Technical Research | July 20, 2011
Daily Technical Report
Sensex (18654) / NIFTY (5614)
Markets opened on a flat note and traded with choppiness in
Exhibit 1: Sensex Daily Chart
the first half of the session. But in the second half we witnessed
a sharp upside move which led indices to close in
positive territory. On the sector front, Consumer Durables,
IT and Realty were on the gaining side whereas Auto sector
ended with a marginal loss. The advance decline ratio
was in favor of Advancing counters (A=1652 D=1219).
Formation
Source: Falcon
On the Daily chart, we are witnessing a positive crossover
in RSI oscillator, we expect indices to trade with a positive bias
in the RSI momentum oscillator.
if they manage to cross today's high of 18690 / 5628 level. In
Trading strategy:
this case indices may test 18800 - 18930 / 5650 - 5680 levels.
After a range bound movement of nearly 3 - 4 trading sessions,
On the downside, 18470 / 5550 levels may act as a support
NIFTY has managed to give a close marginally above its
for coming trading session.
psychological level of 5600. Looking at the positive crossover
Stock Recommendations:
Exhibit 2: AMBUJA CEMENT (July Futures) - Daily Chart
Stock - AMBUJA CEMENT (July Futures)
Action - Buy
Range
:
`127 - 126.75
Stop Loss :
`125.70
Target
:
`130.00
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: 022-3094 0000
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