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Tuesday 20 August 2013

Nifty outlook and stocks to trade on August 20

Nifty (5507) will face resistance at 5460-80 followed by 5500. Support will be at 5350 levels.

Avoid intraday longs below 5350. Nifty will be positive above 5480 and bullish if stays above 5500 levels.

Intraday calls for 20 August

  1. DLF – 150-52 is a good resistance zone for DLF. A move and sustain above 152 can be traded long for a target of 154-157. Keep SL at 146.
  2. Tata Steel – For positional traders, Tata Steel will be positive as long as it stays above 238-40. For tomorrow, go long above  250 for a target of 255 with SL at 245.
  3. Infosys – Today Infy could not sustain much above 3000. Tomorrow buy above 3015 for a target of 3025-35 with SL at 2990.
  4.  TCS – has a significant resistance at 1820 in short term. Go long above 1820 for a target of 1830-50 with SL at 1800.
  5. L&T – Appearing very weak. Sell below 728 for a target of 715 with SL at 735.
  6. Hero Honda – Buy above 2000 for a target of 2030-50 with SL at 1918.
  7. ICICI Bank – Sell below 810 for a target of 804-798 with SL at 820.
  8. SBI – Sell below 1520 for a target of 1490 with SL at 1540.
  9. Bajaj Auto – Sell below 1780 for a target of 1740 with SL at 1810. Fresh sell below 1730 for a target of 1675 with SL at 1740.
  10. Cipla – Sell below 395 for a target of 390 with SL at 405.
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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