HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > Market Report > Technicals

Trading strategy for May 7

Hemen Kapadia/ Morpheus Inc | May 06, 2003 19:07 IST

The market is forging ahead with positive momentum (the breadth is improving across sectors) while the volume (read as turnover) has also seen a marked corresponding increase. The PSU sector continues to revel in the limelight while Cement and auto also made their presence felt. The undertone also seemed bright enough.

Sensex -- Last Close: 2993.00 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range -- The Sensex opened at 2981.87, moved up to an intra-day high of 3001.21, declined to an intra-day low of 2972.33 and closed at 2993.00.

Review/Outlook -- The Sensex has continued its upward march while there seems to be some resistance at the psychologically important level of 3000. The oscillators have also turned positive while an intra-day upside (seems possible) could materialise only above the 3002 level.

BHEL -- Last Close: 242.30 | Support: 234, 221 | Resistance: 247, 268

Trading Range -- The scrip opened at 240.00, moved up to an intra-day high of 244.60, declined to an intra-day low of 238.00 and closed at 242.30.

Review/Outlook -- The scrip seems to be not only in a short term but also in an intermediate uptrend and with the oscillators holding firm, a further upside seems possible.

Telco -- Last Close: 159.85 | Support: 148, 135 | Resistance: 168, 186

Trading Range -- The scrip opened at 154.80, moved up to an intra-day high of 160.15, declined to an intra-day low of 154.10 and closed at 159.85.

Review/Outlook -- The scrip has given an upward breakout from a trading range, has reflected intra-day strength while a further upside cannot be ruled out.

Apollo Hospitals -- Last Close: 102.05 | Support: 97, 90 | Resistance: 106, 120

Trading Range -- The scrip opened at 098.15, moved up to an intra-day high of 102.90, declined to an intra-day low of 097.95 and closed at 102.05.

Review/Outlook -- The scrip has reflected strength by closing above the 10 day average, 55 day average, a tested supply line while further appreciation seems to be on the cards.

IBP -- Last Close: 218.25 | Support: 203, 192 | Resistance: 227, 240

Trading Range -- The scrip opened at 216.80, moved up to an intra-day high of 219.50, declined to an intra-day low of 216.50 and closed at 218.25.

Review/Outlook -- The scrip seems to have stopped to catch its breath after giving an upward breakout from its trading range -- while a continuation of its upmove should see further upside.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC127, 115133.80135, 143Tu
HLL127, 111137.35141, 155Sd
INFOSYS2985, 2405 2987.403468, 3977Tu
ITC665, 592681.60729, 802Tu
MTNL95, 8595.60103, 115 Tu
RIL269, 242269.65302, 324Sd
SATYAM149, 113167.35173, 199Tu
SBI276, 258287.15293, 314Tu
TELCO148, 135159.85168, 186Tu
TISCO131, 125135.65139, 150Tu
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

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Trading strategy for May 6

Trading strategy for May 2

Trading strategy for May 5



People Who Read This Also Read


TCS buys 75.1% stake in AFS

SBI up on possible asset sale

i-flex survives IT share crash







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.