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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,443.20 0.01% 10385 10415 10460 10490 10535
Sensex 33793.38 -0.06% 33620 33705 33850 33940 34085
Nifty Daily Chart
Comments:
Nifty opened with an upward gap but witnessed selling from the opening tick to end flat. Nifty closed at
10443 with a gain of 1 point.
On the daily chart the index has formed a bearish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. The index continues to move in a Lower
Top and Lower Bottom formation on the hourly chart indicating negative bias. The chart pattern
suggests that if Nifty crosses and sustains above 10465 levels it would witness buying which would lead
the index towards 10485-10510 levels. However if index breaks below 10425 level it would witness
selling which would take the index towards 10400-10380. 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 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 10445. If NIFTY trades above this level then we may witness a
further rally up to 10490-10540-10580 levels. However, if NIFTY trades below 10445 levels then we may
see some profit booking initiating in the market, which may correct up to 10400-10355-10310 levels
Stocks to focus for intraday Long ACC, Adani Enterprises, Apl Apollo Tubes,
Ashok Leyland, Astrazeneca Pharma, Ujjivan
Financial Services
Stocks to focus for intraday Short BPCL, Astral Poly Technik, Divi's Laboratories,
Edelweiss Capital