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Daily Technical Report:20 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/ITC-Ltd-301<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Cipla-Ltd-114<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Adani-Power-Ltd-17808<br>

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Daily Technical Report:20 July 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,957.10 -0.21% 10895 10925 10965 10995 11035 Nifty 36351.23 -0.06% Sensex 36145 36250 36380 36485 36620 Nifty Daily Chart Comments: Nifty opened with an upward gap and witnessed extreme volatility throughout the day. Nifty closed at 10957 with a loss of 23 points. On the daily chart index has formed a bearish candle forming lower High-Low compare to previous session and has closed below previous session's close indicating negative bias. In yesterday’s session Nifty again bounced back from its near term support zone of around 10920-10930 levels. These levels will act as crucial support zone for Nifty in near term. The chart pattern suggests that if Nifty breaks and sustains below 10930 levels it would witness profit booking which would lead the index towards 10900- 10870 levels. However if index crosses above 10980 level it would witness pullback rally which would take the index towards 11000-11050. 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 continues to remain flat below its reference line indicating absence of strength and momentum oscillator Stochastic is moving downwards below its reference line indicating a possible consolidation or a downward move in the near term. The trend deciding level for the day is 10965. If NIFTY trades above this level then we may witness a further rally up to 10995-11035-11070 levels. However, if NIFTY trades below 10965 levels then we may see some profit booking initiating in the market, which may correct up to 10925-10895-10855 levels Stocks to focus for intraday Long Itc, Titan, Adanipower, Reliance, Kscl, Ibventures, Centurytex Stocks to focus for intraday Short Cipla, Lt, Allcargo, Biocon, Bharatforg, Cadilahc, Fsl

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