Daily Technical Report:11 July 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,947.25 0.87% 10845 10895 10925 10975 11005 Nifty 36239.62 0.85% Sensex 35925 36080 36180 36335 36435 Nifty Daily Chart Comments: Nifty opened with an upward gap and strongbuying led the index upwards to end near the high of the day. Nifty closed at 10947 with a gain of 94 points. On the daily chart the index has formed a sizable bullish candle forming higher High-Low formation compare to previous session indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. Index has also decisively broken out its two months consolidation range and closed above its recent top (May’18) on closing basis which signals bullish sentiments. The bullish gap area formed on 10th July (10876-10860) will now act as crucial support zone. The chart pattern suggests that if Nifty crosses and sustains above 10950 levels it would witness buying which would lead the index towards 10980-11000 levels. Important Supports for the day is around 10830 However if index sustains below 10930 then it may witness profit booking which would take the index towards 10900-10860 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 an uptrend in the short and medium term, so buying on dips 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 10925. If NIFTY trades above this level then we may witness a further rally up to 10975-11005-11055 levels. However, if NIFTY trades below 10925 levels then we may see some profit booking initiating in the market, which may correct up to 10895-10845-10815 levels. Stocks to focus for intraday Long TAKE, COCHINSHIP, DIXON, DLF, INFIBEAM, PRAJIND, BEL, Jubliant Stocks to focus for intraday Short GSKCONS, DHFL, HEROMOTOCO, KPRMILLS APLAPOLLO, AUROPHARMA,