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Trading strategy for April 22
Hemen Kapadia/Morpheus Inc |
April 21, 2003 19:40 IST
The market seems to be biding its time, waiting for some of trigger to materialise and the volume (read as turnover) would seem to indicate a lack of interest while the undertone looks to have improved a wee bit.
Sensex -- Last Close: 2996.97 | Support: 2922, 2826 | Resistance: 3007, 3110
Trading Range- The Sensex opened at 2992.90, moved up to an intra-day high of 3002.11, declined to an intra-day low of 2985.60 and closed at 2996.97.
Review/Outlook- The Sensex has reflected indecision by staying within the previous day's trading range but the intra-day charts would seem to indicate an upside above the 3003 level today.
ABB -- Last Close: 314.70 | Support: 306, 288 | Resistance: 316, 330
Trading Range- The scrip opened at 309.00, moved up to an intra-day high of 315.85, declined to an intra-day low of 307.50 and closed at 314.70.
Review/Outlook- The scrip has recovered smartly from lower levels and with the oscillators signalling a buy, an upside cannot be ruled out.
Jindal Steel -- Last Close: 350.15 | Support: 345, 330 | Resistance: 357, 373
Trading Range - The scrip opened at 349.00, moved up to an intra-day high of 351.85, declined to an intra-day low of 345.00 and closed at 350.15.
Review/Outlook - The scrip has been receiving support from the 345 level only to give a positive closing, heightening the chances of an intra-day upside.
MTNL -- Last Close: 96.30 | Support: 95, 85 | Resistance: 103, 115
Trading Range- The scrip opened at 95.25, moved up to an intra-day high of 96.95, declined to an intra-day low of 94.65 and closed at 96.30.
Review/Outlook- The scrip is showing some sparks of life only to close in positive territory – at the same time, indicating its intention of an intra-day upside.
Sterlite Opticals -- Last Close: 33.35 | Support: 30, 27.10 | Resistance: 33.65, 38.45
Trading Range- The scrip opened at 031.95, moved up to an intra-day high of 033.90, declined to an intra-day low of 031.40 and closed at 033.35.
Review/Outlook- The scrip has bounced back from lower levels to close above the 10 day average indicating bullish intentions over the short term.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 127, 103 | 134.60 | 135, 143 | Td | | HLL | 141,127 | 144.70 | 155,163 | Sd | | INFOSYS | 2405, 1897 | 2931.15 | 2985, 3468 | Sd | | ITC | 665, 592 | 675.60 | 729, 802 | Tu | | MTNL | 95, 85 | 96.30 | 103, 115 | Sd | | RIL | 269, 242 | 279.10 | 302, 324 | Sd | | SATYAM | 149, 113 | 154.50 | 173, 199 | Sd | | SBI | 276, 258 | 287.65 | 293, 314 | Sd | | TELCO | 148,135 | 154.10 | 168, 186 | Td | | TISCO | 131,125 | 133.40 | 139, 150 | Td | | 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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