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Tuesday 22 October 2013

Nifty Technical Analysis and Intraday Calls for Oct 22

Nifty Technical Analysis

As written in yesterday's pre-market analysis , Nifty could not cross the next resistance level of 6230 and remained range bound. The entire range of 6230-6150 was traced by Nifty during the day's trade and even many experienced traders would have found it difficult to trade for the day. 

For tomorrow, no changes in the levels from yesterday. Nifty needs to clear 6230 to remain positive and 6250 to gain bullish momentum. Below 6190 Nifty is negative and below 6150 market will face heavy selling. 

Intraday Calls for Oct 22

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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