Intraday Trading Levels for TATAMOTORS / TATASTEEL / SBIN (07/01/2011)


Friday is finally here. What are your plans for the weekend?

Once again, the support and resistance levels for today are still the same as listed yesterday. (The resistance levels are (R1)1304.70, (R2)1312.50, (R3)1320.30 and (R4)1328.15 and the support levels are (S1)1257.80, (S2)1250, (S3)1242.20 and (S4)1234.40).

For those who are wondering about the values being the exact same everyday – this was why I had posted earlier that the market has a certain geometry. Do you realize the validity of that statement? Everyday, the market repeats the same pattern. Now, how did I come across these values? Maybe we shall discuss it in detail some day later.

For the sake of illustration, I will post the intraday trading levels for TATASTEEL too. We are seeing good support at 679.70, 683.60, 687.50, 691.40. The resistance levels for the same scrip are 714.85, 718.75, 722.65 and 726.55. The target price when shorted or bought must be kept at 703.15. I do realize that on some days, it is virtually impossible to touch the mentioned target price. Hence, decide the target values accordingly. Exercise discretion when you do so. 🙂

Update 1 (11:18): The high volatility / directionless nature of the market is taking its toll. None of the values posted above were sustained. Yes, the scrips touched these values…hovered around them for sometime and fell drastically. Hey every day is not a profitable day, right? Feel free to take up the positions, if ever the scrips touch these values. These usually work (as you may have already realized from the preceding posts).

Update 2 (20:58): As cited above, the scrips touched none of the values. It was a dark day with the sensex shedding approximately 490 points and the NSE losing 143 points. Come Monday and let us see what is in store for us.

Update 3: So did I make anything today day trading? Well, I did. I traded with SBI. There was a strong support at 2578 point for this scrip. So initially I was long at this price point. After sometime, the price went past this point and fell down to 2567.15. I had kept my stop loss at 2568. I reentered the market once again at 2568 with a target of 2617. The target was achieved in no time. I was waiting for the scrip to touch either one of the resistance points (which were 2646, 2656, 2666 and 2675) so that I may short at one of these points. Unfortunately, the high price was 2642.

Total profits for the day = 39 points.

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