Nifty closed at 10,689 with gains of 84 points. Technical indicators show the index remains in an uptrend and may rally further to 10740-10760 if it sustains above 10710. Support levels are at 10670 and below that 10620. Strength indicators are positive and the trend deciding level for the day is 10680, above which the index may rise to 10720-10750-10790. Below 10680, profit taking may push the index lower to 10650-10610-10580. Stocks recommended for long positions include Deltacorp, Dcmshriram, and Canbank, and those for short positions include Mphasis, Divislab, and TechM.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,688.65 0.79% 10610 10650 10680 10720 10750
Sensex 35165.48 0.69% 34905 35035 35140 35270 35370
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
10689 with a gain of 84 points.
On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to
previous session and has closed above previous session's high indicating positive bias. The index
continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive
bias. The chart pattern suggests that if Nifty crosses and sustains above 10710 levels it would witness
buying which would lead the index towards 10740-10760 levels. Important Supports for the day is
around 10670 However if index sustains below 10670 then it may witness profit booking which would
take the index towards 10650-10620 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 long term, so accumulation on dips and near major support
zone 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 10680. If NIFTY trades above this level then we may witness a
further rally up to 10720-10750-10790 levels. However, if NIFTY trades below 10680 levels then we may
see some profit booking initiating in the market, which may correct up to 10650-10610-10580 levels
Stocks to focus for intraday Long Deltacorp, Dcmshriram, Lupin, Canbank, Havells,
Voltas, Cholafin, KTK Bank , LT
Stocks to focus for intraday Short Mphasis, Divislab, UBL, TechM, Tcs, Infratel