>Daily Calls (ICICI Direct)

Sensex: We said, "Trading above day's high of 11430 can encourage further bull effort to break the 3- week resistance." In a clear breakout from 3-week consolidation, Index gapped up above 11430 and soared to 12162. Against 6.4% gain of Sensex, Metal/IT/Bank indices moved nearly 8% higher. A/D ratio improved to 8:1.

The action formed a second strong bull candle, with gap-up area at 11430-11635 below its bottom. Index now moves closer to previous crucial levels of earlier years, all between 12316 and 12671, as marked. Strength continues if trades above 12162. However, profit-booking at higher levels closer to 12300 cannot be ruled out.

To see full report: CALLS 050509