>Daily Calls (ICICI Direct)

Sensex: We said, "In Neck Line can be bearish ... Watch higher levels if moves positive initially." Index did move positive initially, up 138 points, only to weaken 320 points later. Net close was down 81. Realty Index was the prominent loser, down 4.6%. Cap. Good and Autos also lost over 2%. A/D ratio worsened to 1:3.

The action formed a bear candle with lower high as well as lower low compared to previous day. For the first time, post-8047, bottom of last strong bull candle (formed last Wednesday) was violated. This low, at 10719, was also last week's low. It confirms short-term top at 11367. Negative until Index can move above 11036.

To see full report: CALLS 230409