Technical Research | June 13, 2011
Daily Technical Report
Sensex (18269) / Nifty (5486)
Markets opened lower and traded with negative bias throughout
level would confirm a higher top higher bottom formation on
the day to close in red. On the sector front, Consumer Goods
Daily chart. Then indices may witness up side momentum and
and FMCG were among the loser whereas Consumer Durable
test 18798 - 19037 / 5636 - 5709 levels. On the downside,
ended with minor losses. The advance decline ratio was in favour
18200 - 17786 / 5458 - 5328 levels remains a crucial support
of declining counters (A=1224 D=1676). (Source - Iris software)
for the week
Exhibit 1: Sensex Weekly Chart
Formation
On the Weekly chart, for two consecutive weeks we are
observing two "narrow range" body formations, which indicate
indecisiveness prevailing at current level and gives no clear
direction of trend.
Narrow
Range
Trading strategy:
Body
Broadly, we are witnessing that indices are trading in a range
of 17786 / 5328 level on the downside and 18673 / 5605
level on the upside. Any decisive break on either side would
Source: Falcon
dictate the direction of the trend. A close above 18673 / 5605
Stock Recommendations:
Exhibit 2: NTPC (June Futures) - Daily Chart
Stock - NTPC (June Futures)
Action - Buy
Range
:
`177.50 - 177
Stop Loss :
`174.25
Target
:
`185
Source: Falcon
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Technical Report
RESEARCH TEAM
Shardul Kulkarni
Head - Technicals
Mileen Vasudeo
Technical Analyst
Sameet Chavan
Technical Analyst
Sacchitanand Uttekar
Technical Analyst
Mehul Kothari
Technical Analyst
Research Team: 022-3952 6600
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