Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives https://simplehai.axisdirect.in/share-stock-prices/nse/Coal-India-Ltd-12019

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,346.20 -0.09% 11275 11310 11350 11385 11425
Sensex 37521.62 -0.23% 37275 37400 37555 37680 37835
Nifty Daily Chart
Comments:
NIFTY opened on a flat note and continued its previous session’s positive movement in initial hour,
However profit booking around 11390 levels dragged index lower to close in red. Nifty closed at 11346
with a loss of 10 points.
On the daily chart Nifty has formed a bearish candle carrying upper shadow indicating resistance at
higher levels. . The index is moving in a Higher Top and Higher Bottom formation on the daily chart
indicating sustained up trend. Nifty closed at eight session’s up sloping Trendline support zone of 11310
levels and any violation of this will cause further profit booking towards 11280-11250 levels. The chart
pattern suggests that if Nifty crosses and sustains above 11350 level it would witness buying which
would lead the index towards 11380-11420 levels. Important Supports for the day is around 11300
However if index sustains below 11300 then it may witness profit booking which would take the index
towards 11270-11240 levels. Nifty is trading above 20, 50 and 100 day SMA's which are important short
term moving averages, indicating positive bias in the short to medium term. Nifty continues to remain in
an uptrend in the short and medium term, so buying on dips continues to be our preferred strategy.
The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias.
However momentum oscillator Stochastic has turned negative from the overbought zone indicating a
possible consolidation or a down move in the near term
The trend deciding level for the day is 11350. If NIFTY trades above this level then we may witness a
further rally up to 11385-11425-11465 levels. However, if NIFTY trades below 11350 levels then we may
see some profit booking initiating in the market, which may correct up to 11310-11275-11235 levels
Stocks to focus for intraday Long Idbi, Kpit, ParagMilk, Allcargo, Timken, CoalInd.,
SunTV, Petronet
Stocks to focus for intraday Short Tataglobal, Relinfra, Suven, LTI, Irb, Lichsgfin,
Maruti, Dhfl