Short Term Technical view on Nifty No ratings yet.

Intraday Trading Tips

The index has been consolidating in a narrow range since last few weeks and the journey from 10,500 to 10,900 although remain uninterrupted is marked by spinning tops and dojis on weekly charts, which indicates pessimism in market participants behavior. The latest resistance for Nifty stands at 10,845 mark and any break above this level may again witness a surge in demand.  The weekly support stands at 10,750 mark and any draw down towards this level may again put bears in charge.


Trading Strategy

Short term traders may buy Nifty above 10,845 mark for short term targets of 10,900-10,970.

Fresh shorts may be initiated below 10,780 odd levels for short term targets of 10,720-10,670


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Author: Traders' Chowk

11 thoughts on “Short Term Technical view on Nifty

  1. Holding Tata Steel @626 . Not sure what to do please let me know whether to hold or shall i book loss

    1. Tata Steel is not looking very strong in short term. The stock is in a profit booking mode which may continue for sometime. You may hold your position with stop loss@545, below which the stock may experience more selling pressure.

  2. Holding ITI from 150 levels, PNC infra from 205 levels pl advise to sell or hold sir. I am long term invester

    1. ITI- The stock is in a downtrend & looking weak in short term. Below 87 odd levels, the stock may fall
      5-10% more. If you are a long term investor, daily fluctuations shall not matter much but still in my opinion, there are better bluechips available than ITI for long term investment.

      PNC Infra- Again, not a very suitable pick for long term investment.. You may place a stop loss at 159 odd levels & hold your position.

  3. Holding lalchand nagar 700 share @240 and HUDCO 1000 share @ 84 what to do hold or exit with loss

    1. HUDCO is looking weak and is trading in a very narrow range. You may hold your position with stop loss at 55 levels, if this level is taken out, the momentum will shift totally towards sell side.

    1. Above 236 /- the stock may gain some buy momentum. For fresh position, the stock may be bought above 236 levels.

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