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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,303.15 -0.45% 10225 10265 10325 10365 10425
Sensex 33218.81 -0.46% 32960 33090 33285 33415 33615
Nifty Daily Chart
Comments:
Nifty opened on a flat note but selling led the index downwards to end near the low of the day. Nifty
closed at 10303 with a loss of 47 points.
On the daily chart index has formed a small bearish candle forming lower High-Low compare to previous
session and has closed below previous session's low indicating negative bias. The index is moving in a
Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart
pattern suggests that if Nifty crosses and sustains above 10330 level it would witness buying which
would lead the index towards 10360-10390 levels. Important Supports for the day is around 10280
However if index sustains below 10280 then it may witness profit booking which would take the index
towards 10260-10230 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 short and 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 10325. If NIFTY trades above this level then we may witness a
further rally up to 10365-10425-10460 levels. However, if NIFTY trades below 10325 levels then we may
see some profit booking initiating in the market, which may correct up to 10265-10225-10165 levels.
Stocks to focus for intraday Long TechM , Mphasis, Jetairways, Bharatforge, Dlf,
Asianpaint, Mindtree, Voltas
Stocks to focus for intraday Short Gruh, Pcjewller, VEDL, LIC,