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Thursday, 24 October 2013

Nifty Technical Analysis and Intraday Calls for Oct 24

Nifty Technical Analysis

We did not trade yesterday due to expected high volatility. Nifty could not cross 6230 resistance which we were writing here for several days and clearly crossed 6150 support level downwards , but bounced back to close above that level. This is not a good sign according to me. But only a closure below 6100 can confirm negativity in the market. Markets can correct any day and it happens when everyone else says the markets will rally. 

For intraday trading on 24, Nifty will be negative below 6170-50 range. Below 6120-6100 range exit all longs. To get back to bullish momemtum Nifty should cross and stay above 6230, this level still remains the same and crucial. If crossed below 6100, expect small bounce backs from 6080 and 6050 +/- 10 points. 

Intraday Calls for Oct 24

*Sell on rise to 335-336 with SL at 338. Fresh sell below 329 for a target of 327 and 325 with SL at 335
@Sell if stock rises above 375 and fails to sustain above that level. 

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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