Technical Research | June 17, 2011
Daily Technical Report
Sensex (17986) / Nifty (5397)
Markets witnessed a gap down opening and traded in a narrow
at current levels. In coming trading session if indices trade below
range with negative bias to close in red. On the sector front,
17959 / 5392 levels then they are likely to test 17900 - 17786
all sectors ended in red. The major losers were IT, Consumer
/ 5360 - 5327 levels. On the other hand, bounce from oversold
Goods, Metals and Consumer Durables which contributed for
territory to the levels of 18120 - 18218 / 5440 - 5471 may
the fall in the indices. The advance decline ratio was in favor of
attract selling pressure.
declining counters (A=1102 D=1765). (Source - Iris software)
Exhibit 1: Nifty Daily Chart
Formation
No prominent pattern formation on the daily chart. However
it must be noted that the indices are now trading below all
short and long term moving averages.
The hourly charts are in oversold territory on account of
selling witnessed in the last hour of trade.
Trading strategy:
Source: Falcon
At present there is no clear candlestick pattern on the daily
chart and the narrow range body indicates cautious approach
Stock Recommendations:
Exhibit 2: Bharti Airtel (June Futures) - Daily Chart
Stock - Bharti Airtel (June Futures)
Action - Sell
Range
:
`373 - 375
Stop Loss :
`378.75
Target
:
`362
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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