Technical Research | June 22, 2011
Daily Technical Report
Sensex (17560) / Nifty (5276)
Markets opened higher and witnessed some degree of pullback
session if indices trade below 17504 / 5257 then it is likely to
where selling emerged and Indices closed marginally in green.
test 17314 - 17295 / 5195 - 5177 levels. Although the short
On the sector front, IT and Oil & Gas were gainers whereas
term trend is negative, a bounce up to 17716 - 17844 / 5321
Realty and Consumer Goods lost ground. The advance decline
- 5360 cannot be ruled out as the oscillators in the hourly chart
ratio was in favor of declining counters (A=1157 D=1687).
are in an oversold zone.
(Source - Iris software)
Exhibit 1: Sensex Daily Chart
Formation
On the daily chart, we are observing an "Inside Day"
formation where the candlestick body falls in the range of the
previous candlestick.
Trading strategy:
In view of the above formation and price trend on the daily
chart, we are observing that negative sentiments still persist
Source: Falcon
and most traders are cautious at current levels. In coming trading
Stock Recommendations:
Exhibit 2: Rel. Infra (June Futures) - Daily Chart
Stock - Rel. Infra (June Futures)
Action - Sell
Range
:
`535 - 542
Stop Loss :
`553
Target
:
`500
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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