Tuesday, March 24, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "bulls struggling at technical resistances, but not yet giving up ... trading above 9K would be +ve signs for bulls, who may attempt to challenge these resistances for the upper Grey channel." Index opened strong above 9K, and taking the cue, bulls jacked it up 5% to cross the Greychannel. A/D improved to 6:1.

The action formed a huge bull candle having a gap-up area below its bottom. The action also closed the previous gap-down area at 9213-79. Trading above candle's high of 9455 can test upper end of the new Green rising channel, which is at around 9600. This could be the short term target/resistance for the Index.

To see full report: CALLS 240309