Day Trading Guide for August 24

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

₹2081 • HDFC Bank

S1

S2

R1

R2

COMMENT

2070

2055

2094

2108

Fresh short positions can be initiated with a fixed stop-loss if the stock reverses down from ₹2,094 levels

 

₹1399 • Infosys

S1

S2

R1

R2

COMMENT

1386

1373

1412

1425

Initiate fresh long positions with a stiff stop-loss if the stock rebounds up from ₹1,386 levels

 

₹311 • ITC

S1

S2

R1

R2

COMMENT

309

306

314

317

Fresh long positions are recommended with a fixed stop-loss only if the stock if ITC rallies above ₹314 levels

 

₹171 • ONGC

S1

S2

R1

R2

COMMENT

168

165

173

176

Near-term stance is positively biased for the stock of ONGC. Buy in dips while maintaining a stop-loss at ₹168

 

₹1269 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1255

1240

1280

1290

As long as the stock trades above ₹1,255 the near-term view remains positive for the stock. Buy in dips

 

₹302 • SBI

S1

S2

R1

R2

COMMENT

298

292

307

312

Initiate fresh short positions with a tight stop-loss if the stock of SBI declines below ₹298 levels

 

₹2035 • TCS

S1

S2

R1

R2

COMMENT

2015

1990

2050

2070

Make use of intra-day declines to buy the stock of TCS while retaining a stiff stop-loss at ₹2,015 levels

 

11595 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11550

11500

11635

11680

Fresh long positions can be initiated with a tight stop-loss if the contract reverses higher from 11,550 levels

 

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

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