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Daily Technical Report:13 April 2018

Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Tech-Mahindra-Ltd-17215<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Consultancy-Services-Ltd-5400<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Infosys-Ltd-2806<br>

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Daily Technical Report:13 April 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 Nifty 10,458.65 0.40% 10365 10415 10440 10485 10515 Sensex 34101.13 0.47% 33815 33960 34070 34210 34320 Nifty Daily Chart Comments: Nifty opened with a downward gap however buying momentum at lower levels pulled index higher to end near day's high. Nifty closed at 10459 with a gain of 42 points. On the daily chart the index has formed a solid Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. 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 10470 level it would witness buying which would lead the index towards 10490-10520 levels. Important Supports for the day is around 10430. If index sustains below 10430 then it may witness profit booking which would take the index towards 10400-10380 levels. Nifty is trading above 20, 50 and 100 day SMA's which are important short term moving averages, indicating positive bias in the short to medium 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 10440. If NIFTY trades above this level then we may witness a further rally up to 10485-10515-10560 levels. However, if NIFTY trades below 10440 levels then we may see some profit booking initiating in the market, which may correct up to 10415-10365-10340 levels. Stocks to focus for intraday Long NIITTech, Hexaware, HCL Tech, GodrejInd, TechM, DishTV, TCS, Infy, BEL, KajariaCer, TataElxsi Stocks to focus for intraday Short PFC, TataComm, Fortis, MFSL, JSW Energy, NHPC, Sun TV, ICIL,

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