Technical Research | June 10, 2011
Daily Technical Report
Sensex (18385) / Nifty (5521)
Markets for the second consecutive trading session traded in a
levels then it is likely to test 18673 - 18823 / 5605 - 5650
narrow range with negative bias to close in red. On the sector
levels. Any daily close above 18673 / 5605 would confirm a
front, Consumer Durable and Consumer Goods were among
higher top higher bottom on the daily chart and we may witness
the gainers whereas Auto and Health Care, closed with minor
an accelerated move. On the downside 18227 -18124 / 5462
losses. The advance decline ratio was in favour of declining
- 5430 may act as a support for the day.
counters (A=1399 D=1449). (Source - Iris software)
Exhibit 1: Sensex Daily Chart
Formation
On the Daily chart, we are observing two narrow body
formations which indicate indecisiveness prevailing at current
levels and no clear direction of trend.
Trading strategy:
In view of the above pattern formation we once again maintain
our previous day view that if indices trade above 18546 / 5570
Source: Falcon
Stock Recommendations:
Exhibit 2: Essar Oil (June Futures) - Daily Chart
Stock - Essar Oil (June Futures)
Action - Buy
Range
:
`129.80 - 129.40
Stop Loss :
`127.75
Target
:
`134.50
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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