Wednesday, April 1, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "Evening Doji Star pattern confirming Friday's Doji as a short-term turning point ... Though pull-back to Green channel is possible ..." Index did pull-back to the channel as expected, and closed 1.4% higher on the last day of FY0809. Cap.Goods pulled back most, up 3.2%. A/D ratio turned positive to 4:1.

The action formed Harami pattern, the high-low of which maintained inside previous day's range. Its high at 9826 retraced exactly 50% of the drop from Friday's high of 10127 to Monday's low of 9520. Proceedings can be positive initially for testing Monday's falling gap at 9902-13. Watch for resistance at the gap however.

To see full report: CALLS 010409