1 / 1

Daily Technical Report:02 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/Coal-India-Ltd-12019<br>

axisdirectofficial
Download Presentation

Daily Technical Report:02 August 2018

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,346.20 -0.09% 11275 11310 11350 11385 11425 Nifty 37521.62 -0.23% Sensex 37275 37400 37555 37680 37835 Nifty Daily Chart Comments: NIFTY opened on a flat note and continued its previous session’s positive movement in initial hour, However profit booking around 11390 levels dragged index lower to close in red. Nifty closed at 11346 with a loss of 10 points. On the daily chart Nifty has formed a bearish candle carrying upper shadow indicating resistance at higher levels. . The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Nifty closed at eight session’s up sloping Trendline support zone of 11310 levels and any violation of this will cause further profit booking towards 11280-11250 levels. The chart pattern suggests that if Nifty crosses and sustains above 11350 level it would witness buying which would lead the index towards 11380-11420 levels. Important Supports for the day is around 11300 However if index sustains below 11300 then it may witness profit booking which would take the index towards 11270-11240 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 11350. If NIFTY trades above this level then we may witness a further rally up to 11385-11425-11465 levels. However, if NIFTY trades below 11350 levels then we may see some profit booking initiating in the market, which may correct up to 11310-11275-11235 levels Stocks to focus for intraday Long Idbi, Kpit, ParagMilk, Allcargo, Timken, CoalInd., SunTV, Petronet Stocks to focus for intraday Short Tataglobal, Relinfra, Suven, LTI, Irb, Lichsgfin, Maruti, Dhfl

More Related