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Trading strategy for July 7
Hemen Kapadia/ Morpheus Inc |
July 05, 2003 12:54 IST
The market has cooled off a bit from its intra-day highs to end in negative territory. Banks, FMCG, pharma and IT remained under pressure and were the weak spots of the day.
Capital goods were the winners but it was the PSU sector, which was the clear outperformer of the day. Volume was significantly lower (read as turnover) while the undertone was hopeful.
Sensex -- Last Close: 3622.34 | Support: 3545, 3467 | Resistance: 3651, 3759
Trading Range -- The Sensex opened at 3642.30, moved up to an intra-day high of 3661.87, declined to an intra-day low of 3610.11 and closed at 3622.34.
Review/Outlook -- The Sensex has reflected indecision by staying within the previous session's trading range and the outlook hasn't changed much while the intermediate uptrend remains intact.
Aurobindo Pharma -- Last Close: 411.60 | Support: 395, 350 | Resistance: 432, 463
Trading Range -- The scrip opened at 407.10, moved up to an intra-day high of 414.90, declined to an intra-day low of 399.30 and closed at 411.60.
Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the oscillators looking strong, a further upside seems possible.
Bombay Dyeing -- Last Close: 76.85 | Support: 70, 64 | Resistance: 86, 111
Trading Range -- The scrip opened at 75.40, moved up to an intra-day high of 79.00, declined to an intra-day low of 74.00 and closed at 76.85.
Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the oscillators signalling a buy, a further upside cannot be ruled out.
BHEL -- Last Close: 281.65 | Support: 268, 247 | Resistance: 282, 321
Trading Range -- The scrip opened at 278.50, moved up to an intra-day high of 282.50, declined to an intra-day low of 275.20 and closed at 281.65.
Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the oscillators looking positive, further appreciation seems to be on the cards.
L&T -- Last Close: 256.35 | Support: 249, 231 | Resistance: 259, 279
Trading Range -- The scrip opened at 250.00, moved up to an intra-day high of 257.25, declined to an intra-day low of 245.00 and closed at 256.35.
Review/Outlook -- The scrip has reflected strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the indicators looking firm, a further upside seems to be on the cards. | Scrip | Support | Last Close | Resistance | Trend | | ACC | 166, 155 | 168.55 | 175, 188 | Up | | HLL | 163, 155 | 171.30 | 172, 183 | Sd | | INFOSYS | 2985, 2405 | 3097.60 | 3468, 3977 | Sd | | ITC | 759, 729 | 769.90 | 802, 882 | Tu | | MTNL | 115, 103 | 115.75 | 124, 132 | Up | | RIL | 324, 302 | 333.00 | 345, 374 | Up | | SATYAM | 173, 149 | 185.70 | 199, 224 | Sd | | SBI | 380, 358 | 387.40 | 415, 450 | Up | | TELCO | 199, 186 | 205.00 | 215, 232 | Up | | TISCO | 166, 150 | 172.45 | 175, 189 | Up | | 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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