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Tuesday 5 November 2013

Nifty Technical Analysis and Intraday calls for Nov 5

Nifty Technical Analysis

Nifty need to cross 6355 to continue bullish momentum. Overcoming this seems to be tough with chances of profit booking this week. Next resistance is at 6400.

On the downward side, the support is at 6280 for intraday trading on 05 Nov. Exit longs below 6250. 

Those who wish to buy Diwali or Muhurat picks, do not buy now as advised by every broker and TV channels. Wait to buy at levels of 6100-200. Markets will correct to this level soon. I will be publishing a mid-cap based aggressive portfolio when the markets come down. 

Intraday Calls for Nov 05

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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