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Trading strategy for April 23
Hemen Kapadia/Morpheus Inc |
April 22, 2003 19:40 IST
The situation hasn't changed much and the market continues to flounder at lower levels. The Reliance results on Tuesday could just about manage to shake the market out of its somnolence and would determine the market sentiment.
Sensex -- Last Close: 2985.54 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range- The Sensex opened at 2994.50, moved up to an intra-day high of 2998.13, declined to an intra-day low of 2971.69 and closed at 2985.54.
Review/Outlook- The Sensex has remained range bound while the low volume saga continues. It could be another insipid day for trading while a breach of either the 2971 level or the 3003 level could trigger off some action.
BPCL -- Last Close: 233.00 | Support: 224, 215 | Resistance: 240, 252
Trading Range- The scrip opened at 235.00, moved up to an intra-day high of 236.00, declined to an intra-day low of 232.50 and closed at 233.00.
Review/Outlook- The scrip has run smack into resistance at the 236 level only to end in negative territory, heightening the chances of an intra-day downside.
Mastek -- Last Close: 300.15 | Support: 285, 260 | Resistance: 305, 328
Trading Range - The scrip opened at 289.90, moved up to an intra-day high of 307.80, declined to an intra-day low of 289.90 and closed at 300.15.
Review/Outlook - The scrip continues to receive support from the 288 level and has recovered after playing hide-n-seek with the 10 day average, heightening the chances of an intra-day upside.
Oriental Bank -- Last Close: 78.40 | Support: 74, 67 | Resistance: 83, 91
Trading Range- The scrip opened at 80.90, moved up to an intra-day high of 80.90, declined to an intra-day low of 77.50 and closed at 78.40.
Review/Outlook- The scrip seems to be in the last stages of a distribution pattern while the weakness reflected by the oscillators could mean further downside.
United Phosphorous -- Last Close: 127.05 | Support: 127, 119 | Resistance: 137, 144
Trading Range- The scrip opened at 124.75, moved up to an intra-day high of 127.50, declined to an intra-day low of 122.00 and closed at 127.05.
Review/Outlook- The scrip has bounced back from lower levels to end in positive territory, indicating bullish intentions over the short-term.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 127, 103 | 133.80 | 135, 143 | Td | | HLL | 141,127 | 143.70 | 155,163 | Sd | | INFOSYS | 2405, 1897 | 2922.40 | 2985, 3468 | Sd | | ITC | 592, 541 | 664.80 | 665, 729 | Sd | | MTNL | 85, 63 | 94.90 | 95, 103 | Sd | | RIL | 269, 242 | 277.50 | 302, 324 | Td | | SATYAM | 149, 113 | 158.70 | 173, 199 | Sd | | SBI | 276, 258 | 290.20 | 293, 314 | Sd | | TELCO | 148,135 | 155.00 | 168, 186 | Td | | TISCO | 131,125 | 131.80 | 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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