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Weekly Technical Report :03 September 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/Aurobindo-Pharma-Ltd-4666<br>https://simplehai.axisdirect.in/share-stock-prices/nse/Asian-Paints-Ltd-34<br>https://simplehai.axisdirect.in/share-stock-prices/nse/CEAT-Ltd-104<br><br>

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Weekly Technical Report :03 September 2018

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  1. Technical View (Equity) Daily call Index CMP % up/dn S2 S1 P R1 R2 11,680.50 0.03% 11595 11640 11685 11725 11770 Nifty 38645.07 -0.12% Sensex 38405 38525 38680 38800 38960 Nifty Daily Chart Comments: Nifty started the week on positive note and remained consolidated with 11640-11760 throughout the week indicating lack of strength on either side. Nifty closed at 11681 with a gain of 124 points on a weekly basis. On the weekly chart index has formed a bullish candle forming higher High-Low formation indicating positive bias. . The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 11760 level it would witness buying which would lead the index towards 11800-11900 levels. However if index breaks below 11660 level it would witness selling which would take the index towards 11580-11500. Nifty is trading above 20 , 50 and 100 day SMA's which is important short term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 11500-11800 with a mixed bias. The weekly strength indicator RSI is moving upwards and is quoting 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 11685. If NIFTY trades above this level then we may witness a further rally up to 11725-11770-11815 levels. However, if NIFTY trades below 11685 levels then we may see some profit booking initiating in the market, which may correct up to 11640-11595-11550 levels Stocks to focus for intraday Long Ajantpharma, AsahiIndia, Auropharma, Bajaj- Auto, Cadila, CCL Stocks to focus for intraday Short AsianPaint, Reliance Bajaj-Finance,Ceatltd,Gail, M&M,

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