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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 11,257.10 0.90% 11090 11175 11225 11310 11365
Sensex 37393.48 0.75% 36855 37125 37320 37590 37790
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
11257 with a gain of 100 points.
On the daily chart Nifty has formed a sizable bullish candle and remained restricted within previous
session's High-Low range indicating absence of direction on either side. Since past four sessions index is
consolidating within 11300-11140 levels indicating short term consolidation at current levels. The chart
pattern suggests that if Nifty crosses and sustains above 11280 level it would witness buying which
would lead the index towards 11320-11370 levels. However if index breaks below 11210 level it would
witness selling which would take the index towards 11180-11140. Nifty is trading below 20 and 50 day
SMA's which are important short term moving averages, indicating negative 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 positive and are
above their respective reference lines indicating positive bias
The trend deciding level for the day is 11225. If NIFTY trades above this level then we may witness a
further rally up to 11310-11365-11450 levels. However, if NIFTY trades below 11225 levels then we may
see some profit booking initiating in the market, which may correct up to 11175-11090-11035 levels
STOCKS IDEAS FOR THE DAY
Company Name BUY/SELL RANGE Stop Loss Target
MANAPPURAM BUY 123 121 125-127
UJJIVAN BUY 324 320 328-332
Note- Stocks Ideas are based on previous day’s close and are activated only if they trade in buy/sell range.