Technical Research | July 15, 2011
Daily Technical Report
Sensex (18618) / NIFTY (5599)
Markets opened lower and traded with extreme volatility to close
Exhibit 1: Sensex Daily Chart
marginally in red. On the sector front, Realty, Bankex and
Healthcare were among the gainers whereas IT and FMCG
ended on the losing side. The advance decline ratio was in
favor of Advancing counters (A=1606 D=1252).
(Source - Iris software)
Formation
On the Daily chart, prices have tested the downward gap
area of 18679 - 18589 / 5601 - 5580 levels but have not
Source: Falcon
closed above it.
Trading strategy:
The current price action suggests that immediate resistance for
the coming trading session is at 18735 / 5633 level .If indices
trade above this level then there is a high probability that it
could resume the upward momentum and they may test
18803 - 18950 / 5654 - 5700 levels. On the downside,
18449 / 5541 remains crucial support if breached then indices
could test prior low of 18326 / 5496 or even test
18276 / 5450 levels.
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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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