Daily Technical Report:06 April 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,325.15 1.94% 10190 10260 10295 10360 10400 Nifty 33596.8 1.75% Sensex 33130 33365 33500 33735 33870 Nifty Daily Chart Comments: Nifty opened with an upward gap and remained in positive terrain throughout the day. Nifty closed at 10325 with a gain of 197 points. On the daily chart the index has formed a small bullish candle forming higher High-Low formation compare to previous session indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating short term up trend. The chart pattern suggests that if Nifty crosses and sustains above 10330 levels it would witness buying which would lead the index towards 10380-10400 levels. Important Supports for the day is around 10300 However if index sustains below 10300 then it may witness profit booking which would take the index towards 10280-10260 levels. Nifty is sustaining above its 20 day SMA which signals bullish sentiments in near 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 is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term. The trend deciding level for the day is 10295. If NIFTY trades above this level then we may witness a further rally up to 10360-10400-10465 levels. However, if NIFTY trades below 10295 levels then we may see some profit booking initiating in the market, which may correct up to 10260-10190-10155 levels Stocks to focus for intraday Long Jindalstel, BOB, Srtransfin, Dlf, CenturyText, Igl, Dmart, Capf Stocks to focus for intraday Short Cipla