Technical Research | July 7, 2011
Daily Technical Report
Sensex (18727) / NIFTY (5625)
Markets opened on a flat note and traded with choppiness to
Exhibit 1: Sensex Daily Chart
close marginally in red. On the sector front, Consumer Durables,
Consumer Goods and Auto were among the gainers whereas
Bankex, PSU and Healthcare ended up with minor losses. The
advance decline ratio was in favor of advancing counters
(A=1502 D=1412). (Source - Iris software)
Formation
On the daily chart, for third consecutive trading session we
are observing a narrow range body formation which reflects
Source: Falcon
consolidation of previous gains.
formed on 29th June. On the upside, in coming trading session
Trading strategy:
if indices manage to trade above 18838 / 5660 levels then
In view of the above formation, we maintain our previous day
they are likely to resume the uptrend and test 19000 - 19155 /
stance that at present, the immediate support for the indices is
5700 - 5750 levels.
the upward gap area zone of 18552 - 18527 / 5566 - 5558
Stock Recommendations:
Exhibit 2: Tata Motors (July Futures) - Daily Chart
Stock - Tata Motors (July Futures)
Action - Buy
Range
:
`1010.00 - 1009
Stop Loss :
`997.75
Target
:
`1040.00
Source: Falcon
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Mileen Vasudeo
Technical Analyst
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Research Team: 022-3952 6600
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