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Thursday 22 August 2013

Nifty Outlook and Stocks to trade on August 22

Nifty (5302) will face resistance at 5360 followed by 5400. Support will be at 5280 followed by 5260 levels.

Avoid intraday longs below 5280. Nifty will be positive above 5360 and bullish if stays above 5460 levels.


Intraday calls for 22 August

  1. DLF – Sell below 148 for a target of  145 with SL at 153. Fresh sell below 144 for a target of 141 with SL at 149.
  2. L&T – Sell below 705 for a target of 700-695 with SL at 712.
  3. Tata Steel – Small upmove possible, but stock could be volatile. Buy above 252 for a target of 254-255 with SL at 248. Alternately sell below 250 with SL at 253 for a target of 248-245.
  4. Hero Motors – Sell below 1860 for a target of 1830 with SL at 1890.
  5. BHEL – Sell below 105 for a target of 103 with SL at 107.8
  6. SBI – Sell below 1520 for a target of 1490 with SL at 1545.
  7. Bajaj Auto – Sell below 1720 for a target of 1700 with SL at 1745.
  8. ONGC – Sell below 250 for a target of 248-245 with SL at 256.
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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