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Daily Technical Report:05 July 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>

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Daily Technical Report:05 July 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,769.90 0.65% 10640 10705 10740 10805 10840 Nifty 35645.4 0.75% Sensex 35185 35415 35540 35770 35900 Nifty Daily Chart Comments: Nifty opened with an upward gap and witnessed consolidation for most part of the session. However last hour pullback action pulled index higher to close near the day's high. Nifty closed at 10770 with a gain of 70 points. On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to previous session and has closed above past three session’s resistance zone of 10740 on closing basis indicating short term breakout. With current close Nifty is approaching towards its four weeks down sloping Trend line resistance of 10780 levels hence any decisive close above the same will cause further strength. The chart pattern suggests that if Nifty crosses and sustains above 10800 levels it would witness buying which would lead the index towards 10830-10880 levels. Important Supports for the day is around 10740 However if index sustains below 10740 then it may witness profit booking which would take the index towards 10700-10650 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 a downtrend in the short to medium term, so selling on rallies 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 10740. If NIFTY trades above this level then we may witness a further rally up to 10805-10840-10905 levels. However, if NIFTY trades below 10740 levels then we may see some profit booking initiating in the market, which may correct up to 10705-10640-10605 levels DBL, APLAPOLO , Bharatfrge, Hdfc, HUL, Drreddy, Escorts Stocks to focus for intraday Long HPCL,vguard, Bombaydye LIC, KarurvysyaBk, Dabur, Stocks to focus for intraday Short

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