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Trading strategy for July 2

Hemen Kapadia/ Morpheus Inc | July 01, 2003 20:33 IST

The market seems to have stopped to catch its breath after a steep rise to end slightly on a negative note. Banks, FMCG, IT and PSUs came under pressure but it was the capital goods, consumer durables and pharma, which roared ahead.

Volume was a tad lower (read as turnover) while the undertone was mixed.

Sensex -- Last Close: 3604.43 | Support: 3545, 3467 | Resistance: 3651, 3759

Trading Range -- The Sensex opened at 3617.74, moved up to an intra-day high of 3622.89, declined to an intra-day low of 3584.73 and closed at 3604.43.

Review/Outlook -- The Sensex has remained relatively range bound with just a minor breach of the previous trading session's low while the intermediate uptrend remains intact.

Bombay Dyeing -- Last Close: 73.35 | Support: 70, 64 | Resistance: 86, 111

Trading Range -- The scrip opened at 71.00, moved up to an intra-day high of 73.90, declined to an intra-day low of 70.10 and closed at 73.35.

Review/Outlook -- The scrip has sustained its upward breakout from a consolidation phase and with the oscillators looking strong, a further upside seems possible.

ABB -- Last Close: 377.20 | Support: 362, 350 | Resistance: 380, 414

Trading Range -- The scrip opened at 370.00, moved up to an intra-day high of 379.90, declined to an intra-day low of 365.80 and closed at 377.20.

Review/Outlook -- The scrip has given an upward "key" reversal (bullish intra-day pattern) and with the oscillators signalling a buy, a further upside cannot be ruled out.

Arvind Mills -- Last Close: 40.70 | Support: 35, 28 | Resistance: 41, 50

Trading Range -- The scrip opened at 38.45, moved up to an intra-day high of 41.40, declined to an intra-day low of 37.60 and closed at 40.70.

Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation phase and with the oscillators looking positive, further appreciation seems to be on the cards.

Raymonds -- Last Close: 122.30 | Support: 121, 111 | Resistance: 133, 154

Trading Range -- The scrip opened at 115.95, moved up to an intra-day high of 124.80, declined to an intra-day low of 112.60 and closed at 122.30.

Review/Outlook -- The scrip has given an upward "bar" reversal (bullish intra-day pattern) and with the indicators looking firm, a further upside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC155, 148163.60166, 175Up
HLL172, 163178.70183, 192Up
INFOSYS2985, 24053304.953468, 3977Up
ITC729, 665754.20759, 802Up
MTNL103, 95113.25115, 124 Up
RIL324, 302325.85345, 374Up
SATYAM173, 149190.90199, 224Tu
SBI380, 358382.45415, 450Up
TELCO199, 186199.95215, 232Up
TISCO166, 150170.30175, 189Up
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.

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Sebi Disclosure: The author has no positions in the stocks mentioned above


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