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Trading strategy for November 8, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 2975.26
Support: 2922, 2826
Resistance: 3007, 3101

Trading Range: The Sensex opened at 2983.74, moved up to an intra-day high of 2993.61, declined to an intra-day low of 2958.38 and closed at 2975.26.

Review/Outlook: The Sensex has reflected inconclusive movement except the selling pressure around the 2994 - 2995 levels. The closing has been in negative territory while it could remain range bound and within yesterday's trading range.

Asian Paints
Last Close: 322.05
Support: 320, 310
Resistance:330, 344

Trading Range: The scrip opened at 330.00, moved up to an intra-day high of 330.00, declined to an intra-day low of 321.05 and closed at 322.05.

Review/Outlook: The scrip has reflected short term weakness by declining with a gap and has also closed below the short term support level of 325. Further downside cannot be ruled out.

Dr Reddy
Last Close: 697.25
Support: 695, 660
Resistance: 723, 755

Trading Range: The scrip opened at 689.00, moved up to an intra-day high of 704.50, declined to an intra-day low of 678.00 and closed at 697.25.

Review/Outlook: A recovery accompanied by volume is a welcome sign for the scrip which, has been under pressure lately. The closing has been in positive territory and above the 695 level indicating scope for appreciation.

HDFC Bank
Last Close: 195.05
Support: 186, 179
Resistance: 200, 208

Trading Range: The scrip opened at 191.00, moved up to an intra-day high of 195.90, declined to an intra-day low of 191.00 and closed at 195.05.

Review/Outlook: The scrip has been oversold for some time now and seems to have finally commenced an overdue relief rally after a 29 trading session decline. The oscillators are a picture of strength and further progress cannot be ruled out.

Hindalco
Last Close: 514.60
Support: 505, 495
Resistance: 518, 535

Trading Range: The scrip opened at 510.00, moved up to an intra-day high of 518.00, declined to an intra-day low of 501.10 and closed at 514.60.

Review/Outlook: The scrip has managed to close above the 495 level after 15 trading sessions and has recently managed to sustain the closing. Hindalco has just overcome the 10 day average, indicating its intention to appreciate further.

Stock Track

Scrip Support Last Close Resistance Trend ACC 143, 135 143.45 148, 153 Tu HLL 155, 141 161.10 163, 172 Sd INFOSYS 3977, 3468 4031.40 4360, 4861 Up ITC 592, 541 621.25 665, 729 Sd MTNL 95, 85 98.50 103, 115 Sd RIL 242, 217 258.90 269, 298 Tu SATYAM 235, 223 241.60 248, 258 Tu SBI 235, 223 241.60 248, 258 Tu TELCO 135, 121 145.05 148, 166 Tu TISCO 125, 118 127.00 131, 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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