5 July 2012

INTRADAY TIPS FOR 6 JULY 2012


BUY TATAMOTORS FUTURE ABOVE 238 TG 242, 246 SL 235
BUY ICICI BANK 940 CALL @17 TG 21, 25 SL12
Nifty closed marginally higher amid a range bound trade on Thursday. Consolidation mode for the fourth consecutive session indicated that investors are keenly waiting for the decision by European Central Bank .Today, nifty  fell below 5300 but not   stayed there for any significant period of time. The most crucial levels to watch out for in today’s session would be the range between 5300 and 5328—this was  the key support range. Today nifty made a high of 5328 and low of 5298 before ending at 5327.


On the way up, we need a decisive close above the range between 5330 and 5350 to ward off the nagging probability of an impending profit booking led sell-off. Unless we see a close above the yesterday’s high, the market may find the going very tough in moving higher, at least in the short term. In case, the Nifty  is crosses 5350 , bulls would, most likely, face major supply pressure between 5370 and 5383 range.
You can also check for option
Resistance 1
5330
Support 1
5300
Resistance 2

5350
Support 2
5280
Resistance 3
5370
Support 3
5260

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