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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,728.85 0.40% 10670 10700 10730 10760 10785
Sensex 35716.95 0.57% 35500 35605 35715 35825 35930
Nifty Daily Chart
Comments:
NIFTY opened with an upward gap and remained lacklustre within narrow trading range throughout the
day. Nifty closed at 10729 with a gain of 43 points.
On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling
pressure as well as resistance at higher levels. There is a stiff resistance placed at 10750 levels, if Nifty
breaks this level then further upside can be expected in Nifty. The chart pattern suggests that if Nifty
crosses and sustains above 10750 levels it would witness buying which would lead the index towards
10800-10850 levels. However if index breaks below 10700 level it would witness selling which would
take the index towards 10650-10600. Nifty is sustaining above its 20 and 50 day SMAs which signals
bullish sentiments in near 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 10730. If NIFTY trades above this level then we may witness a
further rally up to 10760-10785-10815 levels. However, if NIFTY trades below 10730 levels then we may
see some profit booking initiating in the market, which may correct up to 10700-10670-10640 levels
Stocks to focus for intraday Long Hdfc, Hdfcbank, Indusindbk, Reliance, Tcs, Zeel
Stocks to focus for intraday Short Asianpaint, Bhartiartl, Gail, Hindpetro,
Tatamotors