"Intraday trading tips" according to our expert------

As we suggested last week, the 5755 will play role of resistance, and the index did not go above that, now for this week trader can expect some follow up buying, if nifty fut index can maintain above the 5740-5755 then the index can match the 5855 level for this week and can also go up to 5950-5970, but this week is the expiry of month of January, so we expect the index may close above the 5800 only.

The wave can pulled the index at 5950-5970 so find the selling opportunity there, maintain the short position if can average then sell same quantity at the level of 5950, for further down fall.

RELIANCE: A consolidation of price movement or a price correction may be underway. Support level of 1006 was broken. When the monthly S1 ( support level 1 ) is broken - we can look for a possible drop to the monthly S2, the 950-920 level also can play a follow up buying level so grab the opportunity.

TATA MOTORS: Maintain short position. Price projection of 1141has been reached. revised the Stoploss for short position at 1236.

TATA STEEL : Support level of 629 was broken. Look for a possible drop to the next support level.

STERLITE: Support level of 179 was broken. When the monthly pivot point is broken - we can look for a possible drop to the monthly S1.

BHARTI AIRTEL: The stock market closed below the middle fibonacci fan line. Prices could retrace down to the bottom fan line before finding support.

RCOM: A sell signal was also confirmed when this contract closed below 145 Stop at 150 Wave 3 could drop down to 115-95.

SBIN: The follow up buying pulled the stock at 2620, if it found around 2650 the new shorting generate with the stop loss of 2698 for the target 2550-2430-2280-2096..

ICICI BANK: Market has closed below the 1049 level. Maintain short position. Stop at 1153. Wave 5 could drop down to 1002 or to 903.

AXIS BANK: Maintain short position. Stop at 1370.0000. Wave 5 could drop down to 1032.

PNB: A consolidation looking here, the 1235 level looking here a resistance, short the counter at 1245 with the stop loss of 1260 target can be 1160 in coming days.

RANBAXY: on weekly chart, the counter may create the double top formation, and if index going sell side so the possible target will be 400 for the counter for the low risk positional sell at 590, and stop loss at 620 for the target of 400.

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