>Daily Calls (ICICI Direct)

Sensex: We said, "Index now moves closer to previous crucial levels of earlier years, all between 12316 and 12671 ... profit-booking at higher levels cannot be ruled out." Index did correct over 170 points on profit-booking before closing flat. Realty Index outperformed with 8.6% gain. A/D ratio cooled down, though it held +ve 3:1.

The action formed a High Wave pattern, indicating a pause on suspected profit-booking. Bulls will be interested if the Index today trades strongly above its head at 12198. Failure to achieve that can see further profit-booking, especially if it breaks High Wave's low of 11985. Larger trend remains positive above the Green line.

To see full report: CALLS 060509