Free Intraday Stock Tips

Stock tips for 29 April 2009

On Tuesday markets opened lower on the back of weak cues across the global markets. Profit bookings emerged as traders were squaring off their positions ahead of the settlement of F&O expiry.

Further the negative opening of the European markets also turned down the sentiments today and the markets lost the grounds in today’s session.

Nifty finally closed at 3362.35 loosing 108 points or 3.10% on the negative side.

Intraday Support for the market for 29th Apr shall be 3324 & 3286.

While the market will experience resistance at 3408 & 3452.

Best Strategy shall be to buy above 3376 with Stop Loss of 3348
and Sell below 3348 with Stop Loss of 3376.

NIFTY FUT RES-3514,3486,3460,3443,3427,3417,3400,3373 HB3403.
NIFTY FUT SUP-3356,3330,3303,3285,3256 LB3370.

NIFTY FUT BUY ABOVE 3405 TGT 3426,3443,3460,3470,3487,3514 SL 3370.
NIFTY FUT SELL BELOW 3370 TGT 3356,3330,3303,3285,3256 SL 3405.

Technically, Nifty has broken and closed below all major EMA supports and all supports will now work as a resistance. Upside resistances for Nifty now exists at 3388 (200 DSMA) and 3409 (5 DMA). Downside support for Nifty exists at 3295-3280 level and if this is broken we can see more sharp fall in Nifty till 3150 in coming sessions. Daily RSI-2 is at 18.48, in strong bearish zone and presently in sell mode. Tomorrow is the expiry due to general election in Mumbai on Thursday. Overall, if Nifty continues the same downward momentum tomorrow morning also, it may take support near 3275 level from where we can expect a bounce back. If Nifty trades positive tomorrow morning, new longs can be initiated above our pivot level. Cheers!!

Pivot levels of Nifty spot for Wednesday, 29th April:
R3 – 3559.60, R2 – 3515.80, R1 – 3439.10, Pivot – 3395.30, S1 – 3318.60, S2 – 3274.80, S3 – 3198.10

Buy JP Associates 120 Put 28-May and hold Minimum profit 40%

Trading picks for Wednesday, 29th April:

* Ranbaxy: Buy above 170.65, SL below 164.10, targets 178/182. Sell below 164.10, SL above 170.65, Targets 156/153.
* TVS Motors: Buy above 32.65, SL below 30.55, targets 35/36.50. Sell below 30.55, SL above 32.65, Targets 28/26.50.
* Today’s trading picks Bharti shorts below 730.20 made a low of 713, Infosys longs above 1450 made a high of 1469, in both cases good profits booked.

Stocks to Buy at Lower levels.

BHARAT ELECT @ 925.70 , Sl 915.00 ,Cmp933.05
CASTROL @ 321.33 Sl 315.00 ,Cmp 327.90
PIRAMA HEALT @ 222.87 Sl 218.00 ,Cmp226.85

Stocks to Short at Higher levels.
BHEL @ 1624.88 , Sl 1658.00 ,Cmp 1601.65
DLF LIMITED @ 233.13 , Sl 248.00 ,Cmp224.80
EDUCOMP SOLN @ 2473.83 , Sl 2599.00 ,Cmp2388.20
Stocks to Watch: GEMSTONE INV, MASTER TRUST , NILE LTD., ZODIAC CLOTH

Previous days High Crossed: TCS LTD., PIRAMA HEALT , AVANTEL LTD , AZTECSOFT L
GARDEN SILK , CAMLIN LTD.

AXISBANK BUY ABOVE 550.3 TGT 555.8,559.1,564.3,569.6,572.9,581.5 SL 534.8.
AXISBANK SELL BELOW 534.8 TGT 528,522.7,514.1,505.5,500.2,491.7 SL 550.3.

ICICIBANK BUY ABOVE 454.6 TGT 458.7,461.3,465.5,472.2,478.9,483.1 SL 442.3.
ICICIBANK SELL BELOW 442.3 TGT 436.9,432.7,426,419.3,415.1,408.4 SL 454.6.

DLF BUY ABOVE 236 TGT 241.1,244.2,249.4,254.5,257.7,265.9 SL 228.2.
DLF SELL BELOW 228.2 TGT 227.6,222.5,219.3,214.2,209.1,200.8 SL 236.

JPASSOCIATE BUY ABOVE 137.7 TGT 140.9,144.1,146.2 SL 128.
JPASSOCIATE SELLBELOW 128 TGT 127.2,124.1,122.1,118.8 SL 137.7.

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