Daily Technical Report:23 January 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,966.20 0.66% 10845 10905 10940 11000 11035 Nifty 35798.01 0.81% Sensex 35440 35620 35725 35900 36005 Nifty Daily Chart Comments: NIFTY50 index start the session bit on negative note however buying momentum throughout the session to close on strong note.. Nifty closed at 10966 with a gain of 72 points. On the daily chart the index has formed a long bullish candle forming higher High-Low formation indicating positive bias. 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 10980 level it would witness buying which would lead the index towards 11000-11030 levels. Important Supports for the day is around 10920 However if index sustains below 10920 then it may witness profit booking which would take the index towards 10900-10880 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 10940. If NIFTY trades above this level then we may witness a further rally up to 11000-11035-11095 levels. However, if NIFTY trades below 10940 levels then we may see some profit booking initiating in the market, which may correct up to 10905-10845-10815 levels Stocks to focus for intraday Long Bhel. UBL, Jkil, Reliance, Deepakfert, L&TFH, GodrejInd, Dhfl Stocks to focus for intraday Short Jswenergy, HPCL, Idea, RCF, Dish Tv, DivisLab