Daily Technical Report:13 March 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,421.40 1.90% 10245 10335 10385 10470 10520 Nifty 33917.94 1.83% Sensex 33290 33605 33785 34100 34275 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 10421 with a gain of 195 points. On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to previous session and has closed above previous session's high indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 10440 levels it would witness buying which would lead the index towards 10470-10500 levels. Important Supports for the day is around 10390 However if index sustains below 10390 then it may witness profit booking which would take the index towards 10360-10330 levels. Nifty has closed above its short term - 20 day SMA's which is important moving average, indicating positive bias in the short term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies 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 10385. If NIFTY trades above this level then we may witness a further rally up to 10470-10520-10610 levels. However, if NIFTY trades below 10385 levels then we may see some profit booking initiating in the market, which may correct up to 10335-10245-10195 levels Stocks to focus for intraday Long Ncc, Relinfra, Kpit, Arvind, Ramcocem, Vguard, TataMot., Cholafin Stocks to focus for intraday Short KEC, GSPL, Nbventure, CoalInd., Jswenergy