>Daily Calls (ICICI Direct)

Sensex: We said, "Holding 11765 can test upper end of Red channel at 12100-50 ... Resistance at upper Red channel can, however, be negative." Holding 11765, Index began 150 points higher, initially reaching 12027. Failing to reach upper channel, later, made it lose 400 points. Realty lost 5%. A/D ratio remained -ve at 1:3.

The action formed a bear candle with bigger body than last Wednesday and Friday. Its low of 11621 now exactly touches the Green support line and lower end of the Red falling channel. Watch 11621 if holds. Its Break can create panic. However, one may watch next support near last Monday's gap-up area and previous high (11367).

To see full report: CALLS 120509