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Monday 26 August 2013

Nifty outlook and trading calls for August 26

Markets will be volatile next week and it would make sense to enter into limited calls and book profits quickly.

Most of the sectors have turned buy in the hourly charts. IT and Metals have given buy signals in daily charts as well. For today, we will be long in Metals and IT and short in reality. Banking is still neutral and can go either way - up or down for next few days.

Nifty (5471) will face resistance at 5500-10 followed by 5540-50. Nifty will be positive above 5510 and very bullish if 5550 is sustained. 

Avoid intraday longs below 5450. Supports will be 5450 and 5410. 

Intraday calls for August 26

  1. Tata Steel - Buy above 284.5 for a target of 287-88 with SL at 280. For positional traders a move above 288 will give 293-300 in next few days, keep SL for positional longs at 260.
  2. TCS -  Buy above 1840 for a target of 1850 with SL at 1825. Sustaining above 1850 could give 1860-70 with an SL at 1840.
  3. Tata Motors - Seems to go upto 310-320 in the short term. For intraday, buy above 305 with SL at 299 for a target of 308-310.
  4. BHEL - Buy  above 118 for a quick profits of 1-2 points. Keep target of 120 with SL at 114.
  5. HCL Tech - Buy above 955 for a target of 960 with SL at 945.
  6. ONGC - Buy above 280 for a target of 283-286 with SL at 276.
  7. L&T - Buy above 743 for a target of 748-50 with SL at 734.
  8. SBI - Sell below 1538 for a target of 1520-10 with SL at 1567.
  9. Cipla - Sell on rise to 398 with SL at 405 for  a target of 394. Fresh sell below 391 for a target of 388-86.
  10. Ranbaxy - Sell below 384 for a target of 380 with SL at 391. 
  11. Bharti Airtel - Sell below 303 for a target of 299 with SL  at 309. 
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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