Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,671.95 0.58% 11530 11600 11640 11715 11755
Sensex 38939.22 0.62% 38460 38700 38840 39080 39220
Nifty Daily Chart
Comments:
Nifty opened on a flat note and witnessed profit booking in first half however buying momentum in
second half led it to close near day's high. Nifty closed at 11672 with a gain of 67 points.
On the daily chart index has formed a bullish candle however it remained restricted within previous
session's High-Low range indicating absence of strength on either side. 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 11700 levels it would witness buying which would lead
the index towards 11730-11760 levels. However if index breaks below 11630 level it would witness profit
booking which would take the index towards 11600-11550 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 is marginally below its reference line while momentum oscillator
Stochastic has turned positive indicating positive bias.

2. The trend deciding level for the day is 11640. If NIFTY trades above this level then we may witness a
further rally up to 11715-11755-11830 levels. However, if NIFTY trades below 11640 levels then we may
see some profit booking initiating in the market, which may correct up to 11600-11530-11485 levels
STOCKS IDEAS FOR THE DAY
Company Name BUY/SELL RANGE Stop Loss Target
BANDHANBNK BUY Above 559 552 566/570
MARUTI BUY Above 7230 7170 7300/7350