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Stock picks for August 18
Hemen Kapadia/ Morpheus Inc |
August 16, 2003 14:45 IST
The market has cooled of a bit from its intra-day high to end nearly flat (BSE ended slightly negative while NSE ended slightly positive).
Capital goods, FMCG, consumer durables and pharma, all remained positive while banks, IT and PSUs ended slightly negative.
Volume registered an increase (read as turnover) while the undertone was bullish.
Sensex --Last Close: 3921.20 | Support: 3895, 3759 | Resistance: 4028, 4166
Trading Range -- The Sensex opened at 3932.59, moved up to an intra-day high of 3959.10, declined to an intra-day low of 3908.70 and closed at 3921.20.
Review/Outlook -- The Sensex has witnessed a bit of profit taking at higher levels to give a downward "key" reversal (bearish intra-day pattern) indicating the possibility of a range bound while the intermediate uptrend remains very much in place.
ABB --Last Close: 429.05 | Support: 414, 380 | Resistance: 461, 532
Trading Range -- The scrip opened at 414.95, moved up to an intra-day high of 431.40, declined to an intra-day low of 414.00 and closed at 429.05.
Review/Outlook -- The scrip has reflected strength by posting a 45-month high and with the oscillators looking better, a further upside seems possible.
Burroughs Wellcome --Last Close: 483.00 | Support: 450, 420 | Resistance: 490, 512
Trading Range -- The scrip opened at 470.00, moved up to an intra-day high of 485.00, declined to an intra-day low of 463.55 and closed at 483.00.
Review/Outlook -- The scrip seems poised to commence an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Aventis Pharma --Last Close: 444.90 | Support: 434, 394 | Resistance: 475, 534
Trading Range -- The scrip opened at 442.00, moved up to an intra-day high of 446.45, declined to an intra-day low of 437.00 and closed at 444.90.
Review/Outlook -- The scrip has reflected strength by closing above a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.
Bajaj Auto --Last Close: 671.80 | Support: 630, 590 | Resistance: 707, 850
Trading Range -- The scrip opened at 661.00, moved up to an intra-day high of 677.50, declined to an intra-day low of 658.15 and closed at 671.80.
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. | Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 206.45 | 219, 243 | Up | | HLL | 172, 163 | 177.80 | 183, 192 | Up | | INFOSYS | 2985, 2405 | 3418.85 | 3468, 3977 | Sd | | ITC | 759, 665 | 763.85 | 802, 882 | Tu | | MTNL | 124, 115 | 125.70 | 139, 157 | Up | | RIL | 345, 324 | 358.60 | 374, 407 | Tu | | SATYAM | 173, 149 | 198.10 | 199, 224 | Td | | SBI | 415, 380 | 431.05 | 450, 488 | Sd | | TELCO | 232, 215 | 254.80 | 260, 284 | Up | | TISCO | 231, 220 | 243.05 | 260, 295 | 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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