Will Nifty continue with the selling spree? No ratings yet.

Intraday Trading Tips

In my last blog post, I discussed about the pessimism reflected in market participants behavior and in yesterday’s session, Nifty broke the immediate support placed at 10,780 to make a low at 10,701.90. The index closed with a loss of 0.83% at 10,710.45 levels.

Technical view– After a gap down opening on 19th June at 10,789 levels, Nifty has again formed a bearish candlestick on daily charts which indicates further follow through selling in coming sessions. The  latest support for Nifty now stands at 10,699 mark and any break below this level may again witness a surge in supply.

Trading Strategy

Nifty is better suited for shorting as the bears already seems to have an upper hand.

Short term traders may again sell Nifty below 10,699 mark for short term targets of 10,650/10,605. Traders who are already short below 10,780 levels may move their downside targets to the mentioned levels.

Disclaimer: All views expressed in this site are for reference only. Readers must consult their own investment adviser  before taking any investment/trading decision. We hold no financial liability to any user on account of use of information provided on this website.

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Author: Traders' Chowk

20 thoughts on “Will Nifty continue with the selling spree?

  1. Mam, I have Kabra Extrusion… 600 qty at 135. What is the view for 2 to 3 years ? Should I hold ?

    1. Kabra Extrusion is not looking very strong in medium term. Since your view is of 2-3 years, you may hold your position with stop loss@97, which is the monthly support level. Below, 97, the counter may slip further to 80 odd levels.

    1. The stock has been very volatile and risky in recent times. In spite of the volatility, the overall sentiment in the stock is still negative.

      The stock may continue with its weakness if it breaks 388 odd levels in next 1-2 sessions. You shall place a strict stop loss@ 387/388 & may consider exiting at this level.

  2. Sir, I am holding 1000 shares at 323 rupees of Rain Induatries. Suggest me to hold or sell. I can wait for 6 months.

    1. Rain industries is looking weak. The immediate support for the stock is at 190 odd levels, below this the stock fall may accelerate. So,you may place stop loss at this level and may consider exiting at this level.

    1. You may consider holding your position with stop loss @150. The momentum will shift on sell side below this level

  3. I had purchased Prakash industries for 175.44 now it’s trading for 163.85 please suggest me on this.

    1. You may consider holding your position with stop loss @150. The momentum will shift on sell side below this level.

  4. I have Vakrangee 500 shares @ 126 & Pc Jwellers 250 shares @ 198
    What should i do ? Wait or hold ? Or exit ?
    Please reply ….

    1. PCJ -is a very volatile stock & very risky too. You may hold the stock if it crosses 165 on closing basis in june series, above which the stock may gain more buying momentum. On the downside 139 is an important support level which shall be used as a stop loss for your position.

      Vakrangee- The stock has lost >90% of value in this year only. Very risky stock to hold, if the series of Upper circuits continue in coming sessions, just make a exit near your buy price so that you you may minimize some of your losses.

    1. Immediate support for the stock is at 92/93 levels. Any break below this level, may induce more selling in the stock, so you may keep a stop loss at this level and may consider exiting below this price.

    1. Your Buy price is almost 30% further from the current price of 857 and the stock is currently looking weak. So, it may take much longer time to reach at the buy price. Instead of waiting for your price , you shall be looking at cutting losses too as the stock may fall more in coming months.

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