Monday, April 27, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "More positive efforts can be seen if it sustains above the high of 11203." After trading below 11203 in the first half, Index later successfully crossed above it. Positive efforts in the 2nd half enabled it to end 194 points or 1.7% higher. Banks outperformed with a near 3% gain. A/D ratio ended positive at 2:1.

The action formed a bull candle but a Stalled Pattern, which is testing previous week's high of 11367. Previous resistances can attract profit-booking if move fails to sustain above them. However, till Friday's low holds, positive bias should continue. Due to Stalled pattern, however, see if the positive bias continues beyond today.

To see full report: CALLS 270409