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Daily Technical Report:01 August 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/DLF-Ltd-6890<br>

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Daily Technical Report:01 August 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,356.50 0.33% 11230 11295 11330 11390 11430 Nifty 37606.58 0.30% Sensex 37170 37390 37515 37735 37860 Nifty Daily Chart Comments: Nifty opened with downward gap and witnessed some profit booking in initial hours making day’s low around 11270 levels however buying support at lower levels recovered most of the earlier losses to end near day's high. Nifty closed at 11357 with a gain of 37 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 11370 levels it would witness buying which would lead the index towards 11400-11430 levels. Important Supports for the day is around 11330 levels. However if index sustains below 11330 then it may witness profit booking which would take the index towards 11300-11280 levels. Nifty is trading above 20, 50 and 100 day SMAs 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 continue to remain in positive terrain indicating sustained strength whereas momentum oscillator Stochastic continue to remain flat indicating a possible consolidation in the near term. The trend deciding level for the day is 11330. If NIFTY trades above this level then we may witness a further rally up to 11390-11430-11490 levels. However, if NIFTY trades below 11330 levels then we may see some profit booking initiating in the market, which may correct up to 11295-11230-11195 levels. Stocks to focus for intraday Long Avantifeed, Bharatforg, Britannia, Cox&kings, Dlf, Emamiltd, Exideind, Hindunilvr Stocks to focus for intraday Short Bankindia, Centurytex, Dhfl, Ujjivan Canfinhome, Cdsl, Centralbk,

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