Tuesday, March 31, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "Doji can be a potential turning point for the short term, if we see a strong trading below its low at 9913," Index opened gap-down below 9913, and lost nearly 5% for the day. Bankex lost more, down 8.5%. Metals and Realty also lost more than 7%. A/D ratio turned negative, at 1:2.

The action created a bearish Evening Doji Star pattern, confirming Friday's Doji as a short-term turning point as argued. It also broke both Blue and Green channels. Gap-down area at 9902-13 is now a new technical resistance. Though pull-back to Green channel is possible, break of low at 9520 would continue weakness.

To see full report: CALLS 310309