Intraday Best Tips

Even market had witnessed heavy short covering last Friday, we advice all to utilize this relief rally to exit long positions from front line stocks (most of them holding below their 200DMA)… Whenever oil price hike takes place, it will lead to higher inflation only… When this kind of high inflation is going on, we expect government can’t meet its projected fiscal deficit level of 4.6%... 

With the same view, many of the foreign investment institutions warned that India is not dearer for investment with current economical conditions, when comparing with other emerging markets (This is one of the most important reason why FII’s were continued to be on seller side in last few months)… We must consider the rising debt issues again in European zone (Greece & Italy), if fail to control it that could give setback again in markets…

FII’S selling for a tune about Rs.1000 crores in last week given a setback, before ending with marginal gain on Friday lead by Short covering and positive Global cues.

On political front, DMK MP Kanimozhi’s arrest on Friday in 2G Spectrum scam case (already DMK MP A.Raja was in prison) that may / may not affect the relationship between DMK – Congress (But possible to bring negative sentiment on some big corporate)… Same time we can expect some major changes in cabinet level, since Supreme Court severely warns the ruling government and authorities on their laziness on recent bribes / scams like 2G spectrum and CWG… So be cautious…

As mentioned yesterday, Nifty achieved the both targets of 5480 as well as 5510 which were set when Nifty had declined sharply by more than 200 points from 5605 to 5401. However the pattern from which Nifty had given bearish breakout had lower targets of 5350-5325 which are likely to be achieved in coming days. At the same time Nifty has already opened doors for lower targets of 5000 & bellow in coming days. On the bullish side, if Intraday Nifty stock manages to close above 5500 then the bearish outlook may get negated & fresh bullish targets will be worked out. 

Best Intraday Nifty Stock opened with a huge negative gap of nearly 55-60 points on weak global cues & also on the news that these FIIs have heavily sold equity in Indian market. Nifty tried to recover & touched a high of 5440 but could not sustain the higher levels & gradually drifted lower to touch an intra day low of 5373 before remaining in a tight range of 20 points for more than 150 minutes prior to close & finally managed to close at 5390, about 96 points below the previous close.

As far as, extreme short term charts are concerned, Intraday Nifty, which had given bearish breakout from a "Channel cum Flag" formation touched a low of 5401 & bounced back till the bottom line of the pattern at 5510-5515 & resumed its downward journey towards the target of 5350-5325 which had been set after Nifty gave breakout from the bearish pattern. With bearish targets not far away  Intraday Nifty had already entered the oversold zones & ripe for recovery to 5425 likely. On the bullish side, if Nifty manages to close above 5510 the bearish targets will get negated.

As far as bar reversal in Daily charts are concerned, stocks like GAIL, BPCL, Dish TV, Dabur, Sabero Organics, Welspun Guj., Essar Shipping, Vikash Metal & POwer, GATI have given "Upward Bar Reversal" while BOI, HDIL, Ranbaxy Ltd., Gitanjali, Delta Corp., Smartlink Network, Rajesh Export, Fortis Healthcare, MIC Electronics, JM Fin Services etc. have given "Downward Bar Reversal". Stocks like Kopran, Magma, Shasun Chem., Prime Focus, Amrutanjan Health, Gas Authority have shown  spurt during the day with unusually high volumes.

Sector wise, most of the stocks like Jyothi Structure, Arvind Mills, Shriram Transport Finance, Kwality, Surya Roshini, Titan Inds., GAIL, Patni Computer, ITC, Texmaco Ltd., S Kumars' etc. were among the top gainers of the day,  to close in positive territory whereas stocks like Aurobindo pharma, Ankur Drugs, Meghmani, KS Oils, BHEL, XL Tele Energy, PTC India, Venkeys etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bears in the ratio of 1:4 with 288 advances & 1143 declines during the day.

Intraday Nifty Stock

As mentioned yesterday, Intraday Nifty after declining sharply by more than 500 points in last few days is making a bearish "Flag" pattern with support around 5480-5500. If this support is broken for 2 consecutive days there are chances that we may be heading for 5000 or below in coming weeks. On the other hand, 2 economic events i.e. results of state election & hike in petro products can influence the fundamentals/technicals in either way depending upon its outcome. Next 2 days can be tricks & move can be big in form of bear covering or fresh shorts depending upon the outcome of above 2 events.  

Nifty Stock opened on a flat note despite the fact that most of the US & European markets were positive & Asia was mixed & narrow. Nifty stock remained extremely range bound between 5525 & 5574 making higher bottoms & higher tops without any significant change in the technical setup & managed to close at 5560 about 20 points above the previous close.

