Day Trading Guide For August 23

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2094 • HDFC Bank

S1

S2

R1

R2

COMMENT

2085

2070

2108

2120

Initiate fresh short positions with a fixed stop-loss only if the stock falls below ₹2,085 levels

 

₹1384 • Infosys

S1

S2

R1

R2

COMMENT

1373

1360

1398

1412

Fresh short positions can be initiated with a stiff stop-loss if the stock reverses down from ₹1,398 levels

 

₹312 • ITC

S1

S2

R1

R2

COMMENT

310

307

315

318

Consider initiating fresh short positions with a fixed stop-loss only if the stock of ITC drops below ₹310 levels

 

₹169 • ONGC

S1

S2

R1

R2

COMMENT

167

164

172

175

Make use of intra-day declines to buy the stock of ONGC while maintaining a stiff stop-loss at ₹167 levels

 

₹1246 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1234

1220

1255

1265

The stock tests a key resistance at around current levels. Desist trading in the stock for the session

 

₹306 • SBI

S1

S2

R1

R2

COMMENT

302

295

312

318

Fresh long positions are recommended with a tight stop-loss only if the stock advances above ₹312 levels

 

₹2013 • TCS

S1

S2

R1

R2

COMMENT

1990

1970

2030

2050

Initiate fresh long positions with a stiff stop-loss if the stock manages to rally beyond ₹2,030 levels

 

11586 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11540

11490

11625

11660

Consider initiating fresh long positions with a tight stop-loss if the contract rebounds up from 11,540 levels

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

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