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Friday, 23 August 2013

Nifty Outlook and stocks to trade on August 23

Nifty made a good up move today and settled above our level of 5400. 5360 will now act as an immediate support.

Metals and Auto made decent up move, banks are still reluctant to rally. It is better not to trade in banks for next few days since volatility  is on the higher side for banks.

Nifty (5408) will face resistance at 5450 followed by 5500. Support will be at 5360 followed by 5340.

Avoid intraday longs below 5340. Nifty will be positive above 5450 and bullish above 5500.

Part of todays rally was due to good news inflow and part due to short covering.

  1. Reliance – Buy above 810 for a target of 815-818 with SL at 796.
  2. ONGC – Buy strictly above 273 for quick gains of 2-3 points at 275-276 with SL at 269.
  3. Tata Steel  - Buy strictly above 276 for a target of 279-82 with SL at 269.
  4. Bharti Airtel – Buy above 315 for a target of 321 with SL at 311.
  5. Tata Motors – Buy above 293 for a target of 296 with SL at 289. Fresh buy above 297 for a target of 300-301. Sustain above this level will see a huge rally to 310 any day.
  6. Infosys – Infosys moved above the levels we were waiting for. Buy above 3037 for a target of 3050 with SL at 3020.
  7. BHEL – Buy above 110 for a target of 112-14 with SL at 106.
  8. Cipla  - Buy above 404 for a target of 406-7. Sustain above this level 407-408 will take the stock to 420 in next few days. Please note for positional trading.
  9. L&T – Buy above 732 for a target of 737-738 with SL at 724.
  10. Axis Bank – Sell below 965 for a target of 960-58 with Sl at 976.
  11. ICICI Bank – Sell below 822 for a target of 818-810 with SL at 835.
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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