Technical Research | July 14, 2011
Daily Technical Report
Sensex (18596) / NIFTY (5585)
Markets opened marginally higher in the wake of positive global
Exhibit 1: Sensex Daily Chart
cues and traded with an upside bias to close just below the
psychological level of 5600. On the sector front, Oil & Gas,
Realty and Auto sectors were among the major gainers. The
advance decline ratio was is in favor of advancing counters.
Formation
There is no particular formation seen on charts
Source: Falcon
Trading strategy:
session. On the upside, if indices trade above these levels then
As expected, 20 Day SMA provided decent support for the
they are likely to test 18780 - 18896 / 5632 - 5660 levels.
market and indices have bounced to mentioned levels of
However, on the downside 18498 / 5556 level may act as a
18550 - 18600 / 5560 - 5580. Yesterday's downside gap area
support for the day.
of 18679 / 5601 may act as a resistance in coming trading
Stock Recommendations:
Exhibit 2: ABG Shipyard (July Futures) - Daily Chart
Stock - ABG Shipyard (July Futures)
Action - Buy
Range
:
`385 - 384
Stop Loss :
`381.45
Target
:
`393.00
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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