Trading strategy and intraday tips -Reliance, Sbi, Axis Bank, Icici Bank, Tatasteel- 6 October 2010

Reliance

Today, 1025 is the crucial intraday level. Trade long above that level and trade short below that level.

The level 1025 is crucial for short term. Positional Traders, trade long above 1025, for a target of 1050. Trade short below 1025 for a target of 990.

Sell Nifty Futures @ 6200 with stop 6250 for a target of 6050, 5 Octber 2010

Nifty after making a high of 6222, is in a corrective mode. Going by the previous rally, which started of from the low of 5963, has not seen a correction since then. The sharp nature of the rally invites initially a slow correction which would be followed by a sharp correction.

Positional Traders can short Nifty futures at 6200 for a target of 6050 with a stop at 6250. The target can be achieved in another 5 trading sessions.