INTRADAY OPPORTUNITIES 21-JUL-11

  SHORT TRADES :

Below are the list of stocks looking very weak. We can use these stocks for shorting the market on Intraday basis. Each stock express their weakness with various technical indications.

Entry, Stop Loss & Target can be identified during market hours.

CANARA BANK – Has just broken the previous day’s high and reversed. Go Short.

AMBUJA CEMENT– Has just broken multiple previous days high and reversed.  Also Volume is greater comparing with previous day’s volume. Go Short

HINDUSTAN CONSTRUCTIONS: It has given back half of its previous day’s gain. That is a reversal confirmation. Go Short

RELMEDIA – It has touched significant high (July 4) but could not break the barrier & dropped back to its open price. Go Short

STERLITE INDUSTRIES - .It had gapped up open yesterday and closed below yesterday’s close. Volume is also higher comparing with previous day. Go Short

CONTRARIAN DAY TRADES – GO LONG

Entry, Stop Loss & Target can be identified during market hours

FINANCIAL TECHNOLOGIES – This stock is taking support at its 50% Fibonacci level. There is a high probability that it reverses from this level. Go Long.

NAGARJUNA FERT – This stock is taking support at its previous resistance. Volume is also very light comparing to yesterday’s volume.  Go Long.

Hero Fayaz
http://www.tradingtowealth.com/

Weekly predictions, NIFTY in Neutral Position

Out of 226 stocks in F&O Sector, around 40 percent of stocks are in Uptrend, while 40 percent are in neutral position and the balance 20 percent are in downtrend. This represents little bit of weakness in Bull Market. Last week we had a minor correction. NIFTY is taking trendline support at around 5500 which is a psychological figure. If it breaks, the next support is around 5400.  What is more, if correction continues, it will most probably be led by Pharma sector, which had quite a sharp run up recently. The stocks to be watched would be Divislab, Ranbaxy and Sunpharma!

The other weakest sectors would be Oil & Gas, Power, Infra, Realty and some of banks. On the other hand, some of the banks and realty stocks are under accumulation and preparing a good base for the next move up.

Strategy: Since market is more or less in a neutral position, either wait for the market to correct a bit and then choose strong stocks to go long or if it goes up to 5700 levels look for reversal indications to go short where your risk will be minimal.

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