Daily Technical Report:03 October 2018 - PowerPoint PPT Presentation

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Daily Technical Report:03 October 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,008.30 0.71% 10740 10875 10955 11090 11170 Nifty 36526.14 0.83% Sensex 35710 36120 36370 36775 37025 Nifty Daily Chart Comments: Nifty opened on a flat note and witnessed profit booking in initial half however buying momentum at lower levels pulled index higher to close in positive territory. Nifty closed at 11008 with a gain of 78 points. On the daily chart the index has formed a Bullish candle with a long lower shadow indicating buying at lower levels. In today’s session bulls showed some strength to pull index from lower levels of 10820 to made day’s high of 11035 levels. Now the immediate resistance is placed at 11045 levels which is its 100 day SMA. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 11070 levels it would witness buying which would lead the index towards 11170-11200 levels. Important Supports for the day is around 10950 levels. However if index sustains below 10950 then it may witness selling which would take the index towards 10900-10850 levels. Nifty is trading below 20 ,50 and 100 day SMAs 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 term, so exit on small pullback rallies to be our preferred strategy. The daily strength indicator RSI is marginally below its reference line while momentum oscillator Stochastic has turned positive indicating positive bias. The trend deciding level for the day is 10955. If NIFTY trades above this level then we may witness a further rally up to 11090-11170-11305 levels. However, if NIFTY trades below 10955 levels then we may see some profit booking initiating in the market, which may correct up to 10875-10740-10660 levels Stocks to focus for intraday Long Tcs, Hdfc, Auropharma, Cyient, Godrejcp, Suntv Stocks to focus for intraday Short Asianpaint, Bhartiartl, Grasim, Lt, Cub, Mrpl