Technical Research | July 12, 2011
Daily Technical Report
Sensex (18721) / NIFTY (5616)
Markets opened lower and traded with negative bias throughout
Exhibit 1: Sensex Daily Chart
the day to close in red. On the sector front, Realty IT, Metal and
Bankex contributed for the fall in the indices. FMCG, Consumer
Durable and Oil & Gas ended up with minor gains. The
advance decline ratio was in favor of declining counters
(A=1324 D=1568). (Source - Iris software)
Formation
On the Daily chart, indices have tested the important support
zone of 18675 - 18700 / 5600 - 5610 levels and managed to
Source: Falcon
close above it.
up to 18851 - 18905 / 5655 - 5671 levels cannot be ruled out
Trading strategy:
as prices are in oversold territory on the hourly charts. Any
It must be noted that considering the price action today,
close below 18675 / 5600 level would led the indices to test
18675 / 5600 is important support level. An intraday bounce
18527 - 18223 / 5558 - 5468 levels.
Stock Recommendations:
Exhibit 2: REC LTD (July Futures) - Daily Chart
Stock - REC LTD (July Futures)
Action - Sell
Range
:
`205.50 - 206.50
Stop Loss :
`208.80
Target
:
`195.00
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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