Day Trading Guide for May 31, 2022; Intraday supports, resistances for Nifty50 stocks

BL Research Bureau | Updated on: May 30, 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.

₹1401 • HDFC Bank

S1

S2

R1

R2

COMMENT

1395

1380

1430

1450

Hovers above a support. Trend is up. Initiate fresh long positions with a stop-loss at 1385

₹1527 • Infosys

S1

S2

R1

R2

COMMENT

1520

1500

1535

1590

Key resistance ahead. Go long with a stop-loss at 1525 only if the stock breaks above 1535.

₹269 • ITC

S1

S2

R1

R2

COMMENT

268

265

270

273

Near-term trend is down. Go short if ITC breaks below 268. Stop-loss can be placed at 269

₹144 • ONGC

S1

S2

R1

R2

COMMENT

141

137

147

150

Short-term outlook is bearish. Go short now and on a rise at 146. Keep the stop-loss at 149.

₹2664 • Reliance Ind.

S1

S2

R1

R2

COMMENT

2655

2625

2700

2730

Near-term outlook is bullish. Go long now and accumulate at 2660. Stop-loss can be kept at 2640

₹474 • SBI

S1

S2

R1

R2

COMMENT

472

468

480

483

Can rise further from here. Go long now and on dips at 473. Keep the stop-loss at 471

₹3375 • TCS

S1

S2

R1

R2

COMMENT

3340

3320

3400

3450

Crucial resistance ahead. Go short with a stop-loss at 3410 if TCS reverses lower from 3400.

16651 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

16570

16450

16675

16820

Bias has turned bullish. Go long on a break above 16675. Keep the stop-loss at 16620

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

Published on May 31, 2022
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