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Daily Technical Report:11 October 2018

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Daily Technical Report:11 October 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,460.10 1.54% 10255 10360 10420 10520 10585 Nifty 34760.89 1.35% Sensex 34145 34450 34655 34965 35165 Nifty Daily Chart Comments: Nifty opened with an upward gap and buying momentum throughout the session pulled index higher to end near day's high. Nifty closed at 10460 with a gain of 159 points. On the daily chart the index has formed a sizable Bullish candle forming higher High-Low formation indicating positive bias. In yesterday’s session Nifty crosses 10400 levels which was its immediate resistance and now more recovery can be seen in Nifty for short term. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 10500 levels it would witness buying which would lead the index towards 10600-10680 levels. Important Supports for the day is around 10400 levels. However if index sustains below 10400 levels then it may witness selling which would take the index towards 10300- 10250 levels. Nifty is trading below 20 ,50 and 100 day SMAs which are important short term moving averages, indicating negative bias in the short to medium 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 and momentum oscillator Stochastic have both turned positive from the oversold zone and are above their respective reference lines indicating positive bias The trend deciding level for the day is 10420. If NIFTY trades above this level then we may witness a further rally up to 10520-10585-10685 levels. However, if NIFTY trades below 10420 levels then we may see some profit booking initiating in the market, which may correct up to 10360-10255-10195 levels Stocks to focus for intraday Long Icicibank, Kotakbank, Lt, Zeel, Adaniports, Auropharma Stocks to focus for intraday Short Infratel, Infy, Abb, Tcs, Thyrocare

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