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Stock picks for July 22

Hemen Kapadia/ Morpheus Inc | July 21, 2003 20:50 IST

The market has virtually collapsed to end sharply in negative territory. Banks, capital goods, FMCG, pharma, IT and PSUs all wilted under the selling onslaught while it was the consumer durables sector, which just about finished positive.

Volume registered a decrease (read as turnover) while the undertone was panicky.

Sensex --Last Close: 3569.58 | Support: 3545, 3467 | Resistance: 3651, 3759

Trading Range -- The Sensex opened at 3655.36, moved up to an intra-day high of 3664.64, declined to an intra-day low of 3564.41 and closed at 3569.58.

Review/Outlook -- The Sensex has reflected weakness by posting a 16 trading session low and with the mechanical indicators also supporting the down-move, further depreciation seems to be on the cards.

ABB --Last Close: 362.00 | Support: 350, 330 | Resistance: 362, 380

Trading Range -- The scrip opened at 372.50, moved up to an intra-day high of 375.00, declined to an intra-day low of 360.10 and closed at 362.00.

Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the oscillators looking weak, further downside seems possible.

Adani Expots --Last Close: 186.85 | Support: 184, 171 | Resistance: 195, 223

Trading Range -- The scrip opened at 188.80, moved up to an intra-day high of 190.00, declined to an intra-day low of 185.10 and closed at 186.85.

Review/Outlook -- The scrip has reflected weakness by closing below a horizontal demand line and with the oscillators signalling a sell, a further downside cannot be ruled out.

Aurobindo Pharma --Last Close: 381.45 | Support: 350, 317 | Resistance: 395, 432

Trading Range -- The scrip opened at 389.70, moved up to an intra-day high of 398.00, declined to an intra-day low of 380.20 and closed at 381.45.

Review/Outlook -- The scrip has given a downward "key" reversal (bearish intra-day pattern) and with the oscillators looking negative, further depreciation seems to be on the cards.

Arvind Mills --Last Close: 41.60 | Support: 41, 35 | Resistance: 50, 58

Trading Range -- The scrip opened at 42.00, moved up to an intra-day high of 43.00, declined to an intra-day low of 41.35 and closed at 41.60.

Review/Outlook -- The scrip has reflected weakness by closing below the 10-day average and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC166, 155173.95175, 188Td
HLL141, 127146.75155, 163Dt
INFOSYS2985, 24053279.353468, 3977Td
ITC665, 592723.00729, 759Dt
MTNL85, 6399.85103, 115Dt
RIL324, 302335.55345, 374Sd
SATYAM149, 113164.55173, 199Dt
SBI380, 358404.90415, 450Sd
TELCO215, 199215.00232, 260Sd
TISCO189, 175190.60207, 220Up
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.

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Sebi Disclosure: The author has no positions in the stocks mentioned above


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