Technical Research | September 08, 2011
Daily Technical Report
Sensex (17065) / Nifty (5125)
Markets opened with an upside gap and traded with
Exhibit 1: Sensex Daily Chart
positive bias throughout the day to close well above 17000
/ 5100 mark. On the sector front, Realty, Power and
Capital Goods counters were among the major gainers.
The advance decline ratio was in favor of advancing
• We are witnessing a positive crossover in “ADX (9)”
indicator on the Daily chart.
Indices opened well above “20 Days EMA” and traded with
a strong optimism throughout the session. As mentioned in
our previous report, a positive up move was witnessed after
sustaining above Tuesday’s high of
Subsequently, indices tested resistance level of 17100 /
5150 during the session and corrected marginally from the
day’s high. We are now observing a positive crossover in
“ADX (9)” indicator which indicates possibility of a further
up move if indices break yesterday’s high of 17157 / 5155.
In this case, they are likely to test 17250 - 17350 / 5200 -
5230 levels. On the downside, 16900 - 16760 / 5065 -
5030 levels may act as support in coming trading sessions.
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Head - Technicals
Research Team: 022-3935 7600
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