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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,482.20 -0.97% 10350 10415 10530 10595 10710
Sensex 34812.99 -0.98% 34390 34600 34970 35180 35545
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed consolidation in initial hours. However selling pressure
in second half dragged index lower to close near the day's low. Nifty closed at 10482 with a loss of 103
points.
On the daily chart index has formed a sizable bearish candle and closed below previous session's low
indicating negative bias. From the last six sessions Nifty is consolidating in the range of 10450-10650
levels. Any side breakout will give signal for further direction of Nifty. The chart pattern suggests that if
Nifty breaks and sustains below 10450 levels it would witness selling which would lead the index
towards 10400-10300 levels. However if index crosses above 10550 level it would witness pullback rally
which would take the index towards 10600-10700. Nifty is trading above 20 day SMA which indicates
positive bias in the short 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 is marginally above its reference line indicating absence of strength and
momentum oscillator Stochastic has turned negative indicating a possible consolidation or a downward
move in the near term.
The trend deciding level for the day is 10530. If NIFTY trades above this level then we may witness a
further rally up to 10595-10710-10780 levels. However, if NIFTY trades below 10530 levels then we may
see some profit booking initiating in the market, which may correct up to 10415-10350-10235 levels.
Stocks to focus for intraday Long Alkem, Cumminsind, Emamiltd, Jublfood, Titan
Stocks to focus for intraday Short Acc, Amarajabat, Bajaj-auto, Bajajfinsv,
Bankbaroda, Vedl