Home > Business > Market Report > Technicals
Trading strategy for July 3
Hemen Kapadia/ Morpheus Inc |
July 02, 2003 20:34 IST
The market seems to have run into profit taking at higher levels to just about finish flat. Banks, IT and PSUs were the weak spots of the day while capital goods, FMCG and pharma remained positive.
The stars of the day were very clearly consumer durables and textiles, which gave breath-taking moves.
Volume was distinctly better (read as turnover) while the undertone was mixed.
Sensex -- Last Close: 3601.39 | Support: 3545, 3467 | Resistance: 3651, 3759
Trading Range -- The Sensex opened at 3613.42, moved up to an intra-day high of 3640.97, declined to an intra-day low of 3596.47 and closed at 3601.39.
Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) indicating the possibility of a range bound movement while the intermediate uptrend remains intact.
Bata -- Last Close: 45.70 | Support: 39, 33 | Resistance: 47, 59
Trading Range -- The scrip opened at 44.30, moved up to an intra-day high of 47.00, declined to an intra-day low of 42.80 and closed at 45.70.
Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators looking strong, a further upside seems possible.
ABB -- Last Close: 388.15 | Support: 380, 362 | Resistance: 414, 460
Trading Range -- The scrip opened at 383.00, moved up to an intra-day high of 394.00, declined to an intra-day low of 382.00 and closed at 388.15.
Review/Outlook -- The scrip has reflected strength by overcoming a supply line and with the oscillators signalling a buy, a further upside cannot be ruled out.
Arvind Mills -- Last Close: 43.05 | Support: 41, 35 | Resistance: 50, 58
Trading Range -- The scrip opened at 41.50, moved up to an intra-day high of 44.20, declined to an intra-day low of 41.50 and closed at 43.05.
Review/Outlook -- The scrip has reflected strength by sustaining its upward breakout from a consolidation phase and with the oscillators looking positive, further appreciation seems to be on the cards.
Jindal Steel -- Last Close: 495.65 | Support: 480, 455 | Resistance: 505, 550
Trading Range -- The scrip opened at 473.90, moved up to an intra-day high of 499.00, declined to an intra-day low of 473.90 and closed at 495.65.
Review/Outlook -- The scrip has given an upward breakout from a consolidation pattern and with the indicators looking firm, a further upside seems to be on the cards.
Scrip | Support | Last Close | Resistance | Trend | ACC | 155, 148 | 164.70 | 166, 175 | Up | HLL | 172, 163 | 176.85 | 183, 192 | Up | INFOSYS | 2985, 2405 | 3159.10 | 3468, 3977 | Up | ITC | 729, 665 | 758.55 | 759, 802 | Up | MTNL | 115, 103 | 117.50 | 124, 132 | Up | RIL | 324, 302 | 327.15 | 345, 374 | Up | SATYAM | 173, 149 | 187.60 | 199, 224 | Tu | SBI | 380, 358 | 389.55 | 415, 450 | Up | TELCO | 199, 186 | 204.70 | 215, 232 | Up | TISCO | 166, 150 | 173.00 | 175, 189 | 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 |
|