Home > Business > Technicals
Stock picks for September 3
Hemen Kapadia/ Morpheus Inc |
September 02, 2003 20:28 IST
The market has posted another new high to finish once again on a strong footing in positive territory.
Banks, consumer durables, FMCG, IT, and capital goods all ended quite positive in varying degrees -- pharma and PSU's ended mildly negative.
Volume registered an increase (read as turnover) while the undertone was bullish.
Sensex --Last Close: 4339.20 | Support: 4328, 4166 | Resistance: 4554, 4643
Trading Range -- The Sensex opened at 4341.73, moved up to an intra-day high of 4358.30, declined to an intra-day low of 4291.96 and closed at 4339.20.
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 it is the banking sector, which is in a bull run.
Bajaj Auto --Last Close: 733.60 | Support: 707, 630 | Resistance: 859, 999
Trading Range -- The scrip opened at 731.10, moved up to an intra-day high of 738.95, declined to an intra-day low of 710.10 and closed at 733.60.
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.
Finolex Cables --Last Close: 116.70 | Support: 103, 90 | Resistance: 120, 137
Trading Range -- The scrip opened at 113.50, moved up to an intra-day high of 124.90, declined to an intra-day low of 113.00 and closed at 116.70.
Review/Outlook -- The scrip is in the midst of an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Polaris Software --Last Close: 150.05 | Support: 145, 117 | Resistance: 163, 190
Trading Range -- The scrip opened at 146.80, moved up to an intra-day high of 152.85, declined to an intra-day low of 142.00 and closed at 150.05.
Review/Outlook -- The scrip has reflected strength by posting a 7-month high and with the oscillators looking positive, further appreciation seems to be on the cards.
Cadila Healthcare --Last Close: 305.45 | Support: 300, 256 | Resistance: 350, 425
Trading Range -- The scrip opened at 301.00, moved up to an intra-day high of 309.00, declined to an intra-day low of 288.20 and closed at 305.45.
Review/Outlook -- The scrip is in the midst of an intermediate uptrend and with the indicators looking strong, a further upside seems to be on the cards.| Scrip | Support | Last Close | Resistance | Trend | | ACC | 219, 203 | 220.40 | 243, 266 | Up | | HLL | 183, 172 | 191.95 | 192, 203 | Up | | INFOSYS | 3468, 2985 | 3880.50 | 3977, 4360 | UP | | ITC | 802, 729 | 847.95 | 882, 963 | Up | | MTNL | 124, 115 | 126.25 | 139, 157 | Sd | | RIL | 407, 374 | 417.50 | 452, 500 | Up | | SATYAM | 224, 199 | 243.75 | 253, 301 | Up | | SBI | 415, 380 | 440.75 | 450, 488 | Up | | TELCO | 284, 260 | 288.15 | 302, 328 | Up | | TISCO | 231, 220 | 253.35 | 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 |
|