Thursday, June 9, 2011

Intraday Trading Tips


As far as, extreme short term charts are concerned, Nifty, after a sharp rise of nearly 275 points between 25th May & 3rd June took corrective decline of nearly 125-130 points & started its recovery towards 5600. Now Nifty has strong resistance in the region of 5605-5615 & if this resistance taken care of decisively Nifty trading would be heading for 5775-5800 where it will again need strong resistance. 

On the bearish side Nifty stock has good support between 5450-5475 & if this support is violated then further decline to 5325 will become inevitable. It may not be out6 of place to mention that Nifty is making a kind of "Inverted Head & Shoulder" pattern having neckline resistance around 5615.

Sector wise, most of the stocks like Delta Corp., KGL, India Infoline, Bajaj Fin. Serv., HCC, HDIL, IVRCL Infra, On Mobile, Jupiter Bioscience, Bartronics etc. were among the top gainers of the day,  to close in positive territory whereas stocks like GSS America, NDTV, Manappuram, Pantaloon Retail, Shriram Transport Finance, U Flex, Hind Unilever, Hero Honda 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 816 advances & 599 declines during the day.

In nutshell, Intraday Nifty, after rising by more than 275 points in last 6-7 trading sessions took corrective decline of nearly 125-130 points & staged a recovery towards 5600-5625. In this process Nifty has been making a highly bullish reversal pattern i.e. "Inverted Head & Shoulder" pattern with neckline resistance around 5625. If this resistance is violated Nifty can go anywhere between 5775 & 5900. On the bearish side, decisive close below 5450 will reactivate the bearish targets of 5300 & below in coming weeks. 

The best strategy is to concentrate on stocks like Delta, Cipla, Bartronics, India Infoline, Bajaj Fin. Serv. & On Mobile which have given bullish breakout from various patterns of different time frames.

Nifty Future Closing : 5529
Watch carefully today's nifty magical figure... 5535
Buy Nifty Future above magical figure for upside
First target...   5558 and above it
Second target...    5577
and crosses over both it will come...    5600
Sell Nifty Future, if intraday trading tips is running below magical figure then your downside
First target...    5502
Second target... 5475
Third target... 5444

SENSEX
(Closing -18394)
Today's Sensex magical figure... 18416
Above magical figure upside targets ,
First target ... 18480
Second target...18540
Third target ... 18610
Sensex Running Below Magical Figure,
First target ....   18313
Second Target ... 18235
Third target ...18140

BANK NIFTY FUTURE
(Closing - 10799)
Today's magical figure...10810
Buy it above magical figure upside
First target ... 10890
Second target ... 10940
Third target...    10985
Sell it if running below Magical figure for downside:
First target ...10725
Second target...10650
Third target ... 10600

TCS FUTURE
(Closing - 1182)
Today's magical figure... 1186
Buy it above magical figure upside targets
First target ... 1200
Second target ... 1217
Third target ... 1232
Sell it running below Magical figure for downside:
First arget ... 1174
Second target ...1165
Third target ... 1154

RELIANCE FUTURE
(Closing - 951)
Today's magical figure... 950
Buy it above magical figure upside targets
First target ... 960
Second target ... 970
Third target ... 980
Sell it running below Magical figure for downside:
First arget ... 940
Second target ...930
Third target ... 920

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