Technical Research | September 14, 2011
Daily Technical Report
Sensex (16467) / Nifty (4941)
Market opened marginally higher and traded with positive
Exhibit 1: Sensex Daily Chart
bias during the first half but selling pressure intensified
during the second half which led indices to close in the
negative territory. On the sector front, IT, Teck and Oil &
Gas counters were among the major gainers whereas Auto
and Healthcare were among the losers. The advance
decline ratio was marginally in favor of advancing counters
Formation
• No specific pattern is seen on the chart.
Trading strategy:
During yesterday’s trading session indices registered a high
Of
16766
/
5030 which is almost
50% Fibonacci
Source: Falcon
retracement level of a fall from 5170 to 4911 level. We
observed a strong selling pressure around this resistance
level which dragged indices to test Monday’s low of 16393
/ 4911.Going forward, if indices sustain below yesterday’s
low then they are likely to drift towards 16318 - 16070 /
4890 - 4805 levels. On the upside, 16620 - 16766 / 4985
- 5030 levels may act as resistance in coming trading
session.
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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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