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Nifty Daily Chart
Index opened on a positive note and extreme volatility throughout the session led it to close on flat
note. . Nifty closed at 11017 with a loss of 11 points.
This price volatility has resulted into a “Long –legged Doji” candlestick pattern indicating indecisiveness
at current levels. Since past eight sessions index is consolidating around its multiple support zone of
11000-10970 levels however any violation of this support zone will cause further correction in near
term. The chart pattern suggests that if Nifty crosses and sustains above 11060 level it would witness
buying which would lead the index towards 11100-11130 levels. Important Supports for the day is
around 10980 However if index sustains below 10980 then it may witness profit booking which would
take the index towards 10950-10900 levels. 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.
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 11005. If NIFTY trades above this level then we may witness a
further rally up to 11130-11245-11370 levels. However, if NIFTY trades below 11005 levels then we may
see some profit booking initiating in the market, which may correct up to 10890-10765-10655 levels.
Stocks to focus for intraday Long
Escorts, Jktyre, Iciciprili, Jswsteel, UBL, Ceat,
Stocks to focus for intraday Short
Titan, Deepakfert, Sunpahrma, Tvsmot, Dhfl