November 9, 2002 | 1100 IST
|
|
||
|
|
|
|
|
|
||
|
Home >
Money> Technicals November 9, 2002 | 1100 IST |
Feedback
|
|
|
Trading strategy for November 11, 2002Hemen Kapadia/Morpheus Inc Sensex Trading Range: The Sensex opened at 2965.19, moved up to an intra-day high of 2966.59, declined to an intra-day low of 2950.71 and closed at 2956.84. Review/Outlook: The Sensex outlook hasn't changed much and it remains in the midst of a minor correction. This correction was necessary as the Sensex needed to digest its 6 trading session, 166 point rise. It needs to overcome the 2995 level on the daily chart and the 3040 level on the weekly chart for further appreciation to take place meanwhile a continuation of its current sideways/downward movement cannot be ruled out. ABB Trading Range: The scrip opened at 239.90, moved up to an intra-day high of 239.90, declined to an intra-day low of 232.70 and closed at 233.30. Review/Outlook: The scrip was in the midst of a recovery after a steep fall and now seems to have run out of steam. ABB has closed below a minor demand line and could depreciate further barring some support from the 230 level. Hinduja TMT Trading Range: The scrip opened at 256.30, moved up to an intra-day high of 263.95, declined to an intra-day low of 254.00 and closed at 262.85. Review/Outlook: The scrip is looking slightly oversold on the daily chart and has staged a smart intra-day recovery. Hinduja TMT has ended the day in positive territory accompanied by a slight increase in volume heightening the chances of a relief rally. United Breweries Trading Range: The scrip opened at 027.60, moved up to an intra-day high of 033.00, declined to an intra-day low of 027.25 and closed at 033.00. Review/Outlook: The scrip seems to be on the rebound after a precipitous fall of nearly 109 points and is clearly oversold. A minor 4 trading session sideways movement would suggest a small base for a relief rally which seems underway. Hindalco Trading Range: The scrip opened at 510.00, moved up to an intra-day high of 517.90, declined to an intra-day low of 510.00 and closed at 516.10. 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 overcome the 10 day average, indicating its intention to appreciate further barring some resistance from the 518 level.
ALSO READ:
|
ADVERTISEMENT |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
