Daily Technical Report:13 November 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,482.20 -0.97% 10350 10415 10530 10595 10710 Nifty 34812.99 -0.98% Sensex 34390 34600 34970 35180 35545 Nifty Daily Chart Comments: Nifty opened with an upward gap and witnessed consolidation in initial hours. However selling pressure in second half dragged index lower to close near the day's low. Nifty closed at 10482 with a loss of 103 points. On the daily chart index has formed a sizable bearish candle and closed below previous session's low indicating negative bias. From the last six sessions Nifty is consolidating in the range of 10450-10650 levels. Any side breakout will give signal for further direction of Nifty. The chart pattern suggests that if Nifty breaks and sustains below 10450 levels it would witness selling which would lead the index towards 10400-10300 levels. However if index crosses above 10550 level it would witness pullback rally which would take the index towards 10600-10700. Nifty is trading above 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in a downtrend in the short term, so exit on small pullback rallies to be our preferred strategy. The daily strength indicator RSI is marginally above its reference line indicating absence of strength and momentum oscillator Stochastic has turned negative indicating a possible consolidation or a downward move in the near term. The trend deciding level for the day is 10530. If NIFTY trades above this level then we may witness a further rally up to 10595-10710-10780 levels. However, if NIFTY trades below 10530 levels then we may see some profit booking initiating in the market, which may correct up to 10415-10350-10235 levels. Stocks to focus for intraday Long Alkem, Cumminsind, Emamiltd, Jublfood, Titan Stocks to focus for intraday Short Acc, Bankbaroda, Vedl Amarajabat, Bajaj-auto, Bajajfinsv,