intraday call

Sell TATASTEEL BELOW 268.50 TG 263 SL 272

BANK NIFTY OUTLOOK FOR 04/07/2013

Bank Nifty Future started off below previous day’s low on the back of initial
selling in the market. It broke the support of 11,600 in the opening trade and
moved down to lower levels as the day progressed. On the lower end it
broke the other supports at 11,533 and 11,429 before making day’s low at
11,329.
Hourly stochastic is trading at the oversold zone; therefore, mild recovery
may be witnessed in the first half of the tomorrow’s trading. On the higher
end 11,500 may act as resistance. Failure to move above that level may
attract more selling in the Bank Nifty Future

NIFTY OUTLOOK FOR 04/07/2013

Nifty opened gap down following the weak global cues. Technically, failure
to sustain above 5850 in Nifty induced selling in the market. Nifty broke
200 DMA in the opening trades and drifted down to sub 5,800 levels on the
back of sustained selling in the large cap space. A negative start by
European indices also added to the negativity of Indian stocks. On the lower
end Nifty broke the support of 5,800 and drifted down towards 5,750.
Daily RSI is indicating chances of further correction in the index. On the
lower end if Nifty sustains below 5,750 it may head towards 5,715. Below
5,715 it may extend losses by another 40-50 points. On the higher end 5,800
is expected to act as resistance.