Thursday, April 2, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "Proceedings can be positive for testing Monday's falling gap. Watch for resistance at the gap however." Index moved positive, as expected, and finished 2% higher, exactly at the gap. Realty, IT, Oil& Gas, and even small-caps outperformed Sensex. A/D ratio remained positive at 4:1.

The action formed a bull candle, holding 3-day lows near 9520. Its high at 9922 covered Monday's falling gap at 9902-13, though it did now close above it. Above 9922, we may expect more positive action challenging 10K-mark again. Failure reach last week's high of 10127 may, however, keep bulls guessing ahead of holidays.

To see full report: CALLS 020409