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Daily Technical Report:14 August 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/Wipro-Ltd-614<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Asian-Paints-Ltd-34

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Daily Technical Report:14 August 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,355.75 -0.65% 11300 11330 11365 11395 11435 Nifty 37644.9 -0.59% Sensex 37430 37535 37670 37775 37910 Nifty Daily Chart Comments: Nifty opened with a downward gap and witnessed pullback rally at lower levels however selling pressure at higher levels dragged index to close in negative territory. Nifty closed at 11356 with a loss of 74 points. The daily price action has formed small bearish candle forming lower High-Low formation and has closed below previous session’s low indicating further negative bias. The index is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating shift of short term trend towards downside. On the daily chart Nifty has violated its three weeks up sloping Trendline support of 11430 on closing basis which signals weakness in short trend. The chart pattern suggests that if Nifty crosses and sustains above 11400 levels it would witness buying which would lead the index towards 11450-11480 levels. Important Supports for the day is around 11340 However if index sustains below 11340 then it may witness profit booking which would take the index towards 11300-11280 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 short and medium term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI and momentum oscillator Stochastic have both turned negative from the overbought zone and are below their respective reference lines indicating negative bias. The trend deciding level for the day is 11365. If NIFTY trades above this level then we may witness a further rally up to 11395-11435-11460 levels. However, if NIFTY trades below 11365 levels then we may see some profit booking initiating in the market, which may correct up to 11330-11300-11265 levels Stocks to focus for intraday Long Astral ,BataInd, Infy, EihHotel, Mindtree , Wipro Stocks to focus for intraday Short Bse, CanFin, JK Cement, GodrejInd., IndCement, Bpcl, Asianpaint

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