This article was first published 23 years ago

Trading strategy for May 2

May 01, 2003 19:41 IST

Wednesday was another lacklustre day for trading with some cross currents while volume continued to be miserable. The old economy stocks staged a comeback of sorts while the IT sector took a beating – the undertone appeared marginally better.

Sensex -- Last Close: 2959.79 | Support: 2922, 2826 | Resistance: 3007, 3110

Trading Range -- The Sensex opened at 2942.42, moved up to an intra-day high of 2962.40, declined to an intra-day low of 2942.42 and closed at 2959.79.

Review/Outlook -- The Sensex has recovered smartly from its intra-day lows to end in positive territory. The intra-day charts seem to suggest further appreciation but this can be expected only above the 2962 level.

ACC -- Last Close: 130.90 | Support: 127, 115 | Resistance: 135, 143

Trading Range -- The scrip opened at 130.00, moved up to an intra-day high of 131.70, declined to an intra-day low of 128.75 and closed at 130.90.

Review/Outlook -- The scrip has given an upward 'bar' reversal (reflecting intra-day strength) while an intra-day upside seems possible.

Tisco -- Last Close: 132.20 | Support: 131, 125 | Resistance: 139, 150

Trading Range -- The scrip opened at 131.00, moved up to an intra-day high of 132.55, declined to an intra-day low of 130.15 and closed at 132.20.

Review/Outlook -- The scrip has formed a bullish intra-day pattern and with the oscillators perking up, further progress seems possible.

Zee -- Last Close: 76.85 | Support: 71, 55 | Resistance: 85, 106

Trading Range -- The scrip opened at 072.70, moved up to an intra-day high of 074.45, declined to an intra-day low of 072.70 and closed at 076.85.

Review/Outlook -- The scrip has given an upward breakout from its trading range and with the oscillators also in a positive frame of mind, further appreciation seems to be on the cards.

L&T -- Last Close: 200.60 | Support: 190, 168 | Resistance: 207, 221

Trading Range -- The scrip opened at 196.00, moved up to an intra-day high of 201.00, declined to an intra-day low of 194.50 and closed at 200.60.

Review/Outlook -- The scrip is in the midst of a short-term uptrend while a further upside seems like a distinct possibility.

Stock Track
Scrip Support Last Close Resistance Trend
ACC 127, 115 130.90 135, 143 Sd
HLL 141, 127 144.35 155, 163 Sd
INFOSYS 2405, 1897 2790.65 2985, 3468 Sd
ITC 665, 592 682.10 729, 802 Tu
MTNL 85, 63 91.45 95, 103 Td
RIL 269,242 274.90 302,324 Sd
SATYAM 149, 113 152.40 173, 199 Sd
SBI 276,258 278.55 293,314 Td
TELCO 148,135 150.90 168,186 Dt
TISCO 131, 125 132.20 139, 150 Tu
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.

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Sebi Disclosure: The author has no positions in the stocks mentioned above

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