Technical Research | May 31, 2011
Daily Technical Report
Sensex (18223) / Nifty (5473)
Markets opened higher but were unable to sustain the gains
trading session we maintain our view that if indices trade above
which lead the indices to close in red. On the sectoral front
18440 / 5520 levels, then there is high probability that indices
Healthcare, Consumer Durable was among the gainers whereas
may test 185560 - 18798
/ 5563 - 5636 levels. On the
Auto and OIL & Gas were index draggers. The advance decline
downside, 18151 - 18012 / 5440 - 5400 levels may act as
ratio was in favour of advancing counters (A=1667 D=1159).
support for the day.
(Source - Iris software)
Formation
Exhibit 1: Sensex Daily Chart
On the Daily chart, the prices tested the 20-day SMA but
have closed below it. The positively poised oscillators' viz. RSI
and Stochastic indicate a possibility of near term upside for the
next 2 to 3 trading sessions.
Trading strategy:
At present prices have tested the 20-day SMA and have face
resistance at that level. Positioning of the momentum oscillators
suggests a possible upside after a consolidation. For coming
Source: Falcon
Stock Recommendations:
Exhibit 2: Biocon (June Futures) Hourly Chart
Stock - Biocon (June Futures)
Action - Buy
Range
:
`341.50 - 340.50
Stop Loss
:
`337.65
Target
:
`350.00
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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