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Buy JSW Steel on a dip: Ravi Nathani

Ravi Nathani/Mumbai 05 Jul 12 | 06:24 AM

Below mentioned are the intraday trading levels:

 

S&P CNX NIFTY CMP 5302.55

On charts index is witnessing strong resistance at 5320; traders must buy only if Index trades above this level whereas support expected in near term is at 5194. Best trading strategy would be sell on rise if Index doesn’t cross above 5320.

Intraday trading Levels Buy Above:  5313 Resistance 5319 | 5330 | 5347 Sell Below: 5292 Support 5286 | 5275 | 5258

             
JSWSTEEL CMP 726.20

Trend is up on charts whereas resistance expected in near term is at 738 & close above this would open doors for 770. Best trading strategy would be buy on dips & book profits around 738 & if closed above 738 than once again re-purchase the same for the next target of 770.

Intraday trading Levels Buy Above:  734 Resistance 739 | 747 | 759 Sell Below: 718 Support 714 | 706 | 693

             
JINDALSTEL CMP 466.15

Strong resistance is expected at 475 traders watch this level as close above this would open doors for 510 in short term…

Intraday trading Levels Buy Above:  471 Resistance 474 | 479 | 487 Sell Below: 461 Support 458 | 454 | 446

              
LT CMP 1418.80

Trend is up on charts best trading strategy would be buy on dips with a stoploss of 1337 as per closing basis target expected 1480 & 1530 for medium term.

Intraday trading Levels Buy Above:  1425 Resistance 1429 | 1435 | 1445 Sell Below: 1413 Support 1409 | 1403 | 1393

 

Profit Booking Levels for traders category

·         1st Level (Support or Resistance) – Safe trader

·         2nd Level (Support or Resistance) – Risky trader

·         3rd Level (Support or Resistance) – High risk / High returns

 

How to read these levels

·         Please do not trade for the first 15 minutes in the opening of the market.

·         These levels would work only on National Stock Exchange

·         In first 15 minutes of trade if both the sides target has been achieved than don’t trade that stock

·         In first 15 minutes please check if any one side of the levels is achieved and it is crossing yesterday

          close than kindly follow the below mentioned combinations

 

1.       If Sell below is achieved than expect Buy Above 2nd target

2.       If Sell Below 1st Target Is Achieved than expect Buy Above 1st target

3.       If Sell Below 2st Target Is Achieved than expect Buy Above 2nd target

4.       If Sell Below 3rd Target Is Achieved than expect Yesterday’s Close

5.       Sell Below 3rd Target is broken than Don’t Touch the stock

6.       If Buy Above Is Achieved than expect Sell Below 2nd target

7.       If Buy Above 1st Target Is Achieved than expect Sell Below 1st target

8.       If Buy Above 2st Target Is Achieved than expect Sell Below 2nd target

9.       If Buy Above 3rd Target Is Achieved than expect Yesterday’s Close

10.   Buy Above 3rd Target is broken than Don’t Touch the stock

 

Disclaimer: We & our clients do not carry any positions in the above mentioned stocks / indices, however we may trade / advise the above said for trading to our clients

 

(Ravi Nathani is a Mumbai based Technical Analyst for more details visit www.nsetoday.com)

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