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1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,888.35 0.77% 10820 10855 10880 10910 10935
Sensex 36270.07 0.85% 36045 36160 36235 36345 36425
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and witnessed consolidation for most part of the session. However
last hour pullback action pulled index higher to close near the day's high. Nifty closed at 10888 with a
gain of 83 points.
On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to
previous session and has closed above previous session's high indicating positive bias. From the last
couple of session index is moving in a Higher High and Higher Low formation on the daily chart
indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 10940
levels it would witness buying which would lead the index towards 11000-11050 levels. However if index
breaks below 10830 level it would witness selling which would take the index towards 10800-10750
levels. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages,
indicating positive bias in the short to medium term.
The daily strength indicator RSI and momentum oscillator Stochastic both are moving upwards and are
above their respective reference lines indicating positive bias
The trend deciding level for the day is 10880. If NIFTY trades above this level then we may witness a
further rally up to 10910-10935-10965 levels. However, if NIFTY trades below 10880 levels then we may
see some profit booking initiating in the market, which may correct up to 10855-10820-10800 levels
Stocks to focus for intraday Long Bpcl, Coalindia, Hdfcbank, Icicibank, Tatamotors
Stocks to focus for intraday Short Kotakbank, Abb, Apollohosp, Biocon, Castrolind