carefully below and take positions for intraday. In case of any questions, please leave a comment and I will explain.

Intraday calls for 18 August

It is very difficult to predict levels for the next day after a big fall. So please read carefully below and trade only if chart signals support the trade. Please refer trading course in this website to understand more on chart signals.

  1. Tata Motors – Buy above 316.50 for a target of 318-20 with SL at 314. Fresh buy above 324 for a target of 328 with SL at 323.50.
  2. SBI – As of now, it looks like that SBIs fall will be halted at 1550-40 levels. So recommend a buy for a bounce till 1620-40 in next few sessions. For tomorrow buy above 1580 for a target of 1605 with SL at 1540. If sustains above 1605, buy fresh for a target of 1620-40 with SL at 1580.
  3. Cipla – Buy above 418 for a target of 420-22 with SL at 416. Fresh buy above 426 for a target of 430 with SL at 422.
  4. Tata Steel – Will be positive only above 238-240 range. Long target could be 245-248 with an SL at 232.
  5. ONGC  - Will be positive only above 278. Long target could be 282-84 with SL at 277.
  6. Infosys – Infosys will be positive only on a sustain above 3000. Keep this as SL and sell on rise for a target of 2985-70. Fresh sell below 2965 for a target of 2950-25.
  7.  BHEL – Sell on rise towards 108 with SL at 110 for a target of 106. (Risky trade)
  8. Bajaj Auto – Sell on rise to 1860 with SL at 1880 for a target of 1840-30. Fresh sell below 1830 for a target of 1805 with SL at 1840.
  9. ICICI Bank – Sell below 855 for a target of 850 with SL at 861. Fresh sell below 850-848 for a target of 844 with SL at 855.
  10. Reliance – Sell if Reliance rises above 838 and falls below that level unable to sustain. Stoploss will be 845 for a target of 830-820 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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