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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