Daily Technical Report:29 November 2018

1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 10,728.85 0.40% 10670 10700 10730 10760 10785 Nifty 35716.95 0.57% Sensex 35500 35605 35715 35825 35930 Nifty Daily Chart Comments: NIFTY opened with an upward gap and remained lacklustre within narrow trading range throughout the day. Nifty closed at 10729 with a gain of 43 points. On the daily chart the index has formed a small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. There is a stiff resistance placed at 10750 levels, if Nifty breaks this level then further upside can be expected in Nifty. The chart pattern suggests that if Nifty crosses and sustains above 10750 levels it would witness buying which would lead the index towards 10800-10850 levels. However if index breaks below 10700 level it would witness selling which would take the index towards 10650-10600. Nifty is sustaining above its 20 and 50 day SMAs which signals bullish sentiments in near term. The daily strength indicator RSI and momentum oscillator Stochastic both are moving upwards and are above their respective reference lines indicating positive bias. The trend deciding level for the day is 10730. If NIFTY trades above this level then we may witness a further rally up to 10760-10785-10815 levels. However, if NIFTY trades below 10730 levels then we may see some profit booking initiating in the market, which may correct up to 10700-10670-10640 levels Stocks to focus for intraday Long Hdfc, Hdfcbank, Indusindbk, Reliance, Tcs, Zeel Stocks to focus for intraday Short Asianpaint, Tatamotors Bhartiartl, Gail, Hindpetro,