Technical Research | July 19, 2011
Daily Technical Report
Sensex (18507) / NIFTY (5567)
Markets opened on a flat note and traded with negative bias in
Exhibit 1: Sensex Daily Chart
a narrow range throughout the day to close marginally in red.
On the sector front, Auto, IT and Healthcare were on the losing
side whereas Realty, Consumer Durable and Metal ended with
marginal gains. The advance decline ratio was in favor of
Advancing counters (A=1591 D=1335). (Source - Iris software)
Formation
On the Daily chart, we are witnessing a narrow range body
formation which indicates indecisiveness prevailing at current
Source: Falcon
level.
Trading strategy:
The current price action suggests indecisiveness prevailing at
current level. Hence, if indices trade above 18622 / 5597 levels
then it may test 5650 - 5680 levels. On the downside,
18326 / 5496 remains crucial support level. If this level is
breached, selling is likely to intensify and Indices may test
18132 / 5434 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
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