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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\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Consultancy-Services-Ltd-5400\nhttps://simplehai.axisdirect.in/share-stock-prices/nse/Lupin-Ltd-3026

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technical view equity

Technical View (Equity)

Daily call

Index

CMP

% up/dn

S2

S1

P

R1

R2

11,130.40

0.55%

11030

11080

11125

11175

11220

Nifty

36283.25

0.65%

Sensex

35925

36105

36275

36455

36625

Nifty Daily Chart

Comments:

Nifty opened with an upward gap and extended bullish sentiments in first hour registering a new high at

11171 levels however some profit booking at higher levels led index to close around 11130 with a gain

of 61 points.

On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to

previous session and has closed above previous session's high 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 11160 levels it would witness buying

which would lead the index towards 11190-11210 levels. Important support for the day is around 11100

However if index sustains below 11100 then it may witness profit booking which would take the index

towards 11070-11050 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 is moving upwards and above its reference line indicating positive bias.

However momentum oscillator Stochastic has turned negative from the overbought zone indicating a

possible consolidation or a down move in the near term

The trend deciding level for the day is 11125. If NIFTY trades above this level then we may witness a

further rally up to 11175-11220-11270 levels. However, if NIFTY trades below 11125 levels then we may

see some profit booking initiating in the market, which may correct up to 11080-11030-10985 levels.

Stocks to focus for intraday Long

Infratel, Maruti, Hdfc, Tcs, Heromotoco, Ioc,

Pidilitind, Tatasteel, Bajajauto

Stocks to focus for intraday Short

Rkforge, Aplapollo, Lupin, Mcdowell