Technical Research | June 14, 2011
Daily Technical Report
Sensex (18266) / Nifty (5483)
Markets opened lower but recovered the losses as the day
trade above 18320 / 5500 levels then they are likely to
progressed to close on a flat note. On the sector front, Consumer
test 18445 - 18545 / 5540 - 5470 levels. On the downside,
Durable, Power and Consumer Goods were among the
18120 - 17940 / 5436 - 5400 may act as support for the day.
gainers whereas Metal, Oil & GAS ended with minor losses.
Exhibit 1: Sensex Hourly Chart
The advance decline ratio was in favor of advancing counters
(A=1463 D=1397). (Source - Iris software)
Formation
As shown in the exhibit, on the Hourly chart we are
observing that indices have taken support at the 61.8% Fibonacci
retracement level. This suggests probable upside in coming
trading session.
Trading strategy:
Source: Falcon
In view of the above formation, indices are likely to trade with
positive bias in coming trading session. On the upside, if indices
Stock Recommendations:
Exhibit 2: BPCL (June Futures) - Hourly Chart
Stock - BPCL (June Futures)
Action - Buy
Range
:
`616.50 - 615.50
Stop Loss :
`610.25
Target
:
`630.00
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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