Trading strategy and intraday tips -Reliance, Sbi, Axis Bank, Icici Bank, Tatasteel- 17 January 2011

Reliance

Today, 1010 is the crucial intraday level. Trade long above that level and trade short below that level in the intraday.

The level 1010 is crucial for short term. Positional Traders, trade long above 1010, for a target of 1025. Trade short below 1010 for a target of 980.

Nifty Couldn't move past 5900, Target of 5550 is likely to come first, 14 January 2011

Earlier, we have mentioned 5900 as a crucial level and failure of Nifty to move above 5900 could impart further weakness in Nifty. Nifty bounced from 5700 levels from where it saw a pull back rally earlier. The recent rally from 5700 could it move past 5900. It was halted around 5858.


Now, as Nifty could not move above 5900, a break of its earlier low of 5690, would confirm a decline towards 5550 in coming trading sessions. In contrary, only a move above 5900, would confirm bullishness in Nifty.