Technical Research | August 3, 2011
Daily Technical Report
Sensex (18110) / NIFTY (5457)
Markets opened weak in-line with the global cues and selling
Exhibit 1: Sensex Daily Chart
pressure dominated through out the day which led the market
to close in the red. On the sector front, Realty, Metal,
Banking and Teck were among the major losers whereas
Oil & Gas ended with a marginal gain. The advance decline
ratio was in favor of declining counters (A=856 D=2008).
Formation
Other than the continuation of a "Lower-Top Lower-Bottom"
Source: Falcon
formation, there is no specific formation seen on the chart.
Trading strategy:
Markets opened on a pessimistic note and breached the
important swing low of 18131/5453. On the Daily chart, in
view of the strong negative momentum in our Benchmark indices
as well as Global indices, we are of the opinion that any
move below 18038 / 5434 level will lead Indices to
test the level of 18000 - 17805 / 5400 - 5345. On the upside,
18220-18350 /5490 - 5530 levels may act as resistance for
the day.
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Research Team: 022-3952 6600
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