Technical Research | June 2, 2011
Daily Technical Report
Sensex (18609) / Nifty (5592)
Markets opened higher traded in a narrow range and closed
if indices trade above 18636 / 5600 then indices are likely to
near days high. On the sectoral front it was Consumer Goods
test 18786 - 18936 / 5650 - 5700 levels. On the downside,
and Teck were among the gainers whereas Consumer Durable
18513 - 18330 / 5560 - 5500 may act as support for the day.
and Healthcare lost marginally. The advance decline ratio was
in favour of advancing counters (A=1807 D=1050).
Exhibit 1: Sensex Daily Chart
(Source - Iris software)
Formation
On the Daily chart, we are observing a crossover in the
5&20-day EMA which suggests continuation of upside
momentum.
Trading strategy:
The crossover in the 5&20-day EMA on the daily chart along
Source: Falcon
with consolidation on the hourly suggests a possible continuation
of upside momentum in coming trading session. On the upside
Stock Recommendations:
Exhibit 2: Apollo Tyre (June Futures) - Daily Chart
Stock - Apollo Tyre (June Futures)
Action - Buy
Range
:
`70.40 - 69.90
Stop Loss :
`68.90
Target
:
`74.55
Source: Falcon
Stock - Bank of India (June Futures)
Exhibit 3: Bank of India (June Futures) - Hourly Chart
Action - Sell
Range
:
`429 - 431
Stop Loss :
`437.00
Target
:
`408.00
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: 022-3952 6600
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