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Stock picks for August 7
Hemen Kapadia/ Morpheus Inc |
August 06, 2003 22:54 IST
The market has continued its downward movement to once again end in negative territory.
Banks, capital goods, consumer durables, FMCG and IT all came under selling pressure to end the day on a weak note while pharma and PSUs just about ended positive.
Volume registered an increase (read as turnover) while the undertone was weak.
Sensex --Last Close: 3741.66 | Support: 3651, 3545 | Resistance: 3759, 3895
Trading Range -- The Sensex opened at 3754.65, moved up to an intra-day high of 3798.87, declined to an intra-day low of 3722.08 and closed at 3741.66.
Review/Outlook -- The Sensex has declined on even higher volume than the previous trading session which does not augur well for the Sensex and with the mechanical indicators reflecting weakness, further downside seems possible.
Castrol --Last Close: 210.85 | Support: 207, 185 | Resistance: 215, 233
Trading Range -- The scrip opened at 202.55, moved up to an intra-day high of 212.00, declined to an intra-day low of 202.50 and closed at 210.85.
Review/Outlook -- The scrip has reflected strength to close above another supply line and with the oscillators looking better, a further upside seems possible.
EIH --Last Close: 193.15 | Support: 180, 155 | Resistance: 200, 223
Trading Range -- The scrip opened at 188.00, moved up to an intra-day high of 193.50, declined to an intra-day low of 180.15 and closed at 193.15.
Review/Outlook -- The scrip has given an upward "bar" reversal (bullish intra-day pattern) and with the oscillators signalling a buy, a further upside cannot be ruled out.
BPCL --Last Close: 262.25 | Support: 249, 228 | Resistance: 272, 295
Trading Range -- The scrip opened at 268.00, moved up to an intra-day high of 272.85, declined to an intra-day low of 261.30 and closed at 262.25.
Review/Outlook -- The scrip has reflected weakness by closing below a demand line and with the oscillators looking negative, further depreciation seems to be on the cards.
Oriental Bank --Last Close: 154.40 | Support: 150, 135 | Resistance: 175, 200
Trading Range -- The scrip opened at 158.00, moved up to an intra-day high of 161.90, declined to an intra-day low of 153.60 and closed at 154.40.
Review/Outlook -- The scrip has given a downward breakout from a consolidation phase and with the indicators looking weak, a further downside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 188, 175 | 199.35 | 203, 219 | Up | | HLL | 155, 141 | 160.35 | 163, 172 | Td | | INFOSYS | 3468, 2985 | 3504.00 | 3977, 4360 | Sd | | ITC | 729, 665 | 729.75 | 759, 802 | Sd | | MTNL | 115, 103 | 120.50 | 124, 139 | Up | | RIL | 345, 324 | 350.95 | 374, 407 | Sd | | SATYAM | 199, 173 | 201.85 | 224, 253 | Sd | | SBI | 380, 358 | 407.35 | 415, 450 | Td | | TELCO | 232, 215 | 232.55 | 260, 284 | Up | | TISCO | 201, 189 | 217.00 | 220, 231 | 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 |
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