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Trading strategy for November 7, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 2982.39
Support: 2922, 2826
Resistance: 3007, 3101

Trading Range: The Sensex opened at 2993.58, moved up to an intra-day high of 2993.58, declined to an intra-day low of 2967.19 and closed at 2982.39.

Review/Outlook: The Sensex has shown the first signs of getting heavy at current levels by not crossing the previous trading session's intra-day high. The outlook hasn't changed much while the Sensex needs to cross the 2995 level to appreciate further but a small sideways/downwards movement cannot be ruled out.

Adani Export
Last Close: 138.90
Support: 137, 130
Resistance:144, 153

Trading Range: The scrip opened at 137.25, moved up to an intra-day high of 139.50, declined to an intra-day low of 136.45 and closed at 138.90.

Review/Outlook: The scrip has shown strength by closing above the previous 2 trading sessions' high and continues to give ample indications of an impending rally. The oscillators are also supporting the move and seem to indicate further appreciation.

Digital Global
Last Close: 496.25
Support: 490, 482
Resistance: 516, 530

Trading Range: The scrip opened at 488.00, moved up to an intra-day high of 500.80, declined to an intra-day low of 476.90 and closed at 496.25.

Review/Outlook: The scrip has bounced back smartly from lower levels only to close in positive territory. Digital has also overcome an intra-day resistance level indicating its intention to appreciate further from here.

Hughes Soft
Last Close: 157.65
Support: 153, 146
Resistance: 167, 187

Trading Range: The scrip opened at 154.60, moved up to an intra-day high of 159.50, declined to an intra-day low of 150.25 and closed at 157.65.

Review/Outlook: The scrip's movement is a picture of strength and has not only closed above the 10 day average but also above the 55 day average. Volume too is supporting the rise while further appreciation cannot be ruled out.

ITC
Last Close: 627.55
Support: 621, 610
Resistance: 634, 646

Trading Range: The scrip opened at 624.00, moved up to an intra-day high of 630.30, declined to an intra-day low of 617.10 and closed at 627.55.

Review/Outlook: The scrip has recovered after taking support on the 610 level for a couple of trading sessions and shown strength by closing above the 621 (resistance) level brightening the chances of a corrective rally.

Stock Track

Scrip Support Last Close Resistance Trend ACC 135, 126 142.75 143, 148 Sd HLL 155, 141 160.05 163, 172 Dt INFOSYS 3977, 3468 4055.90 4360, 4861 Up ITC 592, 541 627.55 665, 729 Sd MTNL 95, 85 97.15 103, 115 Sd RIL 242, 217 260.95 269, 298 Tu SATYAM 224, 200 249.35 253, 301 Up SBI 235, 223 242.15 248, 258 Tu TELCO 135, 121 146.25 148, 166 Tu TISCO 125, 118 126.70 131, 139 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.

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