Day Trading Guide For May 3

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

₹1970 • HDFC Bank

S1

S2

R1

R2

COMMENT

1958

1947

1980

1990

As long as the stock trades above ₹1958, the near-term view stays positive. Buy in declines with a fixed stop-loss

 

₹1197 • Infosys

S1

S2

R1

R2

COMMENT

1190

1180

1210

1220

Fresh long positions are recommended with a tight stop-loss only if the stock moves beyond ₹1210 levels

 

₹287 • ITC

S1

S2

R1

R2

COMMENT

284

281

290

293

Near-term outlook is bullish for the stock of ITC. Make use of intra-day dips to buy it with a stiff stop-loss at ₹284

 

₹179 • ONGC

S1

S2

R1

R2

COMMENT

177

174

182

185

Fresh short positions can be initiated with a fixed stop-loss only if the stock declines below ₹177 levels

 

₹973 • Reliance Ind.

S1

S2

R1

R2

COMMENT

963

952

985

995

Only a fall below the immediate support at ₹963 will be cue for initiating fresh short positions with a stiff stop-loss

 

₹240 • SBI

S1

S2

R1

R2

COMMENT

236

232

245

250

Initiate fresh long positions with a fixed stop-loss only if the stock of SBI reverses higher from ₹236 levels

 

₹3497 • TCS

S1

S2

R1

R2

COMMENT

3470

3450

3520

3550

Consider initiating fresh long positions with a stiff stop-loss only if the stock rallies above ₹3520 levels

 

10739 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

10700

10650

10780

10820

Fresh short positions can be initiated with a fixed stop-loss only if the contract drops below 10,700 levels

 

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

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