Day trading guide for August 24, 2023: Intraday supports, resistances for Nifty50 stocks

BL Research Bureau Updated - August 24, 2023 at 06:30 AM.

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.

₹1588 • HDFC Bank

S1	S2	R1	R2	COMMENT
1570	1555	1600	1615	Wait for a rise. Go short at 1595 with a stop-loss at 1605

₹1407 • Infosys

S1	S2	R1	R2	COMMENT
1395	1380	1420	1445	Go long on dips at 1400. Keep the stop-loss at 1390

₹451 • ITC

S1	S2	R1	R2	COMMENT
449	446	452	455	Go long only above 453. Stop-loss can be kept at 451

₹175 • ONGC

S1	S2	R1	R2	COMMENT
174	172	176	178	Outlook is unclear. Avoid trading this stock for now

₹2518 • Reliance Ind.

S1	S2	R1	R2	COMMENT
2500	2480	2545	2580	Risk-reward does not favour any trade. Stay away

₹576 • SBI

S1	S2	R1	R2	COMMENT
575	570	579	582	Go short only below 575. Keep the stop-loss at 577

₹3389 • TCS

S1	S2	R1	R2	COMMENT
3360	3335	3415	3465	Go long on a break above 3415. Keep the stop-loss at 3405

19433 • Nifty 50 Futures

S1	S2	R1	R2	COMMENT
19350	19280	19465	19545	Go long on a break above 19465 with a stop-loss at 19430

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

Published on August 24, 2023 01:00