As far as, extreme short term charts are concerned, Nifty has been making a bearish "Flag" kind of a pattern in daily charts after it had declined by 500 points in last few weeks having support around 5450-5500. In case this support is violated a further fall of 500 points can be expected in near future. 

On the other hand, if the election results are not bad & hike in petro products is moderate, a pullback rally towards 5635-5685 will be on charts. Technically since the pattern is bearish odds are in favor of bears however surprises in store cannot be ruled out which can change the fundamentals/technicals in no time. It would be better to follow the technical levels only. (From 5T-110511)

As far as bar reversal in Daily charts are concerned, stocks like ICICI, Reliance, HDFC Bank, TCS, Nitin Fire, IOC, Kotak Bank, BGR Energy, Camlin, Union Bank have given "Upward Bar Reversal" while Axis Bank, Sobha Developer, Everonn, BF Utilities, BOB, Mundra Port, Cipla, PNB, Subex Azure etc. have given "Downward Bar Reversal". 

Stocks like Jindal Cotex, Mastek, Advanta, Digjam, Oracle Financial, United Breweries, 3I Infotech, Shasun Chem, Delta Corp., Rennaisance have shown  spurt during the day with unusually high volumes.

Sector wise, most of the stocks like Mastek, Purvakarna, 3I Infotech, SKS Micro, Delta Corp., Ranbaxy Labs., Jubiliant Food, Max India, Tanla, IGL etc. were among the top gainers of the day,  to close in positive territory whereas stocks like Acropetal, ARSS America, Opto Circuit, GSS America, Jyothi Labs., Nucleus Software, Renuka Sugar, Bharat Electronics etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bulls in the ratio of 4:3 with 818 advances & 585 declines during the day.

In nutshell, Intraday nifty stock after declining sharply by more than 500 points in last few days is making a bearish "Flag" pattern with support around 5450-5500. If this support is broken for 2 consecutive days there are chances that we may be heading for 5000 or below in coming weeks. 

On the other hand, 2 economic events i.e. results of state election & hike in petro products can influence the fundamentals/technicals in either way depending upon its outcome. Next 2 days can be tricky & move can be big in form of bear covering or fresh shorts depending upon the outcome of above 2 events.  The best strategy is to remain light & very stock & sector specific till the position is not clear in next couple of days.(From 5T-110511)

How To Intraday Trading

As mentioned yesterday, Intraday Nifty managed to survive the important support of 5425 & bounced back from deeply oversold zones (Nifty had closed in red for 9 consecutive days). Now Nifty spot has resistance at 5550 & if this resistance is taken out with volumes Nifty option may be heading for 5635-5650 in next couple of sessions. On the other hand, decisive close below 5425 will confirm the bearish trend as far as medium term charts are concerned.  

Nifty opened on a  positive note with an upward gap of 30-35 points as most of the global markets were in green & Nifty Stock touched an intra day high of 5586 before declining sharply in the morning session to touch an intra day low of 5502 before recovering again towards positive territory to close at 5551 just 1 point below the previous close.

As far as, extreme short term charts are concerned, Nifty has made an "Ascending Triangle" kind of pattern in the trading of last 3 days making higher bottoms at 5445, 5473, 5495 & resistance at 5585 & 5570. Since the pattern is bullish there are more chances that it may give bullish breakout from the top resistance level at 5575-5580 giving an opportunity for an upward move of 100-125 points which are likely to be achieved in next few days.

As far as bar reversal in Daily charts are concerned, stocks like L&T, Suzlon Energy, Sesa Goa, Century Text., Indraprastha Gas, Escorts, Biocon, Guj Mineral, Fortis Health, Parsvnath have given "Upward Bar Reversal" while Nifty, SBI, ICICI Bank, Axis Bank, HDFC Ltd., M&M, DLF Ltd., Titan Ind., BHEL, Sintex etc. have given "Downward Bar Reversal". 

Stocks like Nitin Fire, Genesys Int., Eicher Motors, Amrutanjan Heayj, Berger Paints, Liberty Shoes, Smartlink Network, Bata (I), ICSZ (I), Everest Kanto Cylinder have shown  spurt during the day with unusually high volumes.

Sector wise, most of the stocks like Jubiliant Food, PVP, Liberty Shoes, Coal India, Atul Inds., Bata India, Prakash Steel, NEC Life, Anantraj Inds., Hind. Unilever, Bharti Airtel etc. were among the top gainers of the day,  to close in positive territory whereas stocks like SKS Micro, ADSL, Piramal Health, Everonn, S Kumars', GE Shipping, Acropetal, Mastek, Amtek India etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bulls in the ratio of 3:4 with 601 advances & 828 declines during the day.

