Technical Research | June 15, 2011
Daily Technical Report
Sensex (18309) / Nifty (5500)
Markets opened higher and traded in a narrow range
sloping trend line and trade above 18380 / 5520 levels then
throughout the day to close marginally in green. On the sector
they are likely to test 18545 - 18630 / 5570 - 5600 levels. On
front, Consumer Goods, Power and FMCG were among the
the downside, 18240 - 18120 - 17940 / 5470 - 5436 - 5400
gainers whereas Consumer Durable, Oil & GAS and Auto ended
are support levels for the day.
with minor losses. The advance decline ratio was in favor of
Exhibit 1: Sensex Hourly Chart
advancing counters (A=1627 D=1249). (Source - Iris software)
Formation
As shown in the exhibit, on the Hourly chart we are
observing that prices after taking support at 61.8% Fibonacci
retracement level have managed to close higher. Presently the
indices face minor resistance at the downward sloping trend
line.
Trading strategy:
Source: Falcon
The current price action on the Hourly charts suggests that on
the upside, if indices cross the resistance of the downward
Stock Recommendations:
Exhibit 2: Ranbaxy (June Futures) - Hourly Chart
Stock - Ranbaxy (June Futures)
Action - Buy
Range
:
`544.50 - 543.50
Stop Loss :
`538.45
Target
:
`560.00
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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