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Monday, 12 August 2013

Nifty outlook and stocks to trade on Aug 12

Nifty will face resistance at 5580followed by 5595-5600 and 5620. Support will be at 5550 levels.
Avoid intraday longs below 5540. Nifty will be positive above 5550 and bullish above 5620 levels.

Intraday calls for 12 August

  1. Tata Steel – Buy above 221.50 for a target of 223.50 with SL at 218.50.
  2. Maruti – Buy above 1395 with for a target of 1405 with SL at 1370.
  3. Bharti Airtel – Buy above 340 for a target of 343 with SL at 336.50
  4. Cipla – Buy above 414 for a target of 416 with SL at 410.
  5. SBI – Sell below 1680 for a target of 1670-60. Fresh sell if the stock sustains below 1650 for a target of 1636. Keep SL for first  short at 1705 and second one at 1681.
  6. Reliance – Sell below 856 for a target of 850 with SL at 862.
  7. L&T – Sell below 780 for a target of 775 with SL at 787. Fresh sell below 770.
  8. Infosys – Sell below 2940 for a target of 2925 with SL at 2961.
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 inearlier 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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