Technical Research | August 4, 2011
Daily Technical Report
Sensex (17941) / NIFTY (5405)
Markets opened with a downside gap and traded in a narrow
Exhibit 1: Sensex Daily Chart
range throughout the session to give a close near the important
support level of 18000 / 5400. On the sector front, Consumer
Goods, Auto and Health Care were among the major losers
whereas Metal counters ended with a marginal gain. The
advance decline ratio was in favor of declining counters
Formation
The Daily chart depicts a Japanese candlestick pattern which
Source: Falcon
resembles "A Bullish Hammer". This pattern needs a
confirmation.
Trading strategy:
For the second consecutive session, our Benchmark indices
opened lower in-line with Global cues. Looking at the hourly
chart, it seems that markets found some support near 61.8%
Fibonacci Retracement level of 18000 / 5400. On the Daily
chart, we are witnessing a pattern which resembles "A Bullish
Hammer". This pattern will be confirmed ONLY if indices cross
yesterday's high of 18006 / 5423. In this scenario, indices may
test 18080 - 18150 / 5445 - 5465 levels. Any close above
these levels, indices may test 18440 / 5552 level. On the
downside, 17859 - 17800 / 5378 - 5345 levels may act as
support for coming trading session.
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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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