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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,240.15 -0.80% 10170 10205 10265 10300 10360
Sensex 33227.99 -0.68% 33010 33120 33290 33400 33565
Nifty Daily Chart
Comments:
Nifty opened on a flat note but selling led the index downwards to end in red. Nifty closed at 10240 with
a loss of 82 points.
On the daily chart index has formed a sizable 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 Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The
chart pattern suggests that if Nifty crosses and sustains above 10270 levels it would witness buying
which would lead the index towards 10290-10310 levels. Important Supports for the day is around
10220 However if index sustains below 10220 then it may witness profit booking which would take the
index towards 10200-10180 levels. Nifty is trading above 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 both are in bullish mode and are
above their respective reference lines indicating positive bias.
The trend deciding level for the day is 10265. If NIFTY trades above this level then we may witness a
further rally up to 10300-10360-10395 levels. However, if NIFTY trades below 10265 levels then we may
see some profit booking initiating in the market, which may correct up to 10205-10170-10110 levels
Stocks to focus for intraday Long Gruh, Mindtree, Ongc, Swanenergy, Adaniport,
Gail, Raymond, PidilitInd.
Stocks to focus for intraday Short Pfc, Justdial, Ashokley, Dhfl, Dlf