Day Trading Guide for May 6, 2022

BL Research Bureau Updated - May 06, 2022 at 06:03 AM.

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.

₹1353 • HDFC Bank

S1	S2	R1	R2	COMMENT
1330	1290	1360	1390	Near-term view negative. Go short now and at 1355. Stop-loss can be placed at 1375

₹1585 • Infosys

S1	S2	R1	R2	COMMENT
1550	1530	1595	1630	Resistance ahead. Go short with a stop-loss at 1610 if the stock reverses lower from 1595

₹262 • ITC

S1	S2	R1	R2	COMMENT
259	256	265	271	Can go either way from here. Go long with a stop-loss at 263 only if the stock breaks above 265.

₹165 • ONGC

S1	S2	R1	R2	COMMENT
163	158	169	172	Can move up within the range. Initiate frehs long positions now with a stop-loss at 161.

₹2641 • Reliance Ind.

S1	S2	R1	R2	COMMENT
2600	2560	2690	2735	Go short now and then accumulate on a rise at 2675. Stop-loss can be placed at 2710.

₹480 • SBI

S1	S2	R1	R2	COMMENT
476	468	488	493	Make use of rallies and go short at 483 and accumulate at 486. Keep the stop-loss at 491

₹3513 • TCS

S1	S2	R1	R2	COMMENT
3480	3440	3535	3560	Immediate outlook is unclear. Can go either way from here. Avoid trading this stock

16681 • Nifty 50 Futures

S1	S2	R1	R2	COMMENT
16550	16400	16840	16980	View is bearish. Go short now and on a rise at 16820. Keep the stop-loss at 16870.

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

Published on May 6, 2022 00:33