Technical Research | September 09, 2011
Daily Technical Report
Sensex (17166) / Nifty (5153)
Markets opened marginally higher and traded with extreme
Exhibit 1: Sensex Daily Chart
choppiness throughout the day to close marginally above
17150 /
5150 level. On the sector front, Consumer
Durables, IT and Oil & Gas counters were among the major
gainers whereas Metal sector ended with a marginal loss.
The advance decline ratio was in favor of advancing
Formation
• The Daily chart depicts a positive crossover in “5 & 20
EMA”.
Trading strategy:
In the second half of yesterday’s session indices witnessed a
strong positive momentum. We are now witnessing a
Source: Falcon
positive crossover in “5 & 20EMA” on Daily chart which
indicates a possibility of further upside move in coming
sessions if indices manage to sustain above yesterday’s high
of 17210 / 5170. In this case, they are likely to test 17250
- 17350 / 5200 - 5230 levels. On the downside, support
levels remain to be at 17000 - 16900 / 5100 - 5065
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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