Technical Research | August 5, 2011
Daily Technical Report
Sensex (17693) / NIFTY (5332)
Markets opened on a flat note and traded in a narrow range
Exhibit 1: Sensex Daily Chart
during the first half of the session but selling pressure intensified
in the second half which dragged indices to close in the negative
territory. On the sector front, Realty, Auto, FMCG and
Metal were among the major losers. The advance decline
ratio was in favor of declining counters (A=1127 D=1705).
Formation
No major formation is seen on the chart.
Source: Falcon
Trading strategy:
Markets opened with a neutral bias and showed some early
signs of recovery from the support level 18000 / 5400. However
during the second half immense selling pressure was witnessed
after the violation of the low of "Bullish Hammer" formation. If
Indices trade below today's low of 17665 / 5323 then they
may test the immediate support level of 17480 / 5250. On the
upside, 17860 / 5378 level may act as a resistance for the
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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