Intraday Stock Trading

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A Strong fall was seen in last week the, the fall still seems to continue this week also, the index looks to follow the Fibonacci retracement, yearly support the 5700 break on last day of the week, as we write the 5700 level, now the trader can watch the fall in near days, paid clients advised to trade according to paid newsletter, for medium term view the nifty index may reach at 4750 also.

RELIANCE:  A consolidation of price movement or a price correction may be underway. Support level of 1006 was broken today. When the monthly S1 ( support level 1 ) is broken - we can look for a possible drop to the monthly S2.

TATA MOTORS:  Maintain short position.  Price projection of   1141has been reached. Stop at 1317 The support level of   1173 was broken when prices closed below the top pitchfork line.The monthly S1 has been tested recently. Support level of   1218 was broken today. When the monthly S1 ( support level 1 ) is broken - we can look for a possible drop to the monthly S2 ( support level 2).

M&M:  A sell signal was confirmed. Maintain short position.  The support level of    725 was broken on.  Stop at  796. Wave C could drop down to 702 or to    663.

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

STERLITE: Support level of 179 was broken today. When the monthly pivot point is broken - we can look for a possible drop to the monthly S1 ( support level 1).

BHARTI AIRTEL: The 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: Market is holding below the   2675 level. Maintain short position. Stop at   2845.   Wave C could drop down to 2042.

 ICICI BANK: Market has closed below the   1048 level. Maintain short position.  Stop at   1153. Wave 5 could drop down to 1002 or to 903.

AXIS BANK: Maintain short position.  Stop at   1380.0000.   Wave 5 could drop down to   1032.  

PNB: A consolidation looking here, the 1245 level looking here a resistance, short the counter at 1245 with the stop loss of 1260 target can be 1170 in coming days.