Technical Research | September 15, 2011
Daily Technical Report
Sensex (16710) / Nifty (5013)
Market opened flat and traded in a narrow range during
Exhibit 1: Sensex Daily Chart
initial hours of trade. However strong buying emerged near
the earlier mentioned support levels of 16393 / 4911,
which lead our indices to close near day’s high. On the
sector front, IT, Teck and Metal counters were among the
major gainers whereas Capital Goods were among the
losers. The advance decline ratio was in favor of advancing
Formation
• No specific pattern is seen on the chart.
Trading strategy:
In yesterday’s trading session once again we observed that
16393 / 4911 is acting as strong support for our indices.
Source: Falcon
Also we saw that buying emerged near these levels and
helped indices to test 50% Fibonacci retracement level of a
fall from 5170 to 4911 which is at 5040 level. Hence going
forward if our indices sustain above 16766 / 5030 level
then they may rally up to 16900 - 17000 / 5065 - 5100
levels. On the downside 16393 / 4911 may act as strong
support for our markets below which indices can slip
towards 16318 - 16070 / 4890 - 4805 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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