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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,460.10 1.54% 10255 10360 10420 10520 10585
Sensex 34760.89 1.35% 34145 34450 34655 34965 35165
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and buying momentum throughout the session pulled index higher to
end near day's high. Nifty closed at 10460 with a gain of 159 points.
On the daily chart the index has formed a sizable Bullish candle forming higher High-Low formation
indicating positive bias. In yesterday’s session Nifty crosses 10400 levels which was its immediate
resistance and now more recovery can be seen in Nifty for short term. The index is moving in a Lower
Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests
that if Nifty crosses and sustains above 10500 levels it would witness buying which would lead the index
towards 10600-10680 levels. Important Supports for the day is around 10400 levels. However if index
sustains below 10400 levels then it may witness selling which would take the index towards 10300-
10250 levels. Nifty is trading below 20 ,50 and 100 day SMAs which are important short term moving
averages, indicating negative bias in the short to medium term. Nifty continues to remain in a
downtrend in the short term, so exit on small pullback rallies to be our preferred strategy.
The daily strength indicator RSI and momentum oscillator Stochastic have both turned positive from the
oversold zone and are above their respective reference lines indicating positive bias
The trend deciding level for the day is 10420. If NIFTY trades above this level then we may witness a
further rally up to 10520-10585-10685 levels. However, if NIFTY trades below 10420 levels then we may
see some profit booking initiating in the market, which may correct up to 10360-10255-10195 levels
Stocks to focus for intraday Long Icicibank, Kotakbank, Lt, Zeel, Adaniports,
Auropharma
Stocks to focus for intraday Short Infratel, Infy, Abb, Tcs, Thyrocare