Day Trading Guide For August 4, 2022

BL Research Bureau | Updated on: Aug 03, 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, 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.

₹1433 • HDFC Bank

S1	S2	R1	R2	COMMENT
1420	1405	1450	1470	Bounces off the support at 1420. Go long on the stock with stop-loss at 1415.

₹1566 • Infosys

S1	S2	R1	R2	COMMENT
1550	1530	1600	1625	Shows signs of further rally. So, buy the stock with stop-loss at 1530.

₹308 • ITC

S1	S2	R1	R2	COMMENT
307	304	313	317	Might stay flat for the day. Hence, it is better to stay away from trading this stock.

₹136 • ONGC

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

₹2606 • Reliance Ind.

S1	S2	R1	R2	COMMENT
2560	2540	2630	2700	Go long on the stock if it rallies past 2615. Place stop-loss at 2585.

₹541 • SBI

S1	S2	R1	R2	COMMENT
536	530	545	550	Trend is up but testing a critical hurdle. One can wait for the break out before taking positions.

₹3340 • TCS

S1	S2	R1	R2	COMMENT
3300	3270	3370	3400	Breaks out of a resistance and looks set to move up. So, go long with stop-loss at 3300.

17424 • Nifty 50 Futures

S1	S2	R1	R2	COMMENT
17400	17240	17500	17600	Moves out of the range of 17240-17400 and could rally more. Buy with stop-loss at 17300.

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

Published on August 04, 2022

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