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Tuesday 17 September 2013

Nifty Outlook and stocks to trade today - Sep 17

Let me start with Nifty behavior and overall market behavior yesterday (Sep 16). 

Nifty spiked in the morning and touched 5960. In the first 1 hour Nifty tried to cross this level, but could not. However I saw that many brokers started giving buy calls in DLF, BHEL, Axis Bank and ICICI Bank. This was surprising since a high was already made previously in the day and the market was struggling to cross it. Finally the critical level of 5880 was broken and Nifty touched the support level of 5800. The level was held today, however , Nifty went below 5800 for a small amount of time which is an matter of concern. 

State Bank of India and Tata Steel corrected and gave us good profits in our pre-market calls. Bharti Airtel is still going strong. 

Sector Trend: IT is clearly the weakest sector, yesterday we made good profits in TCS and Infosys sell calls. In hourly charts, most of the sectors are in strong sell mode. We will trade accordingly for intraday today. 

Nifty will face resistance at 5900 followed by 5950. Nifty will be negative below 5850. Support is placed at 5800-5820 levels. Below 5800, exit all long positions.. 

Intraday calls for Sep 15

1 Buy Above or Sell Below the levels given for a target T1 or T2 with SL
2 Do not enter if target is achieved already
3 Always trade in two lots and book 1 lot at T1

4 All levels above are in cash. Please trade accordingly in futures

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.     

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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Hey, thanks for the information. your posts are informative and useful.
KPIT Technologies


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