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Day trading guide for July 08: Intraday supports, resistances for Nifty50 stocks – BusinessLine

The ‘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.

₹1396 • HDFC Bank

S1

S2

R1

R2

COMMENT

1375

1355

1400

1440

Initiate fresh long positions only if the stock breaks above 1400. Keep the stop-loss at 1380

₹1499 • Infosys

S1

S2

R1

R2

COMMENT

1475

1455

1525

1560

Near-term outlook is positive. Go long now and on dips at 1480. Stop-loss can be kept at 1465

₹292 • ITC

S1

S2

R1

R2

COMMENT

285

280

293

296

Upmove seems to have resumed. Initiate fresh long positions now with a stop-loss at 283

₹124 • ONGC

S1

S2

R1

R2

COMMENT

119

116

126

130

Rally may not sustain. Go short on a break below 119. Keep the stop-loss at 121

₹2388 • Reliance Ind.

S1

S2

R1

R2

COMMENT

2370

2310

2440

2515

Can move up before further fall. Go short on a rally to 2435. Stop-loss can be kept at 2465.

₹487 • SBI

S1

S2

R1

R2

COMMENT

477

472

484

486

Price action is bullish. Initiate fresh long positions now with a stop-loss at 480

₹3288 • TCS

S1

S2

R1

R2

COMMENT

3235

3200

3305

3360

Resistance ahead. Go long only if TCS breaks above 3305. Keep the stop-loss at 3260

16161 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

16050

16000

16200

16300

Initiate fresh long positions only if the contract breaks out of 16200. Stop-loss at 16,050.

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

Published on

July 08, 2022

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