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Daily Technical Report:08 June 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/Canara-Bank-5471<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Adani-Enterprises-Ltd-4244<br>

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Daily Technical Report:08 June 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,768.35 0.78% 10675 10720 10770 10815 10865 Nifty 35463.08 0.81% Sensex 35105 35285 35455 35635 35805 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 10768 with a gain of 84 points. On the daily chart the index has formed a Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. However it has formed a higher High-Low formation compare previous session indicating positive bias. Since past two months index continue to consolidate within 10850-10430 levels representing short term sideways trend. With current close index has closed at major resistance zone of 10850 levels hence any decisive breakout above this will cause further strength. The chart pattern suggests that if Nifty crosses and sustains above 10780 levels it would witness buying which would lead the index towards 10830-10850 levels. Important Supports for the day is around 10750 However if index sustains below 10750 then it may witness profit booking which would take the index towards 10720-10690 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. 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 10770. If NIFTY trades above this level then we may witness a further rally up to 10815-10865-10910 levels. However, if NIFTY trades below 10770 levels then we may see some profit booking initiating in the market, which may correct up to 10720-10675-10625 levels Stocks to focus for intraday Long Jindalstel, Carerating, Rblbank, Relinfra Canbank, Ubl, FSL, Adanient, Stocks to focus for intraday Short Star

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