Nifty closed unchanged at 10,652 after trading in a narrow range. The index has formed a bearish candle on the daily chart but maintained higher highs and lows, indicating a positive bias in the short term as it consolidates between 11,000-10,550. Technical indicators suggest the index could rally to 10,730-10,780 if it crosses 10,700, but fall to 10,550-10,520 if it breaks below 10,600. Stocks are recommended for both long and short term trades based on technical analysis.

1. Technical View (Equity)
Daily call
Index CMP % up/dn S2 S1 P R1 R2
Nifty 10,651.80 0.00% 10560 10605 10660 10705 10755
Sensex 35591.25 0.00% 35285 35440 35645 35795 36005
Nifty Daily Chart
Comments:
Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the
day. Nifty closed at 10652 with a loss of 0 points.
On the daily chart index has formed a bearish candle however it manage to maintain higher High-low
compare to previous session indicating positive bias. . Since past 4-5 weeks Index is consolidating in the
range of 11000-10550 levels representing short term sideways trend. The chart pattern suggests that if
Nifty crosses and sustains above 10700 levels it would witness buying which would lead the index
towards 10730-10780 levels. However if index breaks below 10600 level it would witness selling which
would take the index towards 10550-10520. Nifty is trading below 20 ,50 and 100 day SMA's which are
important short term moving averages, indicating negative bias in the short to medium term. Nifty
continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be
our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating
negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone
indicating a possible consolidation or an up-move in the near term
The trend deciding level for the day is 10660. If NIFTY trades above this level then we may witness a
further rally up to 10705-10755-10800 levels. However, if NIFTY trades below 10660 levels then we may
see some profit booking initiating in the market, which may correct up to 10605-10560-10510 levels

2. Stocks to focus for intraday Long Tatasteel, Kscl, AartiInd., ChambalFert., Vguard,
Hindalco
Stocks to focus for intraday Short GodrejInd, Intellect, Bajajauto, Ioc, TechM, Oil