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Stock picks for July 14
Hemen Kapadia/ Morpheus Inc |
July 12, 2003 13:16 IST
The market has witnessed profit booking at higher levels to end in negative territory. Capital goods, consumer durables and IT were the weak features of the day while FMCG, pharma and PSUs finished on a high note but the undisputed winner of the day was the banking sector.
Volume fell again (read as turnover) while the undertone was mixed.
Sensex --Last Close: 3676.26 | Support: 3651, 3545 | Resistance: 3759, 3895
Trading Range -- The Sensex opened at 3682.09, moved up to an intra-day high of 3714.84, declined to an intra-day low of 3659.21 and closed at 3676.26.
Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) on significantly lower volume and could remain relatively range bound on Monday.
Apollo Hospitals --Last Close: 152.25 | Support: 139, 123 | Resistance: 153, 188
Trading Range -- The scrip opened at 147.10, moved up to an intra-day high of 153.45, declined to an intra-day low of 147.10 and closed at 152.25.
Review/Outlook -- The scrip has reflected strength by giving an upward "key" reversal (bullish intra-day pattern) and with the oscillators looking strong, a further upside seems possible.
Bharat Forge --Last Close: 385.95 | Support: 375, 352 | Resistance: 400, 450
Trading Range -- The scrip opened at 357.70, moved up to an intra-day high of 388.00, declined to an intra-day low of 357.70 and closed at 385.95.
Review/Outlook -- The scrip reflected strength by posting an all time high and with the oscillators signalling a buy, a further upside cannot be ruled out.
Colgate --Last Close: 143.50 | Support: 135, 103 | Resistance: 165, 196
Trading Range -- The scrip opened at 137.45, moved up to an intra-day high of 144.45, declined to an intra-day low of 136.00 and closed at 143.50.
Review/Outlook -- The scrip has closed above a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.
Oriental Bank --Last Close: 175.20 | Support: 175, 150 | Resistance: 200, 225
Trading Range -- The scrip opened at 165.20, moved up to an intra-day high of 176.80, declined to an intra-day low of 165.20 and closed at 175.20.
Review/Outlook -- The scrip has reflected strength by posting an all time high and with the indicators looking strong, a further upside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 166, 155 | 172.00 | 175, 188 | Tu | | HLL | 163, 155 | 170.55 | 172, 183 | Td | | INFOSYS | 3468, 2985 | 3510.70 | 3977, 4360 | Tu | | ITC | 729, 665 | 756.90 | 759, 802 | Sd | | MTNL | 103, 95 | 114.95 | 115, 124 | Td | | RIL | 324, 302 | 329.80 | 345, 374 | Sd | | SATYAM | 199, 173 | 199.05 | 224, 253 | Tu | | SBI | 380, 358 | 389.15 | 415, 450 | Sd | | TELCO | 215, 199 | 216.45 | 232, 260 | Up | | TISCO | 175, 166 | 183.85 | 189, 207 | 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 |
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