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Home > Business > Technicals


Stock picks for September 19

Hemen Kapadia / Morpheus Inc. | September 18, 2003 20:49 IST

The market has virtually gone into a tailspin after opening at decent levels to end sharply in negative territory. Banks, pharma, FMCG, IT, consumer durables, PSUs and capital goods all ended quite negative in varying degrees.

Volume registered a decrease (read as turnover) while the undertone was panicky.

Sensex -- Last Close -- 4134.15 -- Support -- 4028, 3895 -- Resistance -- 4166, 4328

Trading Range -- The Sensex opened at 4243.01, moved up to an intra-day high of 4251.54, declined to an intra-day low of 4126.22 and closed at 4134.15.

Review/Outlook -- The Sensex has reflected weakness by entering a short-term downtrend and with the mechanical indicators also in a similar position, a further downside seems to be on the cards.

Hindalco -- Last Close -- 846.75 -- Support -- 828, 759 -- Resistance -- 865, 957

Trading Range -- The scrip opened at 895.00, moved up to an intra-day high of 895.00, declined to an intra-day low of 845.00 and closed at 846.75.

Review/Outlook -- The scrip seems to have given a downward breakout by closing below a demand line and with the indicators looking negative, a further downside seems to be on the cards.

Jindal Steel -- Last Close -- 738.95 -- Support -- 686, 635 -- Resistance -- 750, 832

Trading Range -- The scrip opened at 780.00, moved up to an intra-day high of 782.80, declined to an intra-day low of 729.00 and closed at 738.95.

Review/Outlook -- The scrip has reflected weakness by closing below a tried and tested demand line and with the indicators looking weak, a further downside seems to be on the cards.

Oriental Bank -- Last Close -- 162.70 -- Support -- 150, 120 -- Resistance -- 175, 200

Trading Range -- The scrip opened at 173.45, moved up to an intra-day high of 174.70, declined to an intra-day low of 162.00 and closed at 162.70.

Review/Outlook -- The scrip has reflected weakness by entering an intermediate downtrend and with the indicators looking weak, a further downside seems to be on the cards.

Videocon International -- Last Close -- 060.95 -- Support -- 058, 040 -- Resistance -- 075, 105

Trading Range -- The scrip opened at 063.25, moved up to an intra-day high of 064.00, declined to an intra-day low of 060.55 and closed at 060.95.

Review/Outlook -- The scrip has reflected weakness by entering a short-term downtrend and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC175, 166182.35188, 203Dt
HLL172, 163178.30183, 192Dt
INFOSYS3977, 34684245.954360, 4816Sd
ITC729, 665773.35802, 882Dt
MTNL103, 85110.15115, 124Dt
RIL374, 358394.05407, 452Dt
SATYAM224, 199236.00253, 301Td
SBI380, 358403.80415, 450Dt
TATA MOTORS260, 232266.45284, 302Dt
TISCO231, 220250.15260, 295Td
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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