Nifty closed up 4 points after opening with a gap and trading in a narrow range. On the daily chart, Nifty has formed a Doji candlestick indicating indecisiveness. Nifty is sustaining above the symmetric triangle breakout level, indicating strength in the near term. If Nifty crosses 10930, it could rise to 10970-11000, but a break below 10850 could see it fall to 10800-10750. Short term moving averages indicate a positive bias in the short to medium term. The trend deciding level is 10900 - a close above could see a rally to 10920-10950-10970, while a close below could initiate corrections to 10870-10845-

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,890.30 0.03% 10845 10870 10900 10920 10950
Sensex 36321.29 0.01% 36170 36245 36355 36430 36535
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained lacklustre within narrow trading range throughout the
day. Nifty closed at 10890 with a gain of 4 points.
On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst
market participants regarding the direction. The index is sustaining above its “Symmetric Triangle”
breakout levels which indicate strength in near term. The chart pattern suggests that if Nifty crosses and
sustains above 10930 levels it would witness buying which would lead the index towards 10970-11000
levels. However if index breaks below 10850 level it would witness selling which would take the index
towards 10800-10750 levels. Nifty is trading above 20, 50 and 100 day SMAs which are important short
term moving averages, indicating positive bias in the short to medium term.
The daily strength indicator RSI is moving flat above its reference line indicating lack of strength and
momentum oscillator Stochastic has turned positive indicating a possible consolidation or an upward
move in the near term.
The trend deciding level for the day is 10900. If NIFTY trades above this level then we may witness a
further rally up to 10920-10950-10970 levels. However, if NIFTY trades below 10900 levels then we may
see some profit booking initiating in the market, which may correct up to 10870-10845-10820 levels

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