Day trading guide

Day Trading Guide for January 7, 2020

| Updated on January 09, 2020 Published on January 07, 2020

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1241 • HDFC Bank

S1

S2

R1

R2

COMMENT

1240

1230

1255

1270

The stock is witnessing a downward pressure; but initiate fresh shorts only below ₹1,240 with a tight stop-loss

₹738 • Infosys

S1

S2

R1

R2

COMMENT

728

722

740

746

Initiate fresh long positions with a stiff stop-loss only if the stock rebounds up from ₹730 levels

₹235 • ITC

S1

S2

R1

R2

COMMENT

237

235

242

245

Stock price is hovering around a crucial support. Initiate fresh long position with a tight stop-loss

₹126 • ONGC

S1

S2

R1

R2

COMMENT

125

122

130

133

Stock seem to have resumed its downtrend; but short the stock only if price slips below ₹124 with a stiff stop-loss

₹1501 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1500

1488

1510

1528

Near-term outlook turns bearish as price had registered lower lows. Sell the stock with stop-loss at ₹1,520

₹319 • SBI

S1

S2

R1

R2

COMMENT

316

310

325

328

Stock tumbled below a critical support and so, one can initiate short positions on rallies with stop-loss at ₹330

₹2200 • TCS

S1

S2

R1

R2

COMMENT

2190

2180

2218

2236

TCS withstands broader selling pressure and hence, one can buy the stock at current levels with stop-loss at ₹2,185

12040 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12000

11965

12100

12130

Buy Nifty futures if it falls to 12,000 as it might see short covering following the huge fall. Place stop-loss at 11,965

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

Published on January 07, 2020
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