Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,663.50 -0.84% 10565 10615 10700 10745 10830
Sensex 35470.15 -0.76% 35115 35290 35600 35780 36090
Nifty Daily Chart
Comments:
Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 10664 with
a loss of 91 points.
On the daily chart the index has formed a long bearish candle forming lower High-Low compare to
previous session indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains
above 10700 levels it would witness buying which would lead the index towards 10730-10800 levels.
Important Supports for the day is around 10640 However if index sustains below 10640 then it may
witness profit booking which would take the index towards 10600-10580 levels. Nifty is trading below 20
day SMA's which are important short term moving averages, indicating negative 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 negative and are
below their respective reference lines indicating negative bias
The trend deciding level for the day is 10700. If NIFTY trades above this level then we may witness a
further rally up to 10745-10830-10880 levels. However, if NIFTY trades below 10700 levels then we may
see some profit booking initiating in the market, which may correct up to 10615-10565-10480 levels

2. Stocks to focus for intraday Long Mphasis, Gepil, OrientBank, RecLtd.,
HeritageFood, LTTS
Stocks to focus for intraday Short Havells, Raymond, Hindalco, Bpcl,
Escorts,DivisLab