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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,348.75 0.06% 10275 10315 10345 10380 10410
Sensex 33588.08 0.08% 33375 33480 33575 33685 33775
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed extreme volatility throughout the day. Nifty closed at
10349 with a gain of 6 points.
On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst
market participants regarding the direction. Since past five consecutive sessions Index is consolidating in
the range of 10380-10260 levels representing short term sideways trend. The chart pattern suggests
that if Nifty crosses and sustains above 10380 level it would witness buying which would lead the index
towards 10400-10430 levels. Important Supports for the day is around 10320 However if index sustains
below 10320 then it may witness profit booking which would take the index towards 10300-10280
levels.. Nifty is trading above 20, 50 and 100 day SMA's 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 and momentum oscillator Stochastic have both turned positive and are
above their respective reference lines indicating positive bias.
The trend deciding level for the day is 10345. If NIFTY trades above this level then we may witness a
further rally up to 10380-10410-10445 levels. However, if NIFTY trades below 10345 levels then we may
see some profit booking initiating in the market, which may correct up to 10315-10275-10245 levels
Stocks to focus for intraday Long Jswenergy, Dbl, Dlf, GodrejInd., Havells, Infy,
DishTv, Tvsmotor
Stocks to focus for intraday Short Deltacorp, MaxInd., Idea, Dr. Reddy, Bharatforge