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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,520.30 -0.54% 11435 11475 11540 11585 11645
Sensex 38157.92 -0.40% 37840 38000 38260 38420 38680
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed consolidation for most part of the session. However
last hour selling pressure in second half dragged index lower to close near the day's low. Nifty closed at
11520 with a loss of 62 points.
On the daily chart the index has formed a sizable Bearish candle forming lower High-Low compare to
previous session indicating negative bias. Selling pressure is seen at higher levels of Nifty which indicates
bulls are losing their grip on the index and bears are gaining the momentum which signals weakness
ahead. The chart pattern suggests that if Nifty breaks and sustains below 11500 levels it would witness
selling which would lead the index towards 11470-11430 levels. However if index crosses above 11550
levels it would witness pullback rally which would take the index towards 11600-11620. Nifty is trading
below its 20 day SMA's which indicates negative bias in the short 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 downwards and
are below their respective reference lines indicating negative bias
The trend deciding level for the day is 11540. If NIFTY trades above this level then we may witness a
further rally up to 11585-11645-11690 levels. However, if NIFTY trades below 11540 levels then we may
see some profit booking initiating in the market, which may correct up to 11475-11435-11370 levels
Stocks to focus for intraday Long Hcltech, Tcs, Jubilant, Thyrocare, Piind
Stocks to focus for intraday Short Asianpaint, Hdfcbank, Hindunilvr, Icicibank,
Kotakbank, M&M, Adaniports