Daily Technical Report:23 May 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,536.70 0.19% 10460 10500 10530 10565 10595 Nifty 34651.24 0.10% Sensex 34450 34550 34650 34755 34855 Nifty Daily Chart Comments: Nifty opened on a flat note and remained in a small range throughout the day. Nifty closed at 10537 with a gain of 20 points. On the daily chart the index has formed a Bullish candle carrying either side shadows indicating extreme volatility. 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 10560 levels it would witness buying which would lead the index towards 10600-10630 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 below 20 day SMA’s which indicating negative bias in the short 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 downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or an up-move in the near term. The trend deciding level for the day is 10530. If NIFTY trades above this level then we may witness a further rally up to 10565-10595-10635 levels. However, if NIFTY trades below 10530 levels then we may see some profit booking initiating in the market, which may correct up to 10500-10460-10430 levels Stocks to focus for intraday Long Dcmshriram, Magma, Jindalsaw, Endurance, Sbin, Jetairways, Manpasand Stocks to focus for intraday Short IOC, KotakBank Ramcocem, Hexaware, Siemens, Itc,