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Weekly Technical Report :16 July 2018

Weekly Technical Report :16 July 2018

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Weekly Technical Report :16 July 2018

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  1. Technical View (Equity) Weekly call Index CMP % up/dn S2 S1 P R1 R2 11,018.90 -0.04% 10960 10990 11030 11060 11100 Nifty 36541.63 -0.02% Sensex 36355 36450 36595 36685 36835 Nifty Weekly Chart Comments: Nifty started the week with an upward gap and buying momentum for most part of the week led it to close in positive territory. Nifty closed at 11019 with a gain of 246 points on a weekly basis. On the weekly chart index has formed a bullish candle forming higher High-Low formation compare to previous week indicating positive bias. Since past 3 months index was consolidating within broad range of 10850-10530 levels however in this week Nifty closed with a gain of 2.31% breaking its consolidation phase by crossing 10850 levels which indicates bullish sentiments ahead. The index continues to move in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11050 levels it would witness buying which would lead the index towards 11130- 11200 levels. However if index breaks below 10980 level it would witness profit booking which would take the index towards 10900-10860 levels. Nifty is trading above 20, 50 and 100 day SMA's which is important short term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 11200-10900 with a mixed bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias. However momentum oscillator Stochastic has turned flat indicating lack of momentum and possible consolidation or a down move can be seen in the near term. The trend deciding level for the day is 11030. If NIFTY trades above this level then we may witness a further rally up to 11060-11100-11130 levels. However, if NIFTY trades below 11030 levels then we may see some profit booking initiating in the market, which may correct up to 10990-10960-10915 levels Stocks to focus for intraday Long Titan, CCL, Escorts, PEL, Rallis, Fortis, Bajfinance Stocks to focus for intraday Short Balkrishna, Bhartiartl, Grasim, ITC, M&M, Torntpharm

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