Technical Research | July 21, 2011
Daily Technical Report
Sensex (18502) / NIFTY (5567)
Markets opened with an upside gap and registered a high of
Exhibit 1: Sensex Daily Chart
18766 / 5645 but selling pressure intensified in the second
half which dragged indices to close near the support level of
18470 / 5550 level. On the sector front, Power, Healthcare
and Capital Goods were among the major losers whereas
FMCG sector ended with a marginal gain. The advance decline
ratio was in favor of declining counters (A=1195 D=1696).
Formation
Source: Falcon
No major formation is seen on the chart
Trading strategy:
Markets opened higher but in spite of positive global cues, failed
to sustain at higher levels and lost early gains due selling
pressure in the second half. The trading range for the indices
is 18766 - 18470 / 5645 - 5550 levels. Today's high of
18766 / 5645 may act as a resistance for coming trading
session. On the downside, if 18470 / 5550 level is breached
then selling pressure is likely to intensify and indices then may
test 18326 / 5496 level.
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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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