Daily Technical Report:15 May 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,806.60 0.00% 10745 10775 10805 10835 10865 Nifty 35556.71 0.06% Sensex 35365 35460 35550 35645 35740 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained lackluster within narrow trading range throughout the day which led it to close at 10807 on flat note. On the daily chart the index has formed a small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. 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 10820 levels it would witness buying which would lead the index towards 10850-10880 levels. Important Supports for the day is around 10770 However if index sustains below 10770 then it may witness profit booking which would take the index towards 10750-10720 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 have both turned positive and are above their respective reference lines indicating positive bias The trend deciding level for the day is 10805. If NIFTY trades above this level then we may witness a further rally up to 10835-10865-10895 levels. However, if NIFTY trades below 10805 levels then we may see some profit booking initiating in the market, which may correct up to 10775-10745-10715 levels Stocks to focus for intraday Long PrajInd., Edelweiss, Indigo, IndusindBank, Jswsteel, Igl, Infy Stocks to focus for intraday Short Dlf, Divislab, Centurytext, Ujjivan, Mindtree, Jublfood