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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,699.90 0.40% 10600 10650 10680 10730 10765
Sensex 35378.6 0.32% 35090 35235 35340 35485 35590
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
10700 with a gain of 43 points.
On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating
buying support at lower levels. Since past three session’s index is consolidating in the range of 10740-
10600 levels representing short term sideways trend hence any either side decisive breakout will
indicate further direction. The chart pattern suggests that if Nifty crosses and sustains above 10720 level
it would witness buying which would lead the index towards 10740-10780 levels. Important Supports for
the day is around 10680 However if index sustains below 10680 then it may witness profit booking
which would take the index towards 10660-10620 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 a downtrend in the short to medium term, so selling on rallies continues to be
our preferred strategy.
The daily strength indicator RSI continue to remain in negative zone whereas the momentum oscillator
Stochastic is in positive zone indicating possible upside momentum.
The trend deciding level for the day is 10680. If NIFTY trades above this level then we may witness a
further rally up to 10730-10765-10815 levels. However, if NIFTY trades below 10680 levels then we may
see some profit booking initiating in the market, which may correct up to 10650-10600-10565 levels.
Stocks to focus for intraday Long Justdial, take, Ajantphar, AplLtd, Auropharma,
Repcohome, RblBank, Kpit
Stocks to focus for intraday Short VipInd., Carerating, Colpal, Quess