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Wednesday, 30 October 2013

Nifty Technical Analysis and Intraday Calls for Oct 30

Nifty Technical Analysis

Nifty made a good upmove today and reached upto the critical resistance level of 6230 and closed below it. Tomorrow, the market will cross this resistance on opening since the global markets are rallying at the time of writing this.However, please watch out for the next resistance at 6275. Volatility will be high for the next two days due to derivatives expiry. 

For the trading on Oct 30, Nifty should be above 6200 to be positive and above 6250 for bullish momentum. On the downward side, supports are placed at 6175 and 6150. Any day the level 6150 is breached on the lower side, please be prepared to see lot of profit booking. 


Intraday Calls for Oct 10

Scrip Action Above Below T1 T2 SL
Maruti Buy 1650 1655 1660 1643
L&T Buy 980 985 990 973
ONGC Buy 292 293 295 289
Axis Bank Buy 1270 1275 1280 1260
Reliance Buy 906 910 915 898
ICICI Bank Buy 1080 1086 1098 1060
Ranbaxy Sell 380 378 376 384.5
Bharti Airtel Sell 336 334 332 340
Infosys Sell 3305 3390 3375 3336
Tata Motors Sell 375 373 371 380

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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