Day Trading Guide for May 8, 2019

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

₹2327 • HDFC Bank

S1

S2

R1

R2

COMMENT

2315

2300

2340

2355

Consider initiating fresh long positions with a stiff stop-loss only if the stock moves above ₹2,340 levels

 

₹723 • Infosys

S1

S2

R1

R2

COMMENT

717

710

730

737

Make use of intra-day declines to buy the stock of Infosys while maintaining a fixed stop-loss at ₹717 levels

 

₹302 • ITC

S1

S2

R1

R2

COMMENT

299

296

305

308

Fresh long positions are recommended with a tight stop-loss only if the stock climbs above ₹305 levels

 

₹171 • ONGC

S1

S2

R1

R2

COMMENT

169

166

174

177

Utilise intra-day dips to buy the stock of ONGC while retaining a stiff stop-loss at ₹169 levels

 

₹1344 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1330

1315

1360

1375

Initiate fresh short positions with a tight stop-loss if the stock of RIL reverses down from ₹1,360 levels

 

₹305 • SBI

S1

S2

R1

R2

COMMENT

300

295

312

318

A decisive fall below ₹300 will be negative for the stock. Sell on a fall below this level with a fixed stop-loss

 

₹2150 • TCS

S1

S2

R1

R2

COMMENT

2130

2110

2170

2190

Initiate fresh long positions with a stiff stop-loss if the stock advances above ₹2,170 levels

 

11541 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11500

11450

11590

11640

Consider initiating fresh short positions with a tight stop-loss only if the contract falls below 11,500 levels

 

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

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