Technical Research | September 07, 2011
Daily Technical Report
Sensex (16863) / Nifty (5064)
Markets opened on a flat note and traded in a wide range
Exhibit 1: Sensex Daily Chart
throughout the day to close marginally above 20 Days
EMA. On the sector front, Oil & Gas, IT and Capital Goods
counters were among the major gainers whereas Realty
counters ended with a loss. The advance decline ratio was
in favor of advancing counters (A=1633 D=1169). (Source
Formation
• Indices have closed marginally above “20 EMA” on the
Daily chart. EMA is placed at 16815 / 5048 level.
Trading strategy:
Source: Falcon
Our benchmark indices opened on a quite note, but buying
emerged at lower levels and indices closed marginally
above 20 days EMA at 16815 / 5048.Going forward, if
indices manage to sustain above yesterday’s high of 16895
/ 5073 then they are likely to rally towards 16990 - 17100
/ 5114 - 5150 levels. On the downside, 16700 - 16488 /
5000 - 4942 levels may provide decent support for the
indices. Any violation of these levels can attract some
selling pressure which may drag indices lower to test 16377
- 16230 / 4916 - 4870 levels.
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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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