Daily Nifty Trading Tips 03 March

The Nifty closed at 6276.95 levels, up by 38.15 points, or 0.61 % from previous day’s close. Nifty continued its uptrend and breached resistance of 6265 level and closed in the positive zone for 5th straight session in a row. The next important resistance being 6350. The Index is trading above an upward trend line with support at 6220. RSI is at 63 with a positive crossover. For today’s session, 6250 level remains an important support, below which the index may fall to 6220‐6200 levels. On the upside, 6320‐6350 level would act as resistance.

Daily Nifty Trend

Nifty

Resistance: 6297/6317

Support: 6242/6208

Point: 6000

BankNifty

Resistance: 10809/10854

Resistance: 10705/10644

Point: 10000

Biocon - Positional call ( 1-2 days ) CMP: 458.45

Biocon is trading above an important upward trendline.It has also exhibited a upward breakout from an ascending triangle pattern with a rise in volumes.RSI is at 61 ,indicating strength in the upmove. The stock is expected to rise from current levels.
 

Traders can Buy the stock on dips till 452 with a stop loss of 445 for a target of 467.

Andhra Bank - Positional call ( 1-2 days ) CMP: 56.15

Andhra Bank is exhibiting a Bollinger squeeze. The price is increasing with a rise in volume since last 2 days, indicating a possibility of a upward breakout. Price is above 20 DMA. RSI is neutral 50.

Traders can Buy the stock at or above 56 with a Stop‐loss of 54.75 for a target of 58.