Nifty closed at 10792 with a gain of 54 points. The index remains indecisive but shows strength in the near term by crossing its 200 day SMA and closing above it. Support is seen at 10750 levels and resistance at 10850 levels, with the index expected to move between 10700-11000 levels. Technical indicators show positive bias in the short to medium term. Key support and resistance levels for the day are 10795 and 10835-10880-10925 respectively.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,791.55 0.50% 10705 10750 10795 10835 10880
Sensex 35929.64 0.42% 35640 35785 35940 36085 36240
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
10792 with a gain of 54 points.
On the daily chart the index has formed a small Bearish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. In Yesterday’s session Nifty crossed its 200
day SMA and closed above the same which indicates strength in near term. Nifty made a swing low of
10750 levels (which is its strong support zone) and bounce back from there which indicates buying at
lower levels. The chart pattern suggests that if Nifty crosses and sustains above 10850 levels it would
witness buying which would lead the index towards 10900-11000 levels. However if index breaks below
10750 level it would witness selling which would take the index towards 10700-10650 levels. Nifty is
trading above its 20 and 50 day SMAs which are important short term moving averages, indicating
positive bias in the short to medium term.
The daily strength indicator RSI and momentum oscillator Stochastic both are moving upwards and are
above their respective reference lines indicating positive bias.
The trend deciding level for the day is 10795. If NIFTY trades above this level then we may witness a
further rally up to 10835-10880-10925 levels. However, if NIFTY trades below 10795 levels then we may
see some profit booking initiating in the market, which may correct up to 10750-10705-10660 levels
Stocks to focus for intraday Long Bajajfinsv, Bpcl, Grasim, Heromotoco, Infy,
Maruti
Stocks to focus for intraday Short Infratel, Jswsteel, Tcs, Aegischem, Concor