Daily Technical Report:17 April 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,528.35 0.46% 10345 10435 10490 10580 10630 Nifty 34305.43 0.33% Sensex 33740 34025 34180 34465 34625 Nifty Daily Chart Comments: Nifty opened with a downward gap however buying momentum at lower levels pulled index higher to end near day's high. Nifty closed at 10528 with a gain of 48 points. On the daily chart index has formed a sizable bullish candle and has closed above previous session's high indicating positive bias. 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 10540 level it would witness buying which would lead the index towards 10580-10610 levels. Important Supports for the day is around 10500 However if index sustains below 10500 then it may witness profit booking which would take the index towards 10480-10450 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 is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term. The trend deciding level for the day is 10490. If NIFTY trades above this level then we may witness a further rally up to 10580-10630-10725 levels. However, if NIFTY trades below 10490 levels then we may see some profit booking initiating in the market, which may correct up to 10435-10345-10295 levels Stocks to focus for intraday Long Arvind, NCC, Bfutility, Indcem., SupremeInd., DivisLab., M&MFin, Heromotoco, Ambujacem Stocks to focus for intraday Short Irb, Tatacomm, Jetairways