Daily Technical Report:14 June 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,856.70 0.13% 10815 10835 10865 10885 10915 Nifty 35739.16 0.13% Sensex 35615 35680 35780 35840 35940 Nifty Daily Chart Comments: Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 10857 with a gain of 14 points. On the daily chart the index has formed a small Bearish candle with lower shadow indicating buying support at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 10870 level it would witness buying which would lead the index towards 10900-10920 levels. Important Supports for the day is around 10830 However if index sustains below 10830 then it may witness profit booking which would take the index towards 10800-10770 levels. Nifty is trading above 20, 50 and 100 day SMA's 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 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 are flat above their reference line indicating absence of strength and a possible consolidation in the near term. The trend deciding level for the day is 10865. If NIFTY trades above this level then we may witness a further rally up to 10885-10915-10935 levels. However, if NIFTY trades below 10865 levels then we may see some profit booking initiating in the market, which may correct up to 10835-10815-10785 levels Stocks to focus for intraday Long SBIN, BALKRISHNA, TITAN , Lupin, TCS BANKBARODA, IDFCBANK, Stocks to focus for intraday Short VEDL, BAJFINANCE