Technical Research | July 11, 2011
Daily Technical Report
Sensex (18858) / NIFTY (5661)
Markets opened on a flat note and traded with choppiness in
Exhibit 1: Sensex Daily Chart
the first half but selling pressure emerged at higher levels which
dragged indices to close near the lowest point of the day. On
the sector front, only Realty sector was the gainer and Metal,
PSU, FMCG, OIL & GAS were among the major losers. The
advance decline ratio was is in favor of declining counters.
(A=1127 D=1757). (Source - Iris software)
Formation
On the Weekly chart, a Bullish Inverse "Head and Shoulder"
Source: Falcon
pattern mentioned in the previous report has not been confirmed
Trading strategy:
yet. Also, we are observing a "Spinning Top" Japanese
candlestick pattern near the trend line resistance, which suggests
Broadly, after a consolidation of three days, markets gave a
indecisiveness at current levels.
sharp upmove on Thursday's trading session, but profit booking
at higher levels led indices to give indecisive closing near the
On the Weekly chart, markets faced resistance near the
trend line resistance. Hence, going forward, the previous week
trend line. This level also coincides with the 200 - day SMA
high of 19132 / 5741 level would act as a resistance level for
placed near 5750.
the markets. If indices manage to close above this level, then
On the other hand, we are observing a positive crossover
they are likely to test 19652 - 20292 / 5895 - 6092 levels. On
in the "RSI - Smoothened" momentum oscillator on the Weekly
the downside, the previous week low of 18682 / 5610 level
chart, which cannot be ignored.
would act as a support level. If indices violate these lows, then
they are likely to test 18527 - 18223 / 5558 - 5468 levels in
the coming trading sessions.
Stock Recommendations:
Exhibit 2: HDIL (NSE Cash)- Daily Chart
Stock - HDIL (NSE Cash)
Action - Buy
Range
:
`169 - 168
Stop Loss :
`163.90
Target
:
`181.00
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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