>DAILY CALLS (ICICI DIRECT)

Sensex: We said, "Intra-day technical position now turns over-bought ... Watch if dips remain nominal and Index can, then, move above day's high of 12195 and previous high of 12272." Index traded volatile, failed to cross 12272, and finally closed near lows, down 1%. Metals lost 2%. A/D ratio turned marginally negative.

The action formed a bear candle, which attempted to hold 50% retracement level to Tuesday's Piercing Line bull. Today, failure to hold its low, at 11934, can weaken the Index to threaten the Green support line at 11900, and test Tuesday's bouncing point at 11621. If gaps down, watch if supportive action, holding above 11621, is seen.

To see fumm report: CALLS 140509