Nifty opened with a small gain and remained in a narrow trading range for the day, closing up 2 points. The daily chart shows a bearish candle but higher highs and lows, indicating continued upward momentum. If Nifty rises above 10740, buying may push it up to 10780-10800, while support is at 10680. The trend will remain positive if it stays above key short-term moving averages of 20, 50, and 100 days. Stocks like GDL, VipInd., Jubliant, Hpcl, and Manpasand are good for intraday long positions, while Mcdowell. Irb,Ceat, Jublfood, LT, and NMD

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,717.80 0.02% 10655 10685 10720 10755 10790
Sensex 35216.32 0.02% 34995 35105 35245 35360 35500
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the
day. Nifty closed at 10718 with a gain of 2 points.
On the daily chart index has formed a bearish candle however it manage to maintain higher High-low
compare to previous session indicating positive bias. 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 10740 levels it would witness buying which would lead the index
towards 10780-10800 levels. Important Supports for the day is around 10680 However if index sustains
below 10680 then it may witness profit booking which would take the index towards 10660-10650
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 long term, so accumulation on dips and near major support zone continues to be our preferred
strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative and are
below their respective reference lines indicating negative bias.
The trend deciding level for the day is 10720. If NIFTY trades above this level then we may witness a
further rally up to 10755-10790-10825 levels. However, if NIFTY trades below 10720 levels then we may
see some profit booking initiating in the market, which may correct up to 10685-10655-10615 levels.
Stocks to focus for intraday Long GDL, VipInd., Jubliant, Hpcl, Manpasand, Dlf, Ioc
Stocks to focus for intraday Short Mcdowell. Irb,Ceat, Jublfood, LT, NMDC