Nifty and BPCL

Nifty Daily Chart

Today Nifty made a high of 5198 and failed to cross 5200 which can act as immediate resistance. Apparently the expected relief rally seems to be completed today.

Market is expected to be range bound at least for few days and so the Nifty may test 5000 levels once again.Short term traders should avoid taking long position until nifty closes above 5200-5250 and use every uptrend to create short position.

Intraday Levels : Buy only above 5212 target 5236-5260

                          Sell only  below 5107 target 5086-5029

(Above mentioned levels are spot levels. Buy/sell after 10-15 mins of market opening)

BPCL

So far BPCL was extreamly bullish. But now indicators like RSI and Stochastics are showing early signs of weakness. In the chart you can see an ascending trend line which can act as immediate support and the next support is at Rs.650. Sell BPCL around Rs.685-690for a target of Rs.670-665-650 stop loss closing above Rs.710 (1 week)