Daily Technical Report:05 June2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,628.50 -0.63% 10520 10575 10670 10725 10825 Nifty 35011.89 -0.61% Sensex 34610 34810 35185 35385 35755 Nifty Daily Chart Comments: Nifty opened with an upward gap however selling pressure from the opening tick led it to close near the day's low. Nifty closed at 10629 with a loss of 68 points. The price action has formed a sizable bearish candle and continues to consolidate in the broad range of 10780 to 10600 levels. Since past three consecutive sessions Nifty failed to cross its multiple resistance zones of 10780-10790 levels which remain a crucial hurdle. On hourly chart index has violated its 8 session’s up-sloping Trend line support indicating weakness on short term degree. The chart pattern suggests that if Nifty crosses and sustains above 10650 levels it would witness buying which would lead the index towards 10680-10720 levels. Important Supports for the day is around 10600 However if index sustains below 10600 then it may witness profit booking which would take the index towards 10570- 10550 levels. Nifty is trading below its 20 day SMA’s which 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 negative and are below their respective reference lines indicating negative bias The trend deciding level for the day is 10670. If NIFTY trades above this level then we may witness a further rally up to 10725-10825-10880 levels. However, if NIFTY trades below 10670 levels then we may see some profit booking initiating in the market, which may correct up to 10575-10520-10425 levels Stocks to focus for intraday Long Gspl, Infy, Engineers Ind., Lupin, Hindalco, Reliance , CastrolInd. Stocks to focus for intraday Short TvsMot, Ibrealest, Escorts, Dlf, AdaniEnt, Dmart, Siemens, Tataglobal