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Monday, 28 October 2013

Nifty Technical Analysis for Oct 28

Nifty Technical Analysis

Nifty on daily charts is giving divergences showing weakness in the uptrend over the past few days. This week is filled with news and the big one the RBI Monetary policy announcement on Oct 29. Till then we strongly recommend to trade very lightly and do not carry any positional trades. 

For trading on Oct 28, Nifty below 6150 will be negative and next support level is placed at 6120-6100. Resistances are placed at 6175 followed by 6200. Market needs to again hold on to gains above the 6230-50 range to continue upmove. Till the day of the monetary policy announcement, Nifty is likely to be range bound between 6050 - 6250. 

Intraday Calls for Oct 28

Please trade realtime based on Opening Range Breakout / Intraday Trading systems explained in Trading Course. 

Infosys, TCS, Reliance and ICICI Bank could be traded on the long side.
Bajaj Auto, Cipla, BHEL, Hero Motors, Tata Steel and Bharti could be traded on the short side.

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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