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Daily Technical Report:11 January 2019

Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives

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Daily Technical Report:11 January 2019

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,821.60 -0.31% 10770 10795 10830 10855 10885 Nifty 36106.5 -0.29% Sensex 35950 36030 36150 36225 36345 Nifty Daily Chart Comments: Nifty opened on a flat note and witnessed selling pressure in initial hours. However it has remained lacklustre within 10860-10800 levels throughout the session. Nifty closed at 10822 with a loss of 34 points. On the daily chart index has formed a bearish candle however it remained restricted within previous session's High-Low range indicating absence of strength on either side. Nifty is facing stiff resistance at its 100 day SMA which is placed at 10860 levels and these levels will remain crucial in coming sessions. The chart pattern suggests that if Nifty breaks and sustains below 10800 levels it would witness selling which would lead the index towards 10750-10700 levels. However if index crosses above 10850 level it would witness pullback rally which would take the index towards 10900-10930 levels. Nifty is sustaining above its 20 day SMA which signals bullish sentiments in near term. Nifty continues to remain in a downtrend in the short term, so exit on small pullback rallies to be our preferred strategy. The daily strength indicator RSI is marginally above its reference line whereas momentum oscillator Stochastic continues to scale up indicating upside momentum to continue. The trend deciding level for the day is 10830. If NIFTY trades above this level then we may witness a further rally up to 10855-10885-10910 levels. However, if NIFTY trades below 10830 levels then we may see some profit booking initiating in the market, which may correct up to 10795-10770-10740 levels.

  2. Stocks to focus for intraday Long Bajaj-auto, Tatamotors, Titan, Aubank, Ncc Stocks to focus for intraday Short Bajajfinsv, Kotakbank Grasim, Hindalco, Infratel, Ioc,

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