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Daily Technical Report:20 June 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/Jaiprakash-Associates-Ltd-15293<br>

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Daily Technical Report:20 June 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,710.45 -0.83% 10645 10680 10735 10765 10820 Nifty 35286.74 -0.74% Sensex 35060 35175 35365 35475 35665 Nifty Daily Chart Comments: Nifty opened with a downward gap and selling pressure throughout the session dragged it lower to end near lowest point of the day. Nifty closed at 10710 with a loss of 89 points. On the daily chart index has formed a sizable bearish candle forming lower High-Low compare to previous session and has closed below previous session's low indicating negative bias. On the daily chart index has formed a sizable bearish candle and decisively broken down its six session’s multiple support zone of 10760 levels on closing basis indicating further weakness. The index is moving in a lower Top and lower Bottom formation on the hourly chart indicating short term down trend. The chart pattern suggests that if Nifty crosses and sustains above 10740 levels it would witness buying which would lead the index towards 10770-10790 levels. Important support for the day is around 10690 However if index sustains below 10690 then it may witness profit booking which would take the index towards 10650- 10620 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 negative and are below their respective reference lines indicating negative bias. The trend deciding level for the day is 10735. If NIFTY trades above this level then we may witness a further rally up to 10765-10820-10855 levels. However, if NIFTY trades below 10735 levels then we may see some profit booking initiating in the market, which may correct up to 10680-10645-10590 levels Stocks to focus for intraday Long CadilaHc, KSCL, Syngene, Gail, Amarajabat, Mahindracie Stocks to focus for intraday Short Tataglobal, Gnfc, Sunteck, Upl, Raymond, LIC, Bergerpaint, TECHM

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