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Friday 18 October 2013

Nifty Technical Analysis and Intraday calls for Oct 18

Nifty Technical Analysis

As written in yesterday's pre-market call, below the zone of 6080-50, there was heavy selling and Nifty ended below the zone, any bounce back will be faced with selling with immediate resistance in this zone. A strong move above 6120 will give a positive momentum to the market. Nifty has turned bearish in the hourly charts, while in the daily charts the trend is still upwards.

For the trading on Oct 18, Nifty will remain negative below 6050. Immediate supports are at 5080-6000 from where bounce backs are possible. Below this zone it is bearish trend for the day, please exit longs.

Intraday Calls for Oct 10

1. All levels are in cash. Please trade accordingly in futures
2. Buy above or sell below the levels given for a target of T1, T1 with strict SL.
3. Those who are trading in futures, please trade with 2 lots and book profits at T1.
4. Buy or Sell here does not indicate that the stock is positive or negative for the day.
   The calls are valid only if the levels are crossed.
5. Do not enter the trade if the target T1 is achieved within 15 minutes of opening.
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 content 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 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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