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Home > Business > Market Report > Technicals

Trading strategy for May 28

Hemen Kapadia/ Morpheus Inc | May 27, 2003 21:09 IST

The market has retreated after a bright start and continued to falter right throughout (till the close).

Most sectors witnessed varied amounts of selling pressure (read as profit taking) and even the robust ones like capital goods and PSUs took some beating. The undertone was subdued.

Sensex -- Last Close: 3081.94 | Support: 3007, 2922 | Resistance: 3110, 3210

Trading Range -- The Sensex opened at 3103.56, moved up to an intra-day high of 3118.58, declined to an intra-day low of 3076.99 and closed at 3081.94.

Review/Outlook -- The Sensex has been unable to sustain itself at higher levels which has resulted in a downward "key" reversal (bearish intra-day pattern). An intra-day downside below the 3076 level seems to be on the cards.

Bajaj Auto -- Last Close: 495.25 | Support: 472, 433 | Resistance: 504, 545

Trading Range -- The scrip opened at 492.90, moved up to an intra-day high of 497.00, declined to an intra-day low of 489.00 and closed at 495.25.

Review/Outlook -- The scrip has been making steady progress and continues to gain ground while a further upside seems possible.

Aurobindo Pharma -- Last Close: 288.75 | Support: 280, 260 | Resistance: 297, 317

Trading Range -- The scrip opened at 274.20, moved up to an intra-day high of 292.00, declined to an intra-day low of 273.00 and closed at 288.75.

Review/Outlook -- The scrip has reflected short term strength by posting a 22 month high and with the oscillators looking firm, a further upside cannot be ruled out.

BHEL -- Last Close: 257.25 | Support: 247, 234 | Resistance: 268, 282

Trading Range -- The scrip opened at 266.00, moved up to an intra-day high of 267.00, declined to an intra-day low of 256.60 and closed at 257.25.

Review/Outlook -- The scrip has come a cropper at higher levels; the ensuing decline has seen a closing in negative territory while further depreciation seems to be on the cards.

Siemens -- Last Close: 355.05 | Support: 344, 325 | Resistance: 368, 397

Trading Range -- The scrip opened at 365.00, moved up to an intra-day high of 374.00, declined to an intra-day low of 355.00 and closed at 355.05.

Review/Outlook -- The scrip has reflected weakness by giving a bearish closing and with the oscillators looking shaky, a further downside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC135, 127140.80143, 148Up
HLL141, 127153.30155, 163Up
INFOSYS2405, 18972605.202985, 3468Dt
ITC665, 592696.40729, 802Sd
MTNL85, 6394.0595, 103 Td
RIL269, 242280.55302, 324Tu
SATYAM149, 113156.50173, 199Td
SBI333, 314338.40358, 380Up
TELCO155, 148167.75168, 186Sd
TISCO139, 131142.35150, 166Sd
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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