>DAILY CALLS (ICICI DIRECT)

Sensex: We said, "After two bear candles, holding 13800-34 will be required for positive expectations for Sensex. Breaking it could be bearish." Initially holding 13834, Index attempted positive moves, but weakened later to end 2.3% lower. Cap. Goods Index lost 5.4%. Small-Cap Index finished 2.5% higher with evened A/D.

The action formed the third consecutive bear candle. Having lost over 1200 points within 3 days, Index will test 38.2% and 50% correction levels to latest part of the rally at 13695 and 13314, respectively. Today will make it clear if it finds buyers at 38.2%. Support, however, confirms if it can move above previous day's high.

To see full report: CALLS 220509