Home > Business > Market Report > Technicals
Trading strategy for July 1
Hemen Kapadia/ Morpheus Inc |
June 30, 2003 20:36 IST
The market is in the midst of a scintillating bull run and once again ended on a positive note. Capital goods, consumer durables, FMCG, IT and PSUs were amongst the movers and shakers of the day but it was the banking and pharma sector, which outshone the rest.
Volume was a tad lower (read as turnover) while the undertone was solid.
Sensex -- Last Close: 3607.13 | Support: 3545, 3467 | Resistance: 3651, 3759
Trading Range -- The Sensex opened at 3585.57, moved up to an intra-day high of 3632.84, declined to an intra-day low of 3585.57 and closed at 3607.13.
Review/Outlook -- The Sensex continues to scale newer highs on a regular basis while the intermediate uptrend goes from strength to strength and a further upside seems to be on the cards.
Bombay Dyeing -- Last Close: 69.95 | Support: 64, 59 | Resistance: 70, 86
Trading Range -- The scrip opened at 66.85, moved up to an intra-day high of 70.45, declined to an intra-day low of 65.00 and closed at 69.95.
Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators looking strong, a further upside seems possible.
Dr Reddy's Lab -- Last Close: 1094.70 | Support: 1089, 998 | Resistance: 1150, 1225
Trading Range -- The scrip opened at 1065.00, moved up to an intra-day high of 1109.50, declined to an intra-day low of 1056.00 and closed at 1094.70.
Review/Outlook -- The scrip has sustained its upward breakout from a consolidation pattern and with the oscillators signalling a buy, a further upside cannot be ruled out.
SBI -- Last Close: 384.20 | Support: 380, 358 | Resistance: 415, 450
Trading Range -- The scrip opened at 377.90, moved up to an intra-day high of 388.00, declined to an intra-day low of 373.00 and closed at 384.20.
Review/Outlook -- The scrip has reflected strength by posting a 113 month high and with the oscillators looking positive, further appreciation seems to be on the cards.
TVS Motor -- Last Close: 599.75 | Support: 570, 514 | Resistance: 625, 660
Trading Range -- The scrip opened at 570.00, moved up to an intra-day high of 615.00, declined to an intra-day low of 570.00 and closed at 599.75.
Review/Outlook -- The scrip has reflected strength by posting a 41 month high and with the indicators looking firm, a further upside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 166, 155 | 167.00 | 175, 188 | Up | | HLL | 172, 163 | 178.45 | 183, 192 | Up | | INFOSYS | 2985, 2405 | 3264.85 | 3468, 3977 | Up | | ITC | 759, 729 | 766.35 | 802, 882 | Up | | MTNL | 103, 95 | 113.45 | 115, 124 | Up | | RIL | 324, 302 | 324.60 | 345, 374 | Up | | SATYAM | 173, 149 | 192.35 | 199, 224 | Tu | | SBI | 380, 358 | 384.20 | 415, 450 | Up | | TELCO | 186, 179 | 197.65 | 199, 215 | Up | | TISCO | 166, 150 | 169.15 | 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 |
|