>Daily Calls (ICICI Direct)

Sensex: We said, "formed a bear candle, but an UP day ... Cautiously positive ... " Index did trade
cautiously, even losing 193 points from its opening highs. Thanks to a late surge, however, it closed 1.5% higher. While Metal and bank Indexes gained 5% each, broader market posted 3% gain. A/D ratio improved to 5:1.
The action formed a High Wave pattern, indicating expected cautiousness near 200-day EMA. Both high and low of this candle could, therefore, be crucial. If its high at 11070 fails to sustain above, we may watch the low at 10800 as crucial level, holding which, existing up-trend remains intact.

To see full report: CALLS 150409