Daily Technical Report:07 March 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,249.25 -1.06% 10075 10165 10300 10390 10530 Nifty 33317.2 -1.27% Sensex 32680 33000 33530 33850 34380 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 10249 with a loss of 110 points. On the daily chart index has formed a sizable bearish candle and closed near day's low indicating further weakness. Index has decisively broken down its four weeks multiple support zones of 10300 on closing basis signals further weakness. Nifty has extended it down move forming lower Top lower Bottom formation on daily as well as on weekly chart.The chart pattern suggests that if Nifty crosses and sustains above 10280 levels it would witness buying which would lead the index towards 10300-10330 levels. Important Supports for the day is around 10200 However if index sustains below 10200 then it may witness profit booking which would take the index towards 10160-10130 levels.. 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 and momentum oscillator Stochastic have both turned negative and are below their respective reference lines indicating negative bias. The trend deciding level for the day is 10300. If NIFTY trades above this level then we may witness a further rally up to 10390-10530-10615 levels. However, if NIFTY trades below 10300 levels then we may see some profit booking initiating in the market, which may correct up to 10165-10075-9940 levels Stocks to focus for intraday Long Bombaydye., BajajElec., Igl Stocks to focus for intraday Short Intellect, Wockpharma, Dlf, SBIN, Century Text