Daily Technical Report:10 April 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,379.35 0.46% 10300 10340 10370 10410 10440 Nifty 33788.54 0.48% Sensex 33470 33630 33740 33895 34005 Nifty Daily Chart Comments: Nifty opened on a flat note and extended its gain in initial hour. However in second half it remained consolidate within narrow trading range (10400-10360) levels indicating absence of strength. . Nifty closed at 10379 with a gain of 48 points. On the daily chart the index has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 10400 levels it would witness buying which would lead the index towards 10430-10470 levels. Important Supports for the day is around 10350 However if index sustains below 10350 then it may witness profit booking which would take the index towards 10320-10280 levels. Nifty is sustaining above its 20 day SMA which signals bullish sentiments in near term. Nifty continues to remain in an uptrend in the long term, so accumulation on dips and near major support zone 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 10370. If NIFTY trades above this level then we may witness a further rally up to 10410-10440-10480 levels. However, if NIFTY trades below 10370 levels then we may see some profit booking initiating in the market, which may correct up to 10340-10300-10270 levels Stocks to focus for intraday Long Suven,ChennPetro, Hindalco, Ioc, Manpasand, Itc, M&M, Biocon, CESC Stocks to focus for intraday Short Justdial, Mgl, Tatamtrdvr, Infy