Day Trading Guide For August 3, 2022

BL Research Bureau | Updated on: Aug 02, 2022

Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, and SBI. Based on the trend, it also gives intraday trade recommendations with specific entry as well as stop-loss levels. The mentioned resistances and supports will be the exit levels. Do note that the recommendations are based on Technical Analysis and there is a risk of loss in trading.

₹1428 • HDFC Bank

S1	S2	R1	R2	COMMENT
1420	1405	1450	1470	Just above a support. Initiate fresh shorts on a break below 1420. Keep the stop-loss at 1435

₹1543 • Infosys

S1	S2	R1	R2	COMMENT
1530	1510	1560	1600	Consolidates within the upmove. Go long with a stop-loss at 1540 only on a break above 1560.

₹310 • ITC

S1	S2	R1	R2	COMMENT
307	304	313	317	Near-term corrective dip is possible. Go long on dips at 307. Stop-loss can be placed at 305

₹137 • ONGC

S1	S2	R1	R2	COMMENT
134	129	138	140	Immediate outlook is unclear. Avoid trading this stock until a clear trade signal emerges

₹2583 • Reliance Ind.

S1	S2	R1	R2	COMMENT
2560	2540	2600	2630	Bias on the chart is slightly negative. Go short now and at 2590. Keep the stop-loss at 2610.

₹542 • SBI

S1	S2	R1	R2	COMMENT
536	530	545	550	A dip is possible before the upmove resumes. Go long on dips at 537 with a stop-loss at 534

₹3290 • TCS

S1	S2	R1	R2	COMMENT
3270	3230	3320	3370	Range bound between 3270 and 3320. Wait for a range breakout and take trades accordingly

17315 • Nifty 50 Futures

S1	S2	R1	R2	COMMENT
17240	17110	17400	17520	Initiate fresh long positions with a stop-loss at 17360 only if the contract breaks above 17400

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

Published on August 03, 2022

COMMENTS

Comments will be moderated by The Hindu BusinessLine editorial team.
Comments that are abusive, personal, incendiary or irrelevant cannot be published.
Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
We may remove hyperlinks within comments.
Please use a genuine email ID and provide your name, to avoid rejection.