>DAILY CALLS (ICICI DIRECT)

Sensex: We said, "Follow-up support above 11936 can test 12050 ... Watch if it can sustain beyond 12050." Index not only gapped up above 11936, but also sustained strongly above 12050. Gaining a comfortable 300 points, it finished 2.5% higher. Banks and Cap. Goods gained over 3.5%. A/D ratio ended positive at 2:1.

The action formed a bullish Morning-Star-like pattern, indicating confidence of the bulls in approaching previous resistances near 12272. With corrective phase holding strongly above the gapup of 4th May, groundwork for a sharp rally above 12272 appears in place. Width of corrective phase, projected upwards, gives 12800+ levels.

To see full report: CALLS 180509