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Daily Technical Report:18 July 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/Bharat-Petroleum-Corporation-Ltd-2290<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Just-Dial-Ltd-41369<br>

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Daily Technical Report:18 July 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,008.05 0.65% 10890 10950 10985 11045 11075 Nifty 36519.96 0.54% Sensex 36155 36340 36445 36625 36730 Nifty Daily Chart Comments: Nifty opened on a flat note however strong buying momentum from the opening tick led it to end near the day's high. Nifty closed at 11008 with a gain of 71 points. The daily price movement formed a sizable bullish candle and recovered almost past session losses indicating fastest recovery. In past couple of trading session index has marked low around 10920 levels and bounced back sharply hence 10920 levels will act as a near term support zone. The index continues to move in a Higher Top and Higher Bottom formation on the daily chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11020 levels it would witness buying which would lead the index towards 11050-11080 levels. Important support for the day is around 10980 However if index sustains below 10980 then it may witness profit booking which would take the index towards 10950-10930 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 short and medium term, so buying on dips 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 10985. If NIFTY trades above this level then we may witness a further rally up to 11045-11075-11135 levels. However, if NIFTY trades below 10985 levels then we may see some profit booking initiating in the market, which may correct up to 10950-10890-10855 levels. Stocks to focus for intraday Long Bpcl, Heromotoco, M&M, Titan, Albk, Bharatforg, Muthootfin, Bergerpaint, Justdial Stocks to focus for intraday Short Indusindbk, Colpal, Krbl, Marico, Tataelxsi

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