>Daily Calls (ICICI Direct)

Sensex: We said, "Negative until Index can move above 11036." Index, however, decided to protect 10719, and moved above 11036. The close was nearly 3% higher, above the 200-day EMA. IT and Metal Indexes outperformed with over 5% gain. Though Small-caps under-performed, up only 1%, A/D ratio turned positive.

The action formed a strong bull candle with higher high as well as higher low compared to previous day. It appears to be strong effort to defend the Index after it broke last week's low of 10719 marginally. It also looks like a pull-back to the channel. More positive efforts can be seen if it sustains above the high of 11203, else ...

To see full report: CALLS 240409