Technical Research | June 8, 2011
Daily Technical Report
Sensex (18496) / Nifty (5556)
Markets opened down with a gap but witnessed recovery as
5605 - 5650 levels. Any daily close above 18673 / 5605 would
the day progressed which lead the indices to close near days
confirm a higher top higher bottom on the daily chart and we
high. On the sector front, Realty, Oil &Gas, IT and Healthcare
may witness an accelerated move. On the downside
ended up decent gains whereas FMCG and Consumer Good
18227 -18124 / 5462 - 5430 may act as a support for
closed with minor losses. The advance decline ratio was in favour
the day.
of advancing counters (A=1559 D=1271). (Source - Iris software)
Exhibit 1: Sensex Daily Chart
Formation
There is no prominent pattern on the daily chart.
Trading strategy:
Indices for two consecutive trading sessions have convincingly
closed above the 20-day EMA. This suggests that undertone is
positive. In coming trading session if indices trade above
18546 / 5570 levels then it is likely to test 18673 - 18823 /
Source: Falcon
Stock Recommendations:
Exhibit 2: IRB INFRA (June Futures) - Daily Chart
Stock - IRB INFRA (June Futures)
Action - Buy
Range
:
`159.25 - 158.75
Stop Loss :
`155.45
Target
:
`168.00
Source: Falcon
Stock - IVRCL INFRA (June Futures)
Exhibit 3: IVRCL INFRA (June Futures) - Daily Chart
Action - Buy
Range
:
`71.25 - 71.75
Stop Loss :
`70.00
Target
:
`75.40
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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