Technical Research | August 23, 2011
Daily Technical Report
Sensex (16342) / Nifty (4899)
Markets opened on a subdued note and traded with
Exhibit 1: Sensex Daily Chart
extreme volatility during the first half but buying emerged in
the second half which pushed indices to close in the positive
territory. On the sector front, Oil & Gas, Power and Metal
counters were among the major gainers whereas IT sector
ended with a marginal loss. The advance decline ratio was
in favor of advancing counters (A=1803 D=1018). (Source -
Formation
“A Bullish Hammer” pattern is confirmed after
crossing Friday’s high of 16288 / 4894.
Source: Falcon
Trading strategy:
Indices opened flat and traded with extreme volatility but
managed to hold the support level of 16000 / 4800.
Moreover, we witnessed a confirmation of “Bullish
Hammer” (mentioned in our previous report) after crossing
Friday’s high of 16288 / 4894. Going forward, if indices
manage to cross 16433 / 4932 level in the coming session
then they are likely to rally towards 16450 - 16750 / 4950
- 5050 levels. On the downside, Friday’s low of 15987/
4796 would remain to act as a strong support in coming
trading session. A violation of Friday’s low of 15987 / 4796
would signal a fall to lower levels of 15650 - 15330 /
4675 - 4540.
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Ankur Lakhotia
Technical Analyst
Research Team: 022-3935 7600
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