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Weekly Technical Report :02 April 2018

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/Tech-Mahindra-Ltd-17215<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586<br>

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Weekly Technical Report :02 April 2018

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  1. Technical View (Equity) Weekly call Index CMP % up/dn S2 S1 P R1 R2 10,121.30 -0.62% 10065 10095 10125 10155 10185 Nifty 32968.68 -0.62% Sensex 32810 32890 32995 33075 33185 Nifty Weekly Chart Comments: Nifty started the week on a flat note however buying momentum throughout the week led index to end on a strong note. Nifty closed at 10121 with a gain of 123 points on a weekly basis. On the weekly chart index has formed a bullish candle and remained restricted within previous week's High-Low range indicating lack of strength on either side. Since past couple of weeks index is consolidating within 10230-9950 levels indicating short term consolidation. Hence any either side breakout will indicate further direction. The chart pattern suggests that if Nifty crosses and sustains above 10200 levels it would witness buying which would lead the index towards 10250-10360 levels. However if index breaks below 10080 level it would witness selling which would take the index towards 10000-9950. Nifty is trading below 20 ,50 and 100 day SMA's which are important short term moving average, indicating negative bias in the short to medium term. Nifty continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 10360-10050 with a positive bias. The weekly 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 10125. If NIFTY trades above this level then we may witness a further rally up to 10155-10185-10215 levels. However, if NIFTY trades below 10125 levels then we may see some profit booking initiating in the market, which may correct up to 10095-10065-10030 levels Stocks to focus for intraday Long Adanitrans, Irb, Mindaind., TechM, GodrejInd., Endurance, Dcmshriram Stocks to focus for intraday Short Canfinhom, Jetairways, Jswsteel, Bhartiartel, Kpit

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