Home > Business > Technicals
Stock picks for August 26
Hemen Kapadia/ Morpheus Inc |
August 25, 2003 20:24 IST
The market has posted another new high to end virtually down in the dumps (due to extraneous factors), in negative territory.
Banks, capital goods, consumer durables, pharma, IT, FMCG and PSUs all ended negative in varying degrees.
Volume registered an increase (read as turnover) while the undertone was panicky.
Sensex --Last Close: 4004.63 | Support: 3895, 3759 | Resistance: 4028, 4166
Trading Range -- The Sensex opened at 4149.82, moved up to an intra-day high of 4170.58, declined to an intra-day low of 3943.66 and closed at 4004.63.
Review/Outlook -- The Sensex has once again posted a new high (a 29 month high) while the intermediate uptrend has been put in jeopardy for the time being. An across the board fall due to panic selling has made analysis irrelevant for the time being. A cautious approach is advocated while movements can be quite volatile.
GlaxoSmithKline --Last Close: 401.90 | Support: 395, 363 | Resistance: 437, 500
Trading Range -- The scrip opened at 411.10, moved up to an intra-day high of 419.10, declined to an intra-day low of 400.55 and closed at 401.90.
Review/Outlook -- The scrip has reflected weakness by giving a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking shaky, a further downside seems possible.
BASF --Last Close: 131.40 | Support: 124, 108 | Resistance: 132, 146
Trading Range -- The scrip opened at 129.05, moved up to an intra-day high of 139.50, declined to an intra-day low of 129.05 and closed at 131.40.
Review/Outlook -- The scrip seems to be on the verge of commencing an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out.
Kochi Refineries --Last Close: 132.05 | Support: 121, 103 | Resistance: 146, 174
Trading Range -- The scrip opened at 127.05, moved up to an intra-day high of 146.00, declined to an intra-day low of 126.00 and closed at 132.05.
Review/Outlook -- The scrip has reflected strength by posting a 126-month high and with the oscillators looking positive, further appreciation seems to be on the cards.
Mastek --Last Close: 191.50 | Support: 185, 156 | Resistance: 210, 249
Trading Range -- The scrip opened at 200.30, moved up to an intra-day high of 201.15, declined to an intra-day low of 190.00 and closed at 191.50.
Review/Outlook -- The scrip has reflected weakness by giving a downward breakout from a consolidation phase and with the indicators looking shaky, a further downside seems to be on the cards. | Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 206.40 | 219, 243 | Up | | HLL | 173, 163 | 180.30 | 183, 192 | Up | | INFOSYS | 3468, 2985 | 3550.55 | 3977, 4360 | Tu | | ITC | 729, 665 | 770.50 | 802, 882 | Up | | MTNL | 124, 115 | 125.45 | 139, 157 | Up | | RIL | 374, 345 | 377.90 | 407, 452 | Up | | SATYAM | 173, 149 | 197.75 | 199, 224 | Up | | SBI | 415, 380 | 420.90 | 450, 488 | Tu | | TELCO | 232, 215 | 256.55 | 260, 284 | Up | | TISCO | 231, 220 | 239.80 | 260, 295 | Sd | | 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 |
|