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Daily Technical Report:03 April 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/Adani-Ports-&-Special-Economic-Zone-Ltd-21281<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Motors-Ltd-560<br>

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Daily Technical Report:03 April 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,211.80 0.97% 10095 10155 10185 10245 10280 Nifty 33255.36 0.87% Sensex 32890 33070 33180 33365 33470 Nifty Daily Chart Comments: NIFTY opened with an upward gap and observed profit booking in initial hours however strong buying momentum around 10127 levels pulled index higher to close on strong note. Nifty closed at 10212 with a gain of 98 points. The daily price movement has formed a sizable bullish candle and closed above past two session’s high indicating strength ahead. On the hourly chart index has an inverse Head & Shoulder formation with Neckline value of 10220 levels. Hence any sustainable move above this will cause further upside momentum towards 10280-10330 in near term. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 10220 levels it would witness buying which would lead the index towards 10250-10280 levels. Important Supports for the day is around 10180 However if index sustains below 10180 then it may witness profit booking which would take the index towards 10140-10120 levels.. Nifty is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short term. Nifty continues to remain in an uptrend in the long term, so accumulation on dips and near major support zone continues to be our preferred strategy. The daily strength indicator RSI and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias. The trend deciding level for the day is 10185. If NIFTY trades above this level then we may witness a further rally up to 10245-10280-10340 levels. However, if NIFTY trades below 10185 levels then we may see some profit booking initiating in the market, which may correct up to 10155-10095-10060 levels. Stocks to focus for intraday Long Radico, Adaniport, Tatamotors, Arvind MindaInd., Mindtree, Mothersumi, Stocks to focus for intraday Short Pcjweller, Quess

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