Daily Technical Report:04 April 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,245.00 0.33% 10140 10190 10225 10275 10310 Nifty 33370.63 0.35% Sensex 33060 33215 33310 33465 33560 Nifty Daily Chart Comments: Nifty opened with downward gap and extended its down move in initial hours making day low around 10170 however buying support at lower levels recovered most of the earlier losses to end near day's high. Nifty closed at 10245 with a gain of 33 points. On the daily chart index has formed a sizable bullish candle forming higher High-Low compare to previous session and has closed above previous session's high indicating positive bias. The index continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 10250 levels it would witness buying which would lead the index towards 10280-10310 levels. Important Supports for the day is around 10210 However if index sustains below 10210 then it may witness profit booking which would take the index towards 10180-10150 levels. Nifty is trading above 20 day SMA's which indicating positive bias in the short term. Nifty continues to remain in an uptrend in the long term, so accumulation on dips and near major support zone continues to be our preferred strategy. The daily 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 10225. If NIFTY trades above this level then we may witness a further rally up to 10275-10310-10360 levels. However, if NIFTY trades below 10225 levels then we may see some profit booking initiating in the market, which may correct up to 10190-10140-10110 levels Stocks to focus for intraday Long BalkrisInd., Uflex, Jindalsaw, Icicipruli, Star, Sail, Jswsteel, DivisLab Stocks to focus for intraday Short TechM, Titan