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Nifty Daily Chart
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
10546 with a gain of 45 points.
On the daily chart the index has formed a Doji like candle with a long upper shadow indicating selling at
higher levels. The index continues to move 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 10580
level it would witness buying which would lead the index towards 10610-10640 levels. However if index
breaks below 10510 level it would witness selling which would take the index towards 10470-10440.
Nifty is trading below 20 and 50day SMA's which are important short term moving averages, indicating
negative bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying
on dips continues to be our preferred strategy.
The daily strength indicator RSI is below its reference line while momentum oscillator Stochastic is
positive indicating positive bias.
The trend deciding level for the day is 10560. If NIFTY trades above this level then we may witness a
further rally up to 10605-10665-10710 levels. However, if NIFTY trades below 10560 levels then we may
see some profit booking initiating in the market, which may correct up to 10500-10450-10390 levels.
Stocks to focus for intraday Long
Apollo Hospitals, GAIL, Power Grid, United
Spirits, Hindustan Zinc, CEAT
Stocks to focus for intraday Short
JSW Energy, ICICI Prudential Life Insurance, Zee
Entertainment, Shree Cement, Idea Cellular,
Motherson Sumi, MindTree