Trading Strategy
TVSMOTOR (Buy at Rs407-409, Target Rs417,
Stop Loss Rs404)
On the hourly chart, the stock price has moved up
above previous swing high, which is a bullish
pattern. Hourly RSI is in a bullish crossover. The
set-up is conducive for further up move in the near
term. Hold long positions with mentioned stop loss.
Trading ideas (Time period: 1-14 days)
BUY IGL August future at Rs394-396, Stop Loss
Rs387.25 & Target Rs403.
Derivative Strategy (Time Period: Hold Till
expiry)
BUY United Spirit August future at Rs585-589,
Stop Loss Rs575.55 & Target Rs599.
Nifty Outlook: Nifty finds support around 11064
while 11225 will act as resistance on the upside.
Bank Nifty finds support around 21448 while 22000
will act as resistance.
Asian markets opened in the green following up on
the gains overnight in the US markets with most
indices flirting with all time highs. Gold continues its
dream run scaling fresh highs above US$ 2000.
Chinese stocks join the party with mid caps seeing
high beta trade as retail frenzy drives stocks higher.
US jobs report due today evening will decide the
trend going forward as markets get a reality check
with macros.
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