Nifty Future:
Support at 4895. Breaking 4884, it could go for sell off to 4805 – 4775 – 4730
Resistance around 4950. Crossover of 4960, will lead to 4995
Stock Future:
Short Axis Bank around 1183 with SL at 1193. TGT 1130.
Short BHEL around 2292 with SL at 2307. TGT 2230 – 2200
Best wishes
Happy Trading
C T Ramesh Raja
dear Mr.R R,
As usual , yr Nifty levels were excellent.
However,yr recomm on Axis bank,eluded profit & resulted in loss. I was short on the stock since morning.
Pl let me know yr views. Also,is yr recomm valid for this counter in the coming days?
I would be obliged if u could express what parameters one should look at before entering yr recomm stocks.
Also,where ever you had discussed the chart pattern, r they valid over a period till the targets r achieved.
Dear Mr Rangarajan
My writeup in 9 AM is only for intraday, unless I specify otherwise.
Before you takeup any stock for trade, please understand the direction of Nifty trend as per 9 AM. Today, Nifty day’s low was closer to support level and it was in BUY mode from the time market opened for trading. Therefore, you are not supposed to short either Axis Bank or BHEL , rather you should look for its SL to be takenout for going long.
Had the market breached 4884, then Axis and BHEL should have been used for shorting opportunity.
In a nutshell, trade stocks to the Direction of Nifty Trend.
To your final question about charts, as long as the pattern doesn’t fail, targets will be achieved.
Regards
C T R
Mr Rangarajan
I would like to add one important information regarding my writing in 9 AM.
The SLs mentioned in the writeup are trend reversal one and in the event of Stop being takenout, then trend of the stock or Index will change its direction for its subsequent move.
This is to update you further on SL.
C T R