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Daily Technical Report:23 August 2018

Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Coal-India-Ltd-12019<br>https://simplehai.axisdirect.in/share-stock-prices/nse/DLF-Ltd-6890<br>

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Daily Technical Report:23 August 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,570.90 0.17% 11520 11545 11565 11590 11605 Nifty 38285.75 0.02% Sensex 38110 38200 38300 38390 38490 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained lacklustre within narrow trading range throughout the day. Nifty closed at 11571 with a gain of 19 points. On the daily chart the index has formed a "Doji" candlestick formation indicating indecisiveness among market participants regarding the direction. In yesterday’s session index formed a new high however it could not carry the same upward momentum further which indicates lack of strength. 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 crosses and sustains above 11580 levels it would witness buying which would lead the index towards 11600-11630 levels. Important Supports for the day is around 11550 levels. However if index sustains below 11550 levels then it may witness profit booking which would take the index towards 11530-11500 levels. Nifty is trading above 20, 50 and 100 day SMAs 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 continue to remain flat in overbought zone indicating absence of strength whereas momentum oscillator Stochastic continue to scale up indicating upside momentum to continue. The trend deciding level for the day is 11565. If NIFTY trades above this level then we may witness a further rally up to 11590-11605-11630 levels. However, if NIFTY trades below 11565 levels then we may see some profit booking initiating in the market, which may correct up to 11545-11520-11505 levels Stocks to focus for intraday Long Coalindia, Grasim, Upl, Abb, Acc, Ajantpharm Stocks to focus for intraday Short Hindunilvr, Godrejprop, Gujfluoro Indusindbk, Bharatfin, Dlf,

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