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Nifty Daily Chart
Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at
11084 with a gain of 118 points.
On the daily chart the index has formed a long bullish candle forming higher High-Low formation
indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily
chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above
11100 level it would witness buying which would lead the index towards 11130-11170 levels. Important
Supports for the day is around 11040 However if index sustains below 11040 then it may witness profit
booking which would take the index towards 11020-11000 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 short and medium term, so buying on dips
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 11055. If NIFTY trades above this level then we may witness a
further rally up to 11120-11155-11220 levels. However, if NIFTY trades below 11055 levels then we may
see some profit booking initiating in the market, which may correct up to 11020-10960-10925 levels
Stocks to focus for intraday Long
PNB, Jswsteel, Vedl, Sbin, Cipla, Nmdc, Union
Bank, Hexaware, Bharatfin
Stocks to focus for intraday Short
Ambujacem, Wipro, Infratel