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Daily Technical Report:19 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/Tata-Motors-Ltd-560<br>https://simplehai.axisdirect.in/share-stock-prices/nse/ICICI-Bank-Ltd-5418<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Steel-Authority-of-India-Ltd-2299<br>

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Daily Technical Report:19 June 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,799.85 -0.17% 10765 10780 10805 10825 10850 Nifty 35548.26 -0.21% Sensex 35395 35470 35595 35675 35800 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day. Nifty closed at 10800 with a loss of 18 points. On the daily chart Nifty has formed a small bearish candle and remained restricted within previous session's High-Low range indicating absence of strength on either side.. Since past three consecutive sessions Nifty continue to consolidate within 10830-10750 levels indicating short term sideways movement and hence any either side breakout of range will signal further direction.. The chart pattern suggests that if Nifty crosses and sustains above 10830 levels it would witness buying which would lead the index towards 10850-10880 levels. Important Supports for the day is around 10780 However if index sustains below 10780 then it may witness profit booking which would take the index towards 10750- 10730 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 negative and are below their respective reference lines indicating negative bias. The trend deciding level for the day is 10805. If NIFTY trades above this level then we may witness a further rally up to 10825-10850-10865 levels. However, if NIFTY trades below 10805 levels then we may see some profit booking initiating in the market, which may correct up to 10780-10765-10740 levels. Stocks to focus for intraday Long Tatamoto, Icici Bank, Sail, Zeel, Jublfood, Bata ind. Hpcl, Star, Tv Today Stocks to focus for intraday Short Suven, Hindalco, Mothersumi Intellect, FSL, Sudarschem, SunTv,

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