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Monday, 7 October 2013

Nifty Technical Analysis and Intraday Calls for Oct 07

Nifty Technical Analysis

Nifty crossed below our crucial support level of 5800 and touched 5700 which is a 100 point fall as written here before. However, there  was a bounce back from that level. From the Nifty movement last week, it is clear that Nifty is facing tough resistance at 5950. This will be followed by a resistance at 6000. Short term trend will be up if Nifty crosses these levels and stays above. Real bullishness will come once Nifty crosses 6150. 

Nifty has turned buy in hourly and daily charts. For trading on Sep 7, Nifty will be positive above 5950 and bullish above 6000. So far 5880 is offering a good support for Nifty, below this level will be negative and heavy selling is likely to happen. 

Intraday Calls for Sep 07

* Sell Tata Motors if it cannot sustain above 353 and falls below that level
* Sell Infosys if it cannot sustain above 3030 and falls below that level

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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