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Sensex may correct up to 11910-11840: Angel

Posted on: May 6th, 2009 and is filed under Brokerage Recommendations.

According to Angel Broking’s Technical Analysis report, if the indices trade below 11985 / 3618 levels then it may correct further to 11910 – 11840 / 3580 – 3550 levels. Angel Broking’s Technical Analysis report: Markets opened on a flat note and traded in a narrow range with enhanced volatility to close on a flat note.

On the daily charts, indices have formed a narrow range body formation, which suggests indecisiveness prevailing at current levels. The momentum indicators are still suggesting that the upward trend may continue further. If the indices convincingly trade above 12199 / 3682 levels then it may test 12300 – 12480 / 3715 – 3770 levels. However, if the indices trade below 11985 / 3618 levels then it may correct further to 11910 – 11840 / 3580 – 3550 levels. Short-term traders are advised to book partial profits in every rally, as correction at these levels cannot be ruled out.

Tags: angel, nse support, sensex, sensex resistance, sensex support

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