Technical Report 5th October 2011
Technical Report 5th October 2011
Technical Report 5th October 2011
Formation
No specific formation is seen on the chart.
Trading strategy:
Yesterday during the second half, strong selling pressure was observed near the mentioned resistance zone of 16404 to 16256 / 4924 to 4879. This dragged indices sharply towards the recent bottom of 15756 / 4720. However, indices managed to bounce from this support level in yesterdays session and closed below 16000 / 4800 mark. Going forward, we reiterate that 15756 / 4720 level is likely to act as crucial support level. Any sustainable move below this level would result in a further fall and can take indices to test lower levels of 15650 15330 / 4675 4540 levels. On the upside, the gap area of 16404 to 16256 / 4924 to 4879 is likely to act as a strong resistance in coming trading sessions. .
Source: Falcon
RESEARCH TEAM
Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Mehul Kothari Ankur Lakhotia Head - Technicals Technical Analyst Technical Analyst Technical Analyst Technical Analyst
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