In nutshell, after declining sharply from 5945 to 5445 (nearly 500 points), Nifty has entered deeply oversold zones with crucial support at 5425 & resistance at 5575. Decisive break above 5575 can target 5675-5700 in coming days. On the other hand, if Nifty is unable to hold the support of 5425 it will open the new bearish targets of 4900-5000 of Intraday Nifty which can be achieved in coming weeks.  The best strategy is to continue to buy oversold stocks which can give reasonable good returns in next few days.

Free Tips For Intraday Trading on Mobile

BSE stock index: (18210) 18284-18340 a nearest & 18441 a solid resistance up to which selling on higher levels to continue, keep stop loss of 18570 to your shorts.

Downward side it'll fall down to 18141, 18074 & 17910 initially, consider 17910 a crucial support where buying support not ruled out.

In any worst scenario break below 17910 it'll heavily crash down to 17625.

Nifty MAY Future: (5450) 5490-5508 & 5533-5551 solid resistances up to which selling on higher levels to continue, keep stop loss of 5573 to your shorts. Downward side it'll fall down to 5435-5428 & 5377 initially. Consider 5377 a crucial support where buying support not ruled out.
Break below 5377 it'll heavily crash down to 5269.

ABG SHIP: (354) Sell considering 359 & 365 solid resistance keeping stop loss of 371. It'll fall down heavily to 346, 341.25 & 330.

ORCHID CHEM: (297) Sell on higher levels considering 300 & 304 solid resistances keeping stop loss of 309. It'll fall down to 288 & 279.

TATA MOTORS: (1134) Sell on higher levels considering 1140 & 1161 solid resistance keeping stop loss of 1174. It'll fall down to 1124 & thereafter to 1105 & 1084-1075.

AXIS Bank: (1209) Sell considering 1216 & 1234 solid resistance keeping stop loss of 1250. It'll fall down to 1195, 1182 & 1162.

REL INFRA: (617) Break below 608 it'll fall down to 587.

REL CAP: (519) It'll fall down to 510 initially which is a most crucial support. Break below 510 it'll heavily crash down to 504-501 & 487.

ESCORTS: (131) Break below 127 it'll fall down to 123.50 & 121.

M&M: (692) Break below 681 it'll heavily fall down to 668 & 658.

ICICI Bank: (1121) Sell on higher levels considering 1036 & 1043 solid resistances keeping stop loss of 1068. It'll fall down to 1008, 998 & 978-968 initially. Break below 968 it'll crash down to 938.

INDIAN Bank: (223) Sell. It'll fall down to 217, 211 & 206.

Free Share Tips For Intraday

BSE index: (18998) 18916 a crucial support if it remains intact then expect corrective up surges to 19160-19196 & 19250, sell on higher levels keeping stop loss of 19337. Downward side break below 18916 heavy fresh selling will drag it down further to 18801 & thereafter to 18675.

Upward side crossover above 19337 further up surges will be seen to 19420-19471-19505 in a disguised manner.

Intraday Nifty Stock MAY Future: (5720) 5703 a most crucial support if it remains intact then expect corrective up surges to 5763 & 5786-5791, sell on higher levels keeping stop loss of 5818. Downward side break below 5703 it'll fall down to 5664-5654 & thereafter to 5593 & 5569.

Upward side crossover above 5818 it'll surge up further to 5851-5860 in a disguised manner.

MARUTI: (1291) 1309-1319 & 1334. Break below 1286 it'll fall down to 1267-1253 & thereafter to 1240 & 1211.

M&M: (741) 749 & 756 solid resistances, keep stop loss of 765 & go short. It'll fall down to 730 & thereafter to 718-712 & 700.

SBI: (2692) 2731 a crucial nearest hurdle. Downward side it'll fall down further to 2645 & 2585. Crossover above 2731 it'll surge up to 2776-2796; sell on higher levels keeping stop loss of 2820.

PNB: (1151) 1175 & 1189 solid resistances, sell. It'll fall down to 1126, 1115 & 1100.

CAN Bank: (598) Break below 589 it'll fall down to 570.

SYNDICATE Bank: (115) 118.50 & 122 solid resistances, sell. It'll fall down to 109.50 & 105.50.

DENA Bank: (102) Break below 100 it'll fall down to 97, 93 & 91.

ICICI Bank: (1098) Break below 1085 it'll heavily fall down to 1058 & 1042.

AXIS Bank: (1276) Break below 1258 it'll crash down to 1198.

IDFC: (140) Sell considering 144 a solid resistance keeping stop loss of 146. It'll fall down to 135.50 & 126.

TITAN: (3917) Sell considering 3990 & 4071 solid resistances keeping stop loss of 4158. It'll fall down to 3821 & 3718.