Day trading guide for May 08, 2024: Intraday supports, resistances for Nifty50 stocks bl-premium-article-image

BL Research Bureau Updated - May 08, 2024 at 11:07 AM.

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.

₹1506 • HDFC Bank

S1

S2

R1

R2

COMMENT

1490

1480

1515

1535

Go short now and at 1510. Keep the stop-loss at 1520

₹1441 • Infosys

S1

S2

R1

R2

COMMENT

1420

1400

1445

1470

Go long only above 1445. Keep the stop-loss at 1435

₹440 • ITC

S1

S2

R1

R2

COMMENT

438

435

443

446

Go short below 438. Stop-loss can be kept at 439

₹274 • ONGC

S1

S2

R1

R2

COMMENT

271

268

276

279

Go short now and at 275. Stop-loss can be placed at 277

₹2804 • Reliance Ind.

S1

S2

R1

R2

COMMENT

2770

2745

2835

2885

Wait for a rise. Go short at 2830 with a stop-loss at 2855

₹802 • SBI

S1

S2

R1

R2

COMMENT

800

794

806

810

Go short only below 800. Stop-loss can be placed at 801

₹3974 • TCS

S1

S2

R1

R2

COMMENT

3940

3900

4000

4040

Wait for dips. Go long at 3955. Stop-loss can be kept at 3930

22375 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

22320

22235

22500

22600

Go short on a break below 22320. Keep the stop-loss at 22340

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

Published on May 8, 2024 00:55

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