Technical Research | September 29, 2011
Daily Technical Report
Sensex (16446) / Nifty (4946)
Our benchmark indices opened flat in-line with the global
Exhibit 1: Sensex Daily Chart
cues and partially lost Tuesday’s gains to close in the
negative territory. On the sector front, Capital Goods, Metal
and Consumer Durable counters were among the major
losers. The advance decline ratio was in favor of declining
Formation
• The “20 Day EMA” is placed at 16670 / 5010 level.
• The 61.8% Fibonacci retracement level of 17191 to
15801 / 5169 to 4758 is at 16660 / 5011 level.
Trading strategy:
Yesterday, markets opened with a neutral bias and moved
Source: Falcon
towards the resistance zone of 16670 / 5010 during the
initial trade. As stated in our previous report, selling
pressure intensified near this levels which dragged indices
lower to test intraday support level of 16368 / 4930. Going
forward, 16670 / 5010 remains to be a strong resistance
zone. On the downside, indices are likely to test 16166 -
15960
/
4868
-
4806 levels if they sustain below
yesterday’s low of 16363 / 4918. Due to derivatives expiry,
coming trading session is likely to trade with immense
volatility. Hence, we advise traders to trade with strict stop
losses and avoid taking undue risks.
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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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