Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives https://simplehai.axisdirect.in/share-stock-prices/nse/Delta-Corp-Ltd-17211

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,632.20 -0.05% 10565 10600 10625 10660 10690
Sensex 34433.07 -0.03% 34185 34310 34435 34560 34690
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed selling for most part of the session. However last hour
pullback action pulled index higher to close on flat note. Nifty closed at 10632 with a loss of 5 points.
On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying
support at lower levels. 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
10640 level it would witness buying which would lead the index towards 10660-10700 levels. Important
Supports for the day is around 10600 However if index sustains below 10600 then it may witness profit
booking which would take the index towards 10570-10550 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 is moving upwards and above its reference line indicating positive bias.
However momentum oscillator Stochastic has turned negative from the overbought zone indicating a
possible consolidation or a down move in the near term.
The trend deciding level for the day is 10625. If NIFTY trades above this level then we may witness a
further rally up to 10660-10690-10725 levels. However, if NIFTY trades below 10625 levels then we may
see some profit booking initiating in the market, which may correct up to 10600-10565-10535 levels
Stocks to focus for intraday Long Sadbhav, Jswenergy, Hcltech, Kpit, Hpcl
Stocks to focus for intraday Short Apollo tyre, Can bank, Crompton , Titan