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Stock picks for August 28
Hemen Kapadia/ Morpheus Inc |
August 27, 2003 20:59 IST
The market has posted another new high to finish once again on a strong footing in positive territory.
Banks, capital goods, consumer durables, pharma, IT, FMCG and PSUs all ended with gains of varying degrees.
Volume registered an increase (read as turnover) while the undertone was bullish.
Sensex --Last Close: 4205.56 | Support: 4166, 4028 | Resistance: 4322, 4554
Trading Range -- The Sensex opened at 4173.36, moved up to an intra-day high of 4222.39, declined to an intra-day low of 4173.36 and closed at 4205.56.
Review/Outlook -- The Sensex has once again posted a new high (a 29 month high -- on higher volume) while the intermediate uptrend is going from strength to strength. It has been a broad based rally across sectors while a further upside seems like a distinct possibility.
Polaris Software --Last Close: 127.65 | Support: 117, 80 | Resistance: 145, 163
Trading Range -- The scrip opened at 127.00, moved up to an intra-day high of 131.50, declined to an intra-day low of 126.60 and closed at 127.65.
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.
Hughes Software --Last Close: 340.65 | Support: 320, 293 | Resistance: 367, 407
Trading Range -- The scrip opened at 329.70, moved up to an intra-day high of 341.90, declined to an intra-day low of 329.70 and closed at 340.65.
Review/Outlook -- The scrip seems to have commenced an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Kochi Refineries --Last Close: 159.45 | Support: 146, 121 | Resistance: 174, 221
Trading Range -- The scrip opened at 146.00, moved up to an intra-day high of 165.90, declined to an intra-day low of 145.10 and closed at 159.45.
Review/Outlook -- The scrip has reflected strength by posting a 129-month high and with the oscillators looking positive, further appreciation seems to be on the cards.
SBI --Last Close: 454.95 | Support: 450, 415 | Resistance: 488, 525
Trading Range -- The scrip opened at 440.90, moved up to an intra-day high of 457.45, declined to an intra-day low of 438.70 and closed at 454.95.
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 | 213.15 | 219, 243 | Up | | HLL | 183, 172 | 189.60 | 192, 203 | Up | | INFOSYS | 3468, 2985 | 3852.00 | 3977, 4360 | UP | | ITC | 802, 729 | 809.50 | 882, 963 | Up | | MTNL | 124, 115 | 127.55 | 139, 157 | Up | | RIL | 374, 345 | 393.10 | 407, 452 | Up | | SATYAM | 199, 173 | 217.60 | 224, 253 | Up | | SBI | 450, 415 | 454.95 | 488, 525 | Up | | TELCO | 260, 232 | 274.50 | 284, 302 | Up | | TISCO | 231, 220 | 252.75 | 260, 295 | Tu | | 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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