|
Home > Business > Technicals
Stock picks for July 16
Hemen Kapadia/ Morpheus Inc |
July 15, 2003 22:42 IST
The market has come off sharply from its intra-day high to end clearly in negative territory. Banks, capital goods, consumer durables, FMCG, pharma, IT and PSUs all bore the brunt of selling and remained weak features in varying degrees. Volume registered an increase (read as turnover) while the undertone was shaky. Sensex --Last Close: 3686.34 | Support: 3651, 3545 | Resistance: 3759, 3895 Trading Range -- The Sensex opened at 3719.17, moved up to an intra-day high of 3733.88, declined to an intra-day low of 3657.18 and closed at 3686.34. Review/Outlook -- The Sensex has reflected weakness to give a downward "bar" reversal (a bearish intra-day pattern) on higher volume while a further downside could be possible. Apollo Tyres --Last Close: 171.35 | Support: 167, 157 | Resistance: 181, 195 Trading Range -- The scrip opened at 175.90, moved up to an intra-day high of 177.50, declined to an intra-day low of 169.25 and closed at 171.35. Review/Outlook -- The scrip has reflected weakness by closing below the 10 day average and with the oscillators looking weak, a further downside seems possible. Bank of Baroda --Last Close: 142.60 | Support: 141, 127 | Resistance: 155, 176 Trading Range -- The scrip opened at 139.90, moved up to an intra-day high of 144.90, declined to an intra-day low of 134.30 and closed at 142.60. Review/Outlook -- The scrip has reflected strength by giving an upward "bar" reversal (bullish intra-day pattern) and with the oscillators signalling a buy, a further upside cannot be ruled out. Burroughs Wellcome --Last Close: 459.95 | Support: 450, 420 | Resistance: 490, 512 Trading Range -- The scrip opened at 430.00, moved up to an intra-day high of 468.95, declined to an intra-day low of 417.00 and closed at 459.95. Review/Outlook -- The scrip has given an upward "bar" reversal (bullish intra-day pattern) and with the oscillators looking positive, further appreciation seems to be on the cards. HDFC --Last Close: 404.25 | Support: 379, 345 | Resistance: 425, 500 Trading Range -- The scrip opened at 410.50, moved up to an intra-day high of 417.00, declined to an intra-day low of 401.55 and closed at 404.25. Review/Outlook -- The scrip has reflected weakness by giving a downward "bar" reversal (bearish intra-day pattern) and with the indicators looking weak, a further downside seems to be on the cards. | Scrip | Support | Last Close | Resistance | Trend | | ACC | 175, 166 | 177.30 | 188, 203 | Up | | HLL | 163, 155 | 166.25 | 172, 183 | Td | | INFOSYS | 2985, 2405 | 3404.30 | 3468, 3977 | Sd | | ITC | 729, 665 | 735.90 | 759, 802 | Td | | MTNL | 103, 95 | 112.65 | 115, 124 | Td | | RIL | 324, 302 | 337.35 | 345, 374 | Tu | | SATYAM | 173, 149 | 182.90 | 199, 224 | Sd | | SBI | 380, 358 | 410.10 | 415, 450 | Up | | TELCO | 199, 186 | 214.30 | 215, 232 | Up | | TISCO | 189, 175 | 191.00 | 207, 220 | 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 |
|
|
|
| Article Tools | | |
| People Who Read This Also Read | | |
|