INTRADAY LEVELS

Posted above are Intraday trading levels for NIFTY and BANK-NIFTY for Monday, May 24

TRADING WISDOM

Ed Seykota – Quotes

Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.

To avoid whipsaw losses, stop trading.

Risk no more than you can afford to lose and also risk enough so that a win is meaningful.

Trend following is an exercise in observing and responding to the ever-present moment of now.

Fundamentalists and anticipators may have difficulties with risk control because a trade keeps looking ‘better’ the more it goes against them.

Until you master the basic literature and spend some time with successful traders, you might consider confining your trading to the supermarket.

I don’t predict a non existing future


It can be very expensive to try to convince the markets you are right.

SWING LEVELS FOR NIFTY

JAGRAN PRAKSHAN

Jagran Prakashan has recently acquried Mid-Day, it will add to the foot prints of Jagran in Gujrati and Urdu markets. It's stock price has fallen from 142 levels and now very close to its support of 104, if it sustains here, one can start buying here with trading stop loss of 101 and final stop loss of 91. Below 91 it can see 79 also, which again is a crucial support, where one can initiate fresh buy with a long term view.

CALL : BUY
STOP LOSS: 91
TGT: 152, 164

BAJAJHIND IN WOLFE WAVE

Yesterday, Bajajhind hit the SL . But see the hourly charts it has formed a WW here, if it moves as per this we can still meet the targets as posted earlier.

Here is the call as per WW formation.

CALL: BUY
STOP LOSS : 104.80
TGT: 120-125

BAJAJHIND READY FOR A BOUNCE

After a consistent fall bajajhind is now ready for a small bounce. One can take a long position here with short term view.

CALL : BUY
STOP LOSS : 110
TGT: 122.6, 130.30, 142.90

DABUR INDIA

Dabur is relatively better placed FMCG and operates in niche market. It plans to open 30-35 new stores. Buy in dips with a long term view.

CALL : BUY
STOP LOSS : 157
TARGET : 224 , 236

TRADING WISDOM

"The trading rules I live by are: (a) Cut losses, (b) Ride Winners, (c) Keep bets small, (d) Follow the rules without question, and (e) Know when to break the rules." - Rules are important, but following them blindly does not necessarily lead to success. Know which conditions produced those rules in the first place, so that when the conditions change, the rules can too.

"Amateurs Focus On Rewards. Professionals Focus on Risk." - Experienced traders think first about how much they can lose on a trade, base their calculations on that, and then see if they are happy with the potential reward the trade offers. Novices usually do the opposite, blinded by the allure of quick riches.

INTRA DAY LEVELS

Posting below Levels for intraday trading on Monday.

NIFTY
LONG: 5273.3
SL: 5256.65
TGT :5279.7 >5296.4>5306.7>5323.4

SHORT: 5258
SL: 5265.6
TGT: 5256.2>5249.4>5245.2>5238.4

BANK NIFTY
LONG: 9861
SL: 9829.7
TGT: 9874>9906>9926.1>9958.2

SHORT:9827.4
SL:9851
TGT: 9818>9795>9780>9757.