Thursday, May 7, 2009

>Daily Calls (ICICI Direct)

Sensex: We said, "High Wave pattern, indicating a pause on suspected profit-booking." In a volatile trade, Index initially moved higher to 12272, but faced a heavy profit-booking once again. Net close
was lower by 1.4%. Realty and Bank Indexes shaved off about 3%. A/D ratio turned negative at 1:2.

The action formed bear candle with upper shadow. Creation of higher high but lower low, along with the shadow, indicates larger bout of profit-booking compared to previous day. However, it may prove to be temporary affair if candle's low at 11899 gets protected today, though the shadow area remains a challenge on the upper side.

To see full report: CALLS 070509