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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,121.80 -1.02% 10005 10065 10170 10225 10330
Sensex 32832.94 -0.95% 32475 32655 32975 33155 33480
Nifty Weekly Chart
Comments:
Nifty started the week on a flat note and remained negative throughout the week. Nifty closed at 10122
with a loss of 268 points on a weekly basis.
On the weekly chart the index has formed a long bearish candle indicating selling at higher levels. The
index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias.
The chart pattern suggests that if Nifty crosses and sustains above 10200 levels it would witness buying
which would lead the index towards 10260-10330 levels. However if index breaks below 10100 level it
would witness selling which would take the index towards 10000-9910. Nifty is trading below 20 and 50
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 medium term, so buying on dips continues
to be our preferred strategy. For the week, we expect Nifty to trade in the range of 10210-9980 with a
negative bias.
The weekly 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 10170. If NIFTY trades above this level then we may witness a
further rally up to 10225-10330-10390 levels. However, if NIFTY trades below 10170 levels then we may
see some profit booking initiating in the market, which may correct up to 10065-10005-9900 levels
Stocks to focus for intraday Long Jubliant, Apollohosp, Biocon, Cub, BASF
Stocks to focus for intraday Short Auropharma, Ktkbank, Hdil, Dlf, Techm,
Jetairways