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Home > Business > Market Report > Technicals

Trading strategy for May 20

Hemen Kapadia/ Morpheus Inc | May 19, 2003 20:42 IST

The market has back-pedalled and this too has seen wider participation across sectors. Second rung bank stocks and textile stocks took a hit but the star of the day (in reverse sense) was undoubtedly the IT sector, which came under severe pressure. Volume was better while the undertone was subdued.

Sensex -- Last Close: 3043.89 | Support: 3007, 2922 | Resistance: 3110, 3210

Trading Range -- The Sensex opened at 3063.14, moved up to an intra-day high of 3082.21, declined to an intra-day low of 3039.93 and closed at 3043.89.

Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) on higher volume thereby heightening the probability of a further downside today below the 3039 level. Intra-day support comes in at the 3031 level.

Burroughs Wellcome -- Last Close: 286.00 | Support: 266, 240 | Resistance: 300, 315

Trading Range -- The scrip opened at 280.00, moved up to an intra-day high of 286.00, declined to an intra-day low of 267.00 and closed at 286.00.

Review/Outlook -- The scrip has shown short term strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking positive, a further upside seems possible.

HCL Infosystems -- Last Close: 95.75 | Support: 93, 86 | Resistance: 102, 113

Trading Range -- The scrip opened at 100.95, moved up to an intra-day high of 102.10, declined to an intra-day low of 095.00 and closed at 095.75.

Review/Outlook -- The scrip has given a downward "key" reversal (bearish intra-day pattern) and with the mechanical indicators supporting the move, a further downside cannot be ruled out.

Ranbaxy -- Last Close: 638.55 | Support: 636, 620 | Resistance: 650, 671

Trading Range -- The scrip opened at 644.90, moved up to an intra-day high of 644.90, declined to an intra-day low of 637.60 and closed at 638.55.

Review/Outlook -- The scrip has reflected weakness by slipping below the 55 day average and with the oscillators in a similar vein, further depreciation seems to be on the cards.

Shipping Corporation -- Last Close: 67.35 | Support: 65, 56 | Resistance: 73, 84

Trading Range -- The scrip opened at 70.90, moved up to an intra-day high of 70.90, declined to an intra-day low of 67.00 and closed at 67.35.

Review/Outlook -- The scrip has reflected weakness by forming a lower top, lower bottom formation - a further downside cannot be ruled out.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC127, 115132.80135, 143Tu
HLL141, 127148.20155, 163Tu
INFOSYS2405, 18972788.952985, 3468Sd
ITC665, 592701.10729, 802Tu
MTNL95, 8595.25103, 115 Sd
RIL269, 242269.05302, 324Tu
SATYAM149, 113168.70173, 199Sd
SBI314, 293318.05333, 358Up
TELCO148, 135161.95168,186Tu
TISCO131, 125138.95139, 150Up
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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