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Trading strategy for April 16
Hemen Kapadia/Morpheus Inc |
April 15, 2003 19:44 IST
The market continues to hover at lower levels while the search for stability continues. Turnover has eased a bit (because of a curtailed week) while the sentiment remains fluid as investors look for an escape route in the form of a recovery.
Sensex-- Last Close: 2997.38 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range: The Sensex opened at 3010.96, moved up to an intra-day high of 3018.66, declined to an intra-day low of 2948.67 and closed at 2997.38.
Review/Outlook: The Sensex has posted a new low but has clawed back to just about end in neutral territory. Intra-day charts continue to hold out hope of a minor recovery, the sustainability of which is in doubt.
Aventis Pharma-- Last Close: 254.00 | Support: 250, 235 | Resistance – 264, 271
Trading Range: The scrip opened at 251.10, moved up to an intra-day high of 254.00, declined to an intra-day low of 250.10 and closed at 254.00.
Review/Outlook: The scrip has bounced back after taking support on the psychologically important level of 250 following a five trading session decline indicating scope for an intra-day upside.
BASF-- Last Close: 94.25 | Support: 93, 086 | Resistance: 97, 102
Trading Range: The scrip opened at 93.10, moved up to an intra-day high of 94.45, declined to an intra-day low of 93.10 and closed at 94.25.
Review/Outlook: The scrip seems to have located some stability around the 93-level after a five trading session decline while a further upside cannot be ruled out.
Essel -- Last Close: 135.30 | Support: 133, 125 | Resistance: 143, 154
Trading Range: The scrip opened at 134.60, moved up to an intra-day high of 136.00, declined to an intra-day low of 133.00 and closed at 135.30.
Review/Outlook: The scrip has managed to hang on to the 133-level for three consecutive trading sessions only to finally end in positive territory. This move seems set to spill over to Wednesday's trading session also.
Mastek -- Last Close: 315.85 | Support: 285, 260 | Resistance: 305, 328
Trading Range: The scrip opened at 310.00, moved up to an intra-day high of 322.00, declined to an intra-day low of 306.10 and closed at 315.85.
Review/Outlook: The scrip seems to be in a tentative recovery after a precipitous fall over the past few trading sessions. Chances seem bright of an intra-day recovery above the 323-level.
Scrip | Support | Last Close | Resistance | Trend | ACC | 135, 127 | 135.10 | 143,148 | Td | HLL | 141,127 | 141.50 | 155,163 | Dt | INFOSYS | 2405, 1897 | 2862.50 | 2985, 3468 | Dt | ITC | 665, 592 | 671.85 | 729, 802 | Tu | MTNL | 85, 63 | 94.90 | 95, 103 | Td | RIL | 269, 242 | 283.50 | 302, 324 | Sd | SATYAM | 149, 113 | 152.25 | 173, 199 | Dt | SBI | 276, 258 | 283.20 | 293, 314 | Sd | TELCO | 148,135 | 155.95 | 168, 186 | Td | TISCO | 131, 125 | 131.10 | 139, 150 | Td | 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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