Day Trading Guide for May 4, 2022

BL Research Bureau Updated - May 04, 2022 at 06:08 AM.

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks. 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.

₹1403 • HDFC Bank

S1	S2	R1	R2	COMMENT
1395	1380	1430	1450	Near-term outlook is positive. Initiate fresh long positions with a stop-loss at 1375

₹1541 • Infosys

S1	S2	R1	R2	COMMENT
1530	1500	1555	1585	Can see a fresh leg of fall from here. Initiate fresh short positions with a stop-loss at 1570.

₹263 • ITC

S1	S2	R1	R2	COMMENT
260	256	265	271	Initiate fresh long positions only if the stock breaks above 265. Keep the stop-loss at 262

₹156 • ONGC

S1	S2	R1	R2	COMMENT
155	150	162	167	Above a crucial support. Avoid trading this stock for a day to see if it is reversing higher or not

₹2780 • Reliance Ind.

S1	S2	R1	R2	COMMENT
2750	2710	2810	2850	Bias is negative. Initiate fresh short positions now and at 2795. Keep the stop-loss at 2825

₹491 • SBI

S1	S2	R1	R2	COMMENT
488	483	492	499	Resistance ahead. Go long only if the stock breaks above 492. Stop-loss can be kept at 488

₹3543 • TCS

S1	S2	R1	R2	COMMENT
3500	3480	3570	3610	Range bound and can move up within it. Go long now and at 3520. Keep the stop-loss at 3490

17080 • Nifty 50 Futures

S1	S2	R1	R2	COMMENT
16980	16900	17160	17340	Wait for a rise. Go short with a stop-loss at 17220 if the contract reverses lower from 17160.

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

Published on May 4, 2022 00:38