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Stock picks for August 19
Hemen Kapadia / Morpheus Inc |
August 18, 2003 20:42 IST
The market has posted another new high to finish on a euphoric note in positive territory.
Banks, capital goods, FMCG, consumer durables, IT and PSUs all ended positive, while it was pharma that ended slightly negative.
Volume was mixed (BSE ended negative while NSE ended slightly positive - read as turnover) while the undertone was bullish.
Sensex ----- Last Close ----- 3977.73 -- Support ----- 3895, 3759 -- Resistance ----- 4028, 4166
Trading Range ----- The Sensex opened at 3932.37, moved up to an intra-day high of 3985.46, declined to an intra-day low of 3928.17 and closed at 3977.73.
Review/Outlook ----- The Sensex has once again posted a new high (a 29 month high) while the intermediate uptrend goes from strength to strength ----- a further upside seems to be on the cards.
ABB ----- Last Close ----- 466.20 Support ----- 461, 414 ---- Resistance ----- 532, 621
Trading Range ----- The scrip opened at 425.00, moved up to an intra-day high of 496.00, declined to an intra-day low of 425.00 and closed at 466.20.
Review/Outlook ----- The scrip has reflected strength by posting a 52-month high and with the oscillators looking better, a further upside seems possible.
Burroughs Wellcome ----- Last Close ----- 482.05 ----- Support ----- 450, 420 ----- Resistance ----- 490, 512
Trading Range ----- The scrip opened at 467.00, moved up to an intra-day high of 489.50, declined to an intra-day low of 465.60 and closed at 482.05.
Review/Outlook ----- The scrip seems poised to commence an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Kochi Refineries ----- Last Close ----- 115.45 ----- Support ----- 103, 083 ----- Resistance ----- 121, 146
Trading Range ----- The scrip opened at 109.00, moved up to an intra-day high of 121.90, declined to an intra-day low of 107.00 and closed at 115.45.
Review/Outlook ----- The scrip has reflected strength by closing above a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.
Bajaj Auto ----- Last Close ----- 712.70 ----- Support ----- 707, 630 ----- Resistance ----- 850, 999
Trading Range ----- The scrip opened at 675.00, moved up to an intra-day high of 729.00, declined to an intra-day low of 668.00 and closed at 712.70.
Review/Outlook ----- The scrip has reflected strength by giving an upward breakout from a consolidation phase and with the indicators looking strong, a further upside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 209.70 | 219, 243 | Up | | HLL | 172, 163 | 181.85 | 183, 192 | Up | | INFOSYS | 3468, 2985 | 3488.30 | 3977, 4360 | Sd | | ITC | 759, 665 | 770.65 | 802, 882 | Tu | | MTNL | 124, 115 | 127.85 | 139, 157 | Up | | RIL | 345, 324 | 361.00 | 374, 407 | Tu | | SATYAM | 199, 173 | 200.65 | 224, 253 | Sd | | SBI | 415, 380 | 430.10 | 450, 488 | Sd | | TELCO | 232, 215 | 259.50 | 260, 284 | Up | | TISCO | 231, 220 | 258.65 | 260, 295 | 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 |
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