1 / 1

Weekly Technical Report :09 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/Bharat-Petroleum-Corporation-Ltd-2290

axisdirectofficial
Download Presentation

Weekly Technical Report :09 April 2018

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Technical View (Equity) Weekly call Index CMP % up/dn S2 S1 P R1 R2 10,331.60 0.06% 10265 10300 10325 10360 10385 Nifty 33626.97 0.09% Sensex 33410 33520 33610 33715 33805 Nifty Weekly Chart Comments: Nifty started the week on a flat note and traded with extreme volatility on either side during the week. However last couple of session's recovery led it close on strong note. Nifty closed at 10332 with a gain of 218 points on a weekly basis. On the weekly chart the index has formed a long bullish candle forming higher High-low compare to previous week and has closed above its high indicating positive bias. In previous week Index has formed a "Bullish Harami" Pattern which signals short term trend reversal. With current week's positive close has confirmed the above said pattern indicating this pullback rally to continue in near term. The chart pattern suggests that if Nifty crosses and sustains above 10350 level it would witness buying which would lead the index towards 10430-10550 levels. However if index breaks below 10210 level it would witness selling which would take the index towards 10100-10030. On the daily chart, Nifty is now well placed above its 20 day SMA indicating positive bias in the short 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 10550-10230 with a positive bias. The weekly 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 10325. If NIFTY trades above this level then we may witness a further rally up to 10360-10385-10415 levels. However, if NIFTY trades below 10325 levels then we may see some profit booking initiating in the market, which may correct up to 10300-10265-10240 levels Stocks to focus for intraday Long Trent, Pnb, Jublfood, Federal Bk., Mindtree, Radico, Bpcl, Coromendel Stocks to focus for intraday Short Bhartiartl, Idea, Thermax, Infy

More Related