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Stock picks for August 29
Hemen Kapadia/ Morpheus Inc |
August 28, 2003 21:16 IST
The market has posted another new high to finish once again on a strong footing in positive territory.
Banks, capital goods, consumer durables and PSUs ended mildly negative while pharma, IT and FMCG all ended quite positive in varying degrees.
Volume registered an increase (read as turnover) while the undertone was bullish.
Sensex --Last Close: 4212.29 | Support: 4166, 4028 | Resistance: 4322, 4554
Trading Range -- The Sensex opened at 4256.07, moved up to an intra-day high of 4256.07, declined to an intra-day low of 4179.33 and closed at 4212.29.
Review/Outlook -- The Sensex has once again posted a new high (a 29 month high -- on higher volume) while the intermediate uptrend is going from strength to strength. It has been a broad based rally across sectors while a further upside seems like a distinct possibility but Steel and Cement seem to be in minor corrections.
Polaris Software --Last Close: 142.15 | Support: 117, 80 | Resistance: 145, 163
Trading Range -- The scrip opened at 130.00, moved up to an intra-day high of 143.25, declined to an intra-day low of 129.00 and closed at 142.15.
Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation phase and with the indicators looking strong, a further upside seems to be on the cards.
Hughes Software --Last Close: 349.40 | Support: 320, 293 | Resistance: 367, 407
Trading Range -- The scrip opened at 342.00, moved up to an intra-day high of 353.10, declined to an intra-day low of 341.55 and closed at 349.40.
Review/Outlook -- The scrip seems to have commenced an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Kochi Refineries --Last Close: 165.15 | Support: 146, 121 | Resistance: 174, 221
Trading Range -- The scrip opened at 161.00, moved up to an intra-day high of 171.90, declined to an intra-day low of 158.05 and closed at 165.15.
Review/Outlook -- The scrip has reflected strength by posting a 129-month high and with the oscillators looking positive, further appreciation seems to be on the cards.
Cadila Healthcare --Last Close: 288.40 | Support: 256, 230 | Resistance: 300, 320
Trading Range -- The scrip opened at 282.00, moved up to an intra-day high of 292.00, declined to an intra-day low of 276.00 and closed at 288.40.
Review/Outlook -- The scrip is in the midst of an intermediate uptrend and with the indicators looking strong, a further upside seems to be on the cards.| Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 205.00 | 219, 243 | Up | | HLL | 183, 172 | 187.65 | 192, 203 | Up | | INFOSYS | 3468, 2985 | 3896.80 | 3977, 4360 | UP | | ITC | 802, 729 | 817.50 | 882, 963 | Up | | MTNL | 124, 115 | 128.15 | 139, 157 | Up | | RIL | 374, 345 | 393.10 | 407, 452 | Up | | SATYAM | 224, 199 | 233.00 | 253, 301 | Up | | SBI | 415, 380 | 444.45 | 450, 488 | Up | | TELCO | 260, 232 | 275.45 | 284, 302 | Up | | TISCO | 231, 220 | 245.85 | 260, 295 | Tu | | GLOSSARY : CMP - Current Market Price, MACD - Moving Average Convergence Divergence, RMI - Relative Momentum Index, RSI - Relative Strength Index, ROC - Rate of Change, EMA - Exponential Moving Average, CMP - Current Market Price, Cls - Closing Price, Support - Level where buying can be expected, Resistance - Level where selling can be expected, Tu - Turning Upwards, Td - Turning Downwards, Sd - Sideways, Up - Uptrend, Dt -Downtrend. | DISCLAIMER : While efforts have been made to ensure the accuracy of the information provided in this content, the authors shall not be held responsible for any loss, harm or injury arising in any manner whatsoever, including those arising directly, indirectly, consequentially or otherwise and whether financial, mental or otherwise, caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles, information, analyses, etc.) provided at this site or who otherwise relies on such content. Readers are advised to cross verify the information and to also seek professional and expert advice before taking any decision based on the content provided above or acting on any recommendations made herein. The information or opinions provided herein are not a substitute for professional advice. Sebi Disclosure: The author has no positions in the stocks mentioned above |
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