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Sureshot Share Intraday Trading Tips

"Intraday Trading"
NIFTY view for 1st March 2012

NIFTY (5385.20)

As expected the Nifty traded within the range today (5440 – 5266), The Nifty opened gap up breaching the 5440 mark on the upside in the morning, however could not sustain itself at those levels and steadily traded down during the day just managing to close in the green. After four continues days of down move the Nifty is taking a breather before it continues to move down breaking 5266.
It could also breaks out on the upside closing above 5440 which would signal we close our short positions on the Nifty and possible initiate long positions. The Nifty futures show more strength than the Nifty spot as they are still trading at highly inflated premiums. Be careful of the down moves if one is long on the Nifty as there are huge built in long positions which could make the Nifty fall swiftly if it broke crucial supports.

Technical picks for the day

Reliance Industries: Reliance Industries has confirmed trend reversal from short term downtrend after it formed inside bar on daily candlestick chart. The 150 DMA has been acting as strong resistance in the near term but price pattern on 3 month chart indicate a cup and handle formation with breakout point placed at Rs856. In the coming days stock could consolidate in the range of 784-835 before breaking out above Rs847 levels. The only concerns remain on RSI front which has been not showing decent strength but we expect it to confirm the bullish trend once it crosses the 50 mark.
Derivative strategies for today: Indiainfoline

IndusInd Bank:

Recommendation: Long IndusInd Bank March Future above Rs315 for the Target price of Rs325 with a Stop loss placed at Rs304.

Remarks: Net maximum profit of Rs10,000 and net maximum loss of Rs5,000.

Max India:

Recommendation: Long Max India March Future above 164 for the Target price of Rs171 with a Stop loss placed at Rs159.

Remarks: Net maximum profit of Rs8,000 and net maximum loss of Rs4,000.

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