Trading strategy and intraday tips -Reliance, Sbi, Axis Bank, Icici Bank, Tatasteel- 6 January 2011

Reliance

Today, 1065 is the crucial intraday level. Trade long above that level and trade short below that level.

The level 1065 is crucial for short term. Positional Traders, trade long above 1065, for a target of 1085. Trade short below 1065 for a target of 1040.

Nifty Short Term View, 5 January 2011

The next short term crucial level in Nifty is 6240. Nifty May try to test that level in coming trading sessions. In case, if it fails to test that level, then immediately a sharp correction towards 6050 is likely in coming trading sessions.

Positional Traders can initiate shorts if Nifty fails to clear 6240 level. Instead, a move past 6240 could impart short term bullishness towards 6350.

As of now, Nifty is trading below it's crucial level of 6240. Short positions are advised with a stop at 6240 in Nifty spot.


Readers are invited to post their view on nifty in the comments section.