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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

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Presentation Transcript
technical view equity

Technical View (Equity)

Daily call

Index

CMP

% up/dn

S2

S1

P

R1

R2

Nifty

10,454.95

-1.15%

10360

10410

10445

10490

10525

Sensex

34005.76

-1.18%

33755

33880

33975

34100

34195

Nifty Weekly Chart

Comments:

Nifty started the week on a negative note and remained negative throughout the week. Nifty closed at

10455 with a loss of 306 points on a weekly basis.

On the weekly chart the index has formed a bearish candle with a long lower shadow indicating buying

at lower levels. The index continues to move in a Higher Top and Higher Bottom formation on the

weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above

10500 level then it would witness buying which would lead the index towards 10600-10680 levels.

However if index breaks below 10370 level then it would witness selling which would take the index

towards 10330-10280. Nifty is trading below 20 day SMA's which is 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. For the week, we expect Nifty

to trade in the range of 10600-10300 with mixed bias.

The weekly 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 10445. If NIFTY trades above this level then we may witness a

further rally up to 10490-10525-10575 levels. However, if NIFTY trades below 10445 levels then we may

see some profit booking initiating in the market, which may correct up to 10410-10360-10325 levels.

Ashoka Buildcon, Castrol India, Gulf Oil

Lubricants, IPCA Laboratories, Polaris Consulting

& Services, TV Today Network

Stocks to focus for intraday Long

Glenmark Pharmaceuticals, GlaxoSmithKline

Consumer Healthcare,Lakshmi Vilas Bank, Natco

Pharma, PI Industries, Wipro

Stocks to focus for intraday Short