Intraday Stock Trading

In the last week Nifty stock market finally hold the key support 5400 and strong bounce back were saw and made a high 5517, near trerm 5400 bottom have been established. If this bounce continues, we may consider next area of resistance around 5610 which is a 50 DMA, failure to move cross this zone will again invite correction and ma drag down more lower level. Crossover 5610 and close above next possible target is 5625-5750 range which is near to 200 DMA . Till then trading range is 5400 to 5600, break out or break down will invite 200 point move in either side.

TODAY : At the end of the week Nifty open positively and after it was showing good strength in the market from the morning and close positively. Now today it will face resistance 5522-5550, down side support below 5433-5404-5378 zone and stay with volume, over all selling in the market. Today Magic No. 5222 watch out.. Below Bear favor, Above Bull favour.

As long as hold 18000 in near term till then bulls have upper hand and we may consider resistance 18450-18705-18850 in near and successfully cross and close above will move further and may test 19125-19450, on the flip side lower level support 17800-17700 to be watch out and reversal can not be ruled out. If failed to reversal free fall likely. 

Today : BSE Index is open positively and showing good strength in the market and close positively. And tested a low of 18161 this is near to support of 18160. Now we may consider support 18262-18160 range, higher level resistance 18540-18724 watch out. Today Magic No 18447

After SBI result, market was disappointed and big sell off were saw in Bank Nifty resulted a lot of short position also in the system and presently around 18.00 lacs shares. On the other hand May month is going to premium against next month June by 30 points which indicate that more short covering likely in next 4 sessions and players also shifted their position in the next month. Over all in near term 10400-10500 is a good support and resistance 10800-10900 watch out, break out or break down this zone will move one side. Traders are advised not to go short sell in Banking Index and Large Cap counters, as there is expected that due to oversold, trend reversal likely. Above 10499 - Bull favour and may test 10780-10916.

Today : At the end of the week Bank Nifty opens positively finally it cross the 10700 level but unable to maintain 10700 level and showing some strength in the market and close below that level Today, we may consider resistance 10700-10756, and support around 10520-10400. Now current down move will retest again 10000 mark or even below ?........ Today Magic No. 10755 Corrective rally and take advantage, however trend is bearish.

As mentioned yesterday strong support 5390-5400, hold this level higher level resistance 5465 and stay with volume may test 5500-5525 and finally made a high of 5522)

Now Today : we may consider resistance 5523.....decisively crossover and stay with volume over all positive and first target..?........thereafter more up side ...... lower level strong support 5455...?.............thereafter over all selling in the market and target ..?..... .. If hold support level and U turn expect, thereafter big move can not be ruled out.