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/Tech-Mahindra-Ltd-17215

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,440.30 -0.04% 10400 10420 10445 10465 10495
Sensex 33756.28 -0.06% 33620 33690 33775 33840 33930
Nifty Daily Chart
Comments:
Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low.
Nifty closed at 10440 with a loss of 4 points.
On the daily chart index has formed a small 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
Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart
pattern suggests that if Nifty breaks and sustains below 10420 level it would witness selling which would
lead the index towards 10390-10360 levels. However if index crosses above 10450 level it would witness
pullback rally which would take the index towards 10470-10490. 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 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 10445. If NIFTY trades above this level then we may witness a
further rally up to 10465-10495-10515 levels. However, if NIFTY trades below 10445 levels then we may
see some profit booking initiating in the market, which may correct up to 10420-10400-10375 levels.
Stocks to focus for intraday Long Canfinhome, SunTv, Cesc, JswEnergy, Wabag,
DishTv, DivisLab
Stocks to focus for intraday Short Havells, Hpcl, TechM