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Monday, 21 October 2013

Nifty Technical Analysis and Intraday Calls for Oct 21

Nifty Technical Analysis


Nifty breached the critical resistance zone of 6150 which we have been tracking for several days and immediately moved up to cross 6200 levels on Friday. Overall, Nifty has entered into a confirmed upmove by crossing this resistance. In the coming days, please note that when Nifty moves closer to all time highs, there are chances of heavy profit taking. All positional small traders need to be cautious and should keep revising stoplosses upwards on profitable positions. 

Immediate resistance for Nifty is at 6230 which is the previous swing high made in May 2013. If this level is cleared then next targets are placed at 6270. Supports on the downward side are placed at 6150-20 and 6100-6080. 

For tomorrow's trading, bullish momentum will be established above 6235 and resistances will be as mentioned above. Below 6150, market will have a negative mode. 

Intraday Calls for Oct 21

*Axis Bank: Fresh buy if Axis Bank sustains above 1175 for a target of 1180 and 1187 with SL at 1165. 

Notes:
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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