Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Lupin-Ltd-3026\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Tech-Mahindra-Ltd-17215\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Consultancy-Services-Ltd-5400\n
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Nifty Daily Chart
Nifty opened sharply lower with downward gap and extended its down move in initial hours making day
low around 10276 however buying support at lower levels recovered most of the earlier losses which led
Nifty to close at 10498 with a loss of 168 points.
On the daily chart the index has formed a Bullish candle carrying either side shadows indicating extreme
volatility. The index is moving in a lower Top and lower Bottom formation on the hourly chart indicating
short term down trend. The chart pattern suggests that if Nifty crosses and sustains above 10550 levels
it would witness buying which would lead the index towards 10630-10700 levels. Important Supports for
the day is around 10470 However if index sustains below 10470 then it may witness profit booking
which would take the index towards 10440-10380 levels. Nifty is trading below 20 and 50 day SMA's
which are important short term moving averages, indicating negative 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 and momentum oscillator Stochastic both are in negative zone and are
below their respective reference lines indicating negative bias.
The trend deciding level for the day is 10455. If NIFTY trades above this level then we may witness a
further rally up to 10635-10775-10955 levels. However, if NIFTY trades below 10455 levels then we may
see some profit booking initiating in the market, which may correct up to 10320-10140-10000 levels
Stocks to focus for intraday Long
Fdc, VipInd., Jetairways
Stocks to focus for intraday Short
Krbl, Lupin, Hcltech , TechM, Tcs