Daily Technical Report:03 January 2019

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,792.50 -1.08% 10645 10720 10810 10880 10970 Nifty 35891.52 -1.00% Sensex 35450 35670 35955 36175 36455 Nifty Daily Chart Comments: Nifty opened with downward gap and selling pressure throughout the session led it to close on a weak note. Nifty closed at 10793 with a loss of 118 points. On the daily chart index has formed a sizable bearish candle forming lower High-Low compare to previous session and has closed below previous session's low indicating negative bias. Nifty has again witnessed selling pressure at its crucial levels of around 10900 and these levels will remain crucial in near term. The chart pattern suggests that if Nifty breaks and sustains below 10750 levels it would witness selling which would lead the index towards 10700-10650 levels. However if index crosses above 10850 level it would witness pullback rally which would take the index towards 10900-10950 levels. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages, indicating positive bias in the short to medium term. The daily 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 10810. If NIFTY trades above this level then we may witness a further rally up to 10880-10970-11040 levels. However, if NIFTY trades below 10810 levels then we may see some profit booking initiating in the market, which may correct up to 10720-10645-10560 levels

2. Stocks to focus for intraday Long Asianpaint, Icicibank, Infratel, Sunpharma, Tcs Stocks to focus for intraday Short Adaniports, Bajaj-auto, Cipla, Coalindia, Gail