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Thursday 12 September 2013

Nifty Outlook and stocks to trade on Sep 12

Nifty ended in positive after a volatile day. Nifty held on to the base of 5825 written yesterday, which is a good sign. Any day this level is broken, further fall is possible. For Sep 12, Nifty resistance will be at 5950 followed by 5980. The resistance at these two levels is very high hence profit booking can come any time Nifty hits these levels.

Above 5980 if it happens, Nifty will be mega bullish to hit 6000-6020. At this level, I expect significant profit booking. On the lower side, for tomorrow below 5880, there will be weakness and long unwinding happening. Be careful if this level is broken.

Sector Trend: All the sectors have turned buy in Hourly and Daily charts. PSU bank was neutral yesterday, has turned into buy with today's up move. So we will start going long in PSU banks. Some kind of resistance, weakness is seen in private banks Axis, ICICI at higher levels. It gives me a feeling that there will be profit booking very soon in this sector. ONGC has given strong sell signals. Automotive was positive today except Tata Motors which was down on profit booking.

Intraday calls for Sep 12

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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