It is good that daily trend of Nifty remains in uptrend and now market is consolidating for next leg move. However till the time Nifty is not able to move above the level of 5380 with volumes we will keep on seeing profit booking at higher levels. Thus as a strategy one can keep on shorting Nifty at higher levels with stop loss as 5380. On coming Monday Nifty has to trade above 5330 level, else it will find support at 5300 level and break of this psychological barrier means that in short term bears will have an upper hand. Overall sustenance of Nifty 5200 level in medium term means that it is heading for 5500-5600 levels.
To be honest Nifty charts are showing the signs of exhaustion and this is the reason we are seeing profit booking at higher levels. Technically we see Stochastic being still overbought and no reversal signal has been generated. However not to worry as seeing the uncertain global environment and indifferent domestic business scenario, we should execute stock specific trading and for that ideal bet; one can go for sure stock of the day and can make money like sharp traders who are able to get the bulls eye every time.
Support and Resistances for the Day
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|Tip||1230 (Rs 50,000 Trading)|
Intraday Trading Tips
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|NSE Nifty 50 Stocks||Made Money (Rs)|
Strong future shares at National stock exchange
Balrampur Ch, MTNL, Tech Mahindra, Sun TV, Ambuja Cement, OFSS, Finan Tech, Tata Global, Grasim & Recltd.
Weak future stocks at NSE
S Kumar, BEML, Bharti Artl, Bank Of India, Union Bank, GVKPIL, SBIN, Andhra Bank, Pantaloon R & Canara Bank.
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