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Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives\n

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technical view equity

Technical View (Equity)

Daily call

Index

CMP

% up/dn

S2

S1

P

R1

R2

Nifty

10,545.50

0.42%

10450

10500

10560

10605

10665

Sensex

34297.47

0.41%

33990

34145

34340

34495

34690

Nifty Daily Chart

Comments:

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