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Daily Technical Report:27 June 21018

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/Coal-India-Ltd-12019<br>

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Daily Technical Report:27 June 21018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,769.15 0.06% 10695 10735 10770 10805 10840 Nifty 35490.04 0.06% Sensex 35205 35345 35480 35625 35760 Nifty Daily Chart Comments: Nifty opened on a negative note and traded with extreme volatility ahead to June F&O series expiry. Nifty closed at 10769 with a gain of 7 points. On the daily chart Nifty has formed a small bullish candle carrying long upper shadow indicating resistance as well as selling pressure at higher levels. It has also formed lower High-Low compare to previous session indicating negative bias. It was the 9th consecutive session that index has extended its consolidation within 10840-10700 levels representing short term sideways trend and hence any either side breakout of range will signal further direction. The chart pattern suggests that if Nifty crosses and sustains above 10780 levels it would witness buying which would lead the index towards 10810-10850 levels. Important Supports for the day is around 10740 However if index sustains below 10740 then it may witness profit booking which would take the index towards 10700-10680 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 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 10770. If NIFTY trades above this level then we may witness a further rally up to 10805-10840-10880 levels. However, if NIFTY trades below 10770 levels then we may see some profit booking initiating in the market, which may correct up to 10735-10695-10660 levels Stocks to focus for intraday Long Hexaware, BataInd.,Marico, GodrejCp, CoalInd. Mcdowell, MuthootFin, Stocks to focus for intraday Short Dbl, Vguard, Endurance, BalkrishnaInd., Jswsteel, Rkforge, Srtransfin

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