Daily Technical Report:28 December 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,779.80 0.47% 10725 10750 10795 10820 10865 Nifty 35807.28 0.44% Sensex 35620 35710 35875 35970 36135 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 10780 with a gain of 50 points. On the daily chart index has formed a bearish candle however it manages to maintain higher High-low compare to previous session indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 10850 levels it would witness buying which would lead the index towards 10900-10950 levels. However if index breaks below 10750 level it would witness selling which would take the index towards 10700-10650 levels. Nifty is trading above 20 and 50 day SMAs which are important short term moving averages, indicating positive bias in the short to medium term. Nifty continues to remain in a downtrend in the short term, so exit on small pullback rallies to be our preferred strategy. The daily strength indicator RSI is marginally below its reference line while momentum oscillator Stochastic has turned positive indicating positive bias. The trend deciding level for the day is 10795. If NIFTY trades above this level then we may witness a further rally up to 10820-10865-10890 levels. However, if NIFTY trades below 10795 levels then we may see some profit booking initiating in the market, which may correct up to 10750-10725-10680 levels

2. Stocks to focus for intraday Long Adaniports, Hindunilvr, Infratel, Powergrid, Techm, Zeel Stocks to focus for intraday Short Coalindia, Heromotoco, Sunpharma, Tatamotors, Tatasteel