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Nifty Daily Chart
Nifty opened on a flat note and remained in a small range throughout the day. Nifty closed at 11086
with a gain of 2 points.
On the daily chart the index has formed a small Bullish candle with shadows on either side indicating
indecisiveness amongst participants regarding the direction. 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 11110 levels it would witness buying which would lead the index
towards 11150-11180 levels. However if index breaks below 11050 level it would witness selling which
would take the index towards 11000-10960. 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
The daily strength indicator RSI and momentum oscillator Stochastic are in positive territory and are
above their respective reference lines indicating positive bias.
The trend deciding level for the day is 11080. If NIFTY trades above this level then we may witness a
further rally up to 11115-11145-11180 levels. However, if NIFTY trades below 11080 levels then we may
see some profit booking initiating in the market, which may correct up to 11050-11015-10985 levels.
Stocks to focus for intraday Long
Hexaware Technologies, Pfizer, Tech Mahindra,
Amara Raja Batteries, Dr. Reddy's Laboratories,
Escorts, InterGlobe Aviation
Stocks to focus for intraday Short
Bharti Airtel, Crompton Greaves Consumer
Electricals, Idea Cellular