Daily Technical Report:27 March 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,130.65 1.33% 9895 10010 10080 10195 10265 Nifty 33066.41 1.44% Sensex 32300 32685 32900 33285 33500 Nifty Daily Chart Comments: NIFTY opened on a flat note and remained under pressure in initial hour of trade however buying momentum along with short covering around 9950 levels pulled index higher to close on strong note. Nifty closed at 10131 with a gain of 133 points. The daily price movement sizable bullish candle and covered almost past two sessions losses indicating fastest recovery. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 10150 level it would witness buying which would lead the index towards 10180-10230 levels. Important Supports for the day is around 10090 However if index sustains below 10090 then it may witness profit booking which would take the index towards 10060-10030 levels. Nifty is trading below 20 and 50 day SMA's which are important short term moving averages, 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 and momentum oscillator Stochastic have both turned positive and are above their respective reference lines indicating positive bias. The trend deciding level for the day is 10080. If NIFTY trades above this level then we may witness a further rally up to 10195-10265-10380 levels. However, if NIFTY trades below 10080 levels then we may see some profit booking initiating in the market, which may correct up to 10010-9895-9825 levels Stocks to focus for intraday Long BankBaroda, Justdial, Bajajfin, Ajantapharma, Upl, Ujjivan, Bajajauto Stocks to focus for intraday Short Jkil, Wipro, Bombaydye