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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,214.75 0.96% 10100 10160 10195 10250 10290
Sensex 33106.82 1.06% 32700 32905 33035 33240 33370
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and buying momentum throughout the session led it to close at 10215
with a gain of 97 points.
On the daily chart the index has formed a long bullish candle and recovered its past two session losses
indicating fast retracement and positive bias. This buying momentum was observed from its 20 day SMA
(10125) support zone which remains a crucial support zone in near term. 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 10230 levels it would witness buying which would lead
the index towards 10260-10290 levels. Important Supports for the day is around 10200 However if index
sustains below 10200 then it may witness profit booking which would take the index towards 10180-
10160 levels. 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 moving downwards and is quoting below its reference line indicating
negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone
indicating a possible consolidation or an up-move in the near term
The trend deciding level for the day is 10195. If NIFTY trades above this level then we may witness a
further rally up to 10250-10290-10345 levels. However, if NIFTY trades below 10195 levels then we may
see some profit booking initiating in the market, which may correct up to 10160-10100-10065 levels
Stocks to focus for intraday Long Pnb, Mcdowell, Cholafin, Mindtree, Mothersumi,
Arvind, Apollohosp, LIC
Stocks to focus for intraday Short Amarajabat, Mgl, Havells