Technical Research | June 16, 2011
Daily Technical Report
Sensex (18132) / Nifty (5448)
Markets opened flat note and momentum on the downside
trade below 18121 / 5438 then they are likely to test
intensified as the day progressed which lead the indices to close
18041 - 17903 / 5400 - 5360 level. Since RBI is going to
near days low. On the sector front, Bankex, Realty, IT and Power
announce the monetary policy there is high probability that we
contributed to the fall whereas FMCG and HC ended with minor
may witness volatile session. Hence traders should maintain
losses. The advance decline ratio was in favor of declining
cautious approach and should take directional call after the
counters (A=1206 D=1683). (Source - Iris software)
announcement of the policy.
Exhibit 1: Sensex Hourly Chart
Formation
As shown in the exhibit, on the Hourly chart we are
observing that prices have breached the upward sloping
trendline but have marginally closed above the prior swing low
of 18121 / 5438 level.
Trading strategy:
In view of the above formation, since the prices are in oversold
zone on the hourly charts, a bounce up to 18250 - 18338 /
5480 - 5500 level cannot be ruled out. However, if indices
Source: Falcon
Stock Recommendations:
Exhibit 2: Ambuja Cement (June Futures) - Daily Chart
Stock - Ambuja Cement (June Futures)
Action - Sell
Range
:
`132.50 - 133.50
Stop Loss :
`134.80
Target
:
`125.00
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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