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Daily Technical Report:12 April 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>https://simplehai.axisdirect.in/share-stock-prices/nse/Vedanta-Ltd-502<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Sun-Pharmaceuticals-Industries-Ltd-4325<br>

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Daily Technical Report:12 April 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,417.15 0.14% 10330 10370 10400 10445 10475 Nifty 33940.44 0.18% Sensex 33660 33800 33890 34030 34120 Nifty Daily Chart Comments: Nifty opened with an upward gap and witnessed selling for most part of the session. However last hour pullback action pulled index higher to close on flat note. Nifty closed at 10417 with a gain of 15 points. On the daily chart the index has formed a Bearish candle with long lower shadow indicating buying support at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 10430 levels it would witness buying which would lead the index towards 10460-10480 levels. Important Supports for the day is around 10380 However if index sustains below 10380 then it may witness profit booking which would take the index towards 10350-10330 levels. Since past couple of sessions Nifty facing stiff hurdle around 10430-10440 levels which also coincides with 50 (10425) and 100 (10440) levels hence any decisive breakout above this supply zone will cause further strength towards 10480- 10520 levels in near 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 positive and are above their respective reference lines indicating positive bias. The trend deciding level for the day is 10400. If NIFTY trades above this level then we may witness a further rally up to 10445-10475-10520 levels. However, if NIFTY trades below 10400 levels then we may see some profit booking initiating in the market, which may correct up to 10370-10330-10300 levels. Stocks to focus for intraday Long VEDL, Ubl, Rec Ltd., Jublfood, Sunpharma, Apollohosp, Titan, DBL Stocks to focus for intraday Short Mrpl, Rain, TvsMot, Gail, Krbl

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