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Trading strategy for June 16

Hemen Kapadia/ Morpheus Inc | June 14, 2003 16:07 IST

The market has ended the week on a positive note and has once again seen further appreciation.

Banks were under pressure, capital goods and pharma posted new highs, consumer durables, FMCG retreated while IT and PSUs were flat. Volume was a tad higher (read as turnover) while the undertone was better.

Sensex -- Last Close: 3354.14 | Support: 3320, 3210 | Resistance: 3400, 3467

Trading Range -- The Sensex opened at 3342.65, moved up to an intra-day high of 3364.02, declined to an intra-day low of 3338.90 and closed at 3354.14.

Review/Outlook -- The Sensex has ended in positive territory for the third session in a row and has reflected strength by closing above the 3350 level (volume could have been better) while a further upside seems possible.

Bajaj Auto -- Last Close: 543.90 | Support: 504, 472 | Resistance: 545, 590

Trading Range -- The scrip opened at 530.00, moved up to an intra-day high of 548.00, declined to an intra-day low of 530.00 and closed at 543.90.

Review/Outlook -- The scrip has recovered smartly from its intra-day low and with the oscillators looking strong, a further upside seems possible.

Escorts -- Last Close: 51.15 | Support: 50, 43 | Resistance: 58, 67

Trading Range -- The scrip opened at 49.50, moved up to an intra-day high of 51.50, declined to an intra-day low of 49.15 and closed at 51.15.

Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators signalling a buy, a further upside cannot be ruled out.

McDowell -- Last Close: 48.25 | Support: 46, 38 | Resistance: 51, 62

Trading Range -- The scrip opened at 46.10, moved up to an intra-day high of 48.50, declined to an intra-day low of 46.10 and closed at 48.25.

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.

Siemens -- Last Close: 380.25 | Support: 368, 344 | Resistance: 397, 422

Trading Range -- The scrip opened at 374.55, moved up to an intra-day high of 382.50, declined to an intra-day low of 372.00 and closed at 380.25.

Review/Outlook -- The scrip has recovered sharply from an intra-day correction and with the indicators looking firm, a further upside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC143, 135147.35148, 155Sd
HLL163, 155170.25172, 183Up
INFOSYS2405, 18972970.602985, 3468Tu
ITC665, 592709.15729, 802Tu
MTNL95, 85102.90103, 115 Sd
RIL302, 269312.30324, 345Sd
SATYAM173, 149181.65199, 224Tu
SBI333, 314346.50358, 380Td
TELCO179, 168182.75186, 199Up
TISCO139, 131149.95150, 166Td
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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