Nifty closed at 11713, up 44 points from the previous day. The index has formed an upward bullish candle and is in an uptrend according to technical indicators. If Nifty sustains above 11750, it could rise to 11780-11800, but a break below 11650 may lead to a decline to 11620-11600. Stocks like HDFC and M&M are recommended as buy opportunities.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,713.20 0.38% 11625 11670 11700 11745 11775
Sensex 39056.65 0.48% 38735 38895 39010 39170 39285
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed consolidation for most part of the session. However last
hour buying momentum pulled index higher to close near the day's high. Nifty closed at 11713 with a
gain of 44 points.
On the daily chart the index has formed a Bullish candle with a lower shadow indicating buying at lower
levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating
sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 11750 levels it
would witness buying which would lead the index towards 11780-11800 levels. However if index breaks
below 11650 level it would witness profit booking which would take the index towards 11620-11600
levels. Nifty is trading above 20, 50 and 100 day SMAs 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 and momentum oscillator Stochastic both are moving upwards and are
above their respective reference lines indicating positive bias

2. The trend deciding level for the day is 11700. If NIFTY trades above this level then we may witness a
further rally up to 11745-11775-11815 levels. However, if NIFTY trades below 11700 levels then we may
see some profit booking initiating in the market, which may correct up to 11670-11625-11595 levels
STOCKS IDEAS FOR THE DAY
Company Name BUY/SELL RANGE Stop Loss Target
HDFC BUY Above 2000 1980 2020/2030
M&M BUY Above 671 662 680/689