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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,869.50 -0.13% 10805 10840 10865 10895 10920
Sensex 36134.31 -0.29% 35895 36015 36155 36275 36415
Nifty Daily Chart
Comments:
NIFTY opened on a flat note and remained in a small range throughout the day. Nifty closed at 10870
with a loss of 14 points.
On the daily chart the index has formed a small Bearish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. From the last three sessions Nifty is taking
support at around 10830 levels which will remain crucial support zone for Nifty in coming sessions. 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 10930 levels it would witness
buying which would lead the index towards 10970-11000 levels. However if index breaks below 10850
level it would witness selling which would take the index towards 10800-10750. Nifty is sustaining above
its 20 and 50 day SMAs which signals bullish sentiments in near term.
The daily strength indicator RSI is marginally above its reference line while momentum oscillator
Stochastic has turned negative indicating negative bias.
The trend deciding level for the day is 10865. If NIFTY trades above this level then we may witness a
further rally up to 10895-10920-10955 levels. However, if NIFTY trades below 10865 levels then we may
see some profit booking initiating in the market, which may correct up to 10840-10805-10780 levels.
Stocks to focus for intraday Long Bpcl, Coalindia, Tcs, Vedl, Auropharma
Stocks to focus for intraday Short Grasim, Hdfc, Infratel, M&M, Jswsteel