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Stock picks for August 12
Hemen Kapadia/ Morpheus Inc |
August 11, 2003 19:50 IST
The market has continued to forge ahead and has once again ended the day in positive territory.
Banks, capital goods, consumer durables, pharma, FMCG and PSUs all participated in the rally and ended positive while the IT sector played the spoilsport.
Volume registered a decrease (read as turnover) while the undertone was bullish.
Sensex --Last Close: 3893.41 | Support: 3759, 3651 | Resistance: 3895, 4028
Trading Range -- The Sensex opened at 3842.14, moved up to an intra-day high of 3915.90, declined to an intra-day low of 3842.14 and closed at 3893.41.
Review/Outlook -- The Sensex continues its upward march with virtually no respite in sight and with the intermediate uptrend holding firm and solid, a further upside seems to be on the cards.
ABB --Last Close: 409.05 | Support: 380, 362 | Resistance: 414, 461
Trading Range -- The scrip opened at 399.00, moved up to an intra-day high of 415.00, declined to an intra-day low of 395.00 and closed at 409.05.
Review/Outlook -- The scrip has reflected strength by posting a 45 month high and with the oscillators looking better, a further upside seems possible.
Chennai Petroleum --Last Close: 70.25 | Support: 60, 50 | Resistance: 80, 110
Trading Range -- The scrip opened at 68.10, moved up to an intra-day high of 71.60, declined to an intra-day low of 66.65 and closed at 70.25.
Review/Outlook -- The scrip has entered an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
GlaxoSmithKline --Last Close: 416.95 | Support: 395, 363 | Resistance: 437, 500
Trading Range -- The scrip opened at 411.50, moved up to an intra-day high of 417.75, declined to an intra-day low of 408.00 and closed at 416.95.
Review/Outlook -- The scrip has reflected strength by closing above a supply line and with the oscillators looking positive, further appreciation seems to be on the cards.
Adani Exports --Last Close: 192.55 | Support: 184, 171 | Resistance: 195, 223
Trading Range -- The scrip opened at 185.00, moved up to an intra-day high of 194.00, declined to an intra-day low of 184.00 and closed at 192.55.
Review/Outlook -- The scrip has reflected strength by closing above the 10 and 55 day averages and with the indicators looking strong, a further upside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 206.15 | 219, 243 | Up | | HLL | 163, 155 | 171.35 | 172, 183 | Tu | | INFOSYS | 3468, 2985 | 3476.05 | 3977, 4360 | Sd | | ITC | 759, 665 | 767.20 | 802, 882 | Tu | | MTNL | 115, 103 | 119.45 | 124, 139 | Up | | RIL | 345, 324 | 361.50 | 374, 407 | Tu | | SATYAM | 199, 173 | 203.80 | 224, 253 | Sd | | SBI | 415, 380 | 432.80 | 450, 488 | Td | | TELCO | 232, 215 | 247.15 | 260, 284 | Up | | TISCO | 231, 220 | 237.15 | 260, 295 | Up | | 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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