Daily Technical Report:04 July 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,699.90 0.40% 10600 10650 10680 10730 10765 Nifty 35378.6 0.32% Sensex 35090 35235 35340 35485 35590 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 10700 with a gain of 43 points. On the daily chart the index has formed a small Bullish candle carrying long lower shadow indicating buying support at lower levels. Since past three session’s index is consolidating in the range of 10740- 10600 levels representing short term sideways trend hence any either side decisive breakout will indicate further direction. The chart pattern suggests that if Nifty crosses and sustains above 10720 level it would witness buying which would lead the index towards 10740-10780 levels. Important Supports for the day is around 10680 However if index sustains below 10680 then it may witness profit booking which would take the index towards 10660-10620 levels. Nifty is trading below 20 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy. The daily strength indicator RSI continue to remain in negative zone whereas the momentum oscillator Stochastic is in positive zone indicating possible upside momentum. The trend deciding level for the day is 10680. If NIFTY trades above this level then we may witness a further rally up to 10730-10765-10815 levels. However, if NIFTY trades below 10680 levels then we may see some profit booking initiating in the market, which may correct up to 10650-10600-10565 levels. Stocks to focus for intraday Long Justdial, take, Ajantphar, AplLtd, Auropharma, Repcohome, RblBank, Kpit Stocks to focus for intraday Short VipInd., Carerating, Colpal, Quess