Weekly Technical Report :18 June 2018

1. Technical View (Equity) Weekly call Index CMP % up/dn S2 S1 P R1 R2 10,817.70 0.09% 10725 10770 10800 10850 10880 Nifty 35622.14 0.06% Sensex 35315 35470 35570 35725 35830 Nifty Weekly Chart Comments: Nifty started the week on a flat note and traded with extreme volatility on either side throughout the week. Nifty closed at 10818 with a gain of 50 points on a weekly basis. On the weekly chart the index has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index is moving 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 10840 levels it would witness buying which would lead the index towards 10900-10960 levels. However if index breaks below 10750 level it would witness selling which would take the index towards 10700-10650. Nifty is now well placed above its 20, 50 and 100 SMA 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 10960-10700 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 10800. If NIFTY trades above this level then we may witness a further rally up to 10850-10880-10930 levels. However, if NIFTY trades below 10800 levels then we may see some profit booking initiating in the market, which may correct up to 10770-10725-10690 levels Stocks to focus for intraday Long Nbventures, Dcmshriram, Bluedart, PEL, Gepil, Tcs, Bergerpaint, UPL, LTI Stocks to focus for intraday Short JpPower, BankBaroda, Hindalco, Irb, Radico, Petronet, Apollotyre