This article was first published 22 years ago

Stock picks for September 8

September 06, 2003 14:09 IST

The market has staged a superb rally to once again finish on an extremely strong footing in positive territory. Banks, consumer durables, FMCG, IT, pharma, PSUs and capital goods all ended quite positive in varying degrees.

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

Sensex -- Last Close -- 4369.17 -- Support -- 4328, 4166 -- Resistance -- 4409, 4554

Trading Range -- The Sensex opened at 4314.68, moved up to an intra-day high of 4371.98, declined to an intra-day low of 4314.68 and closed at 4369.17.

Review/Outlook -- The Sensex has once again reflected strength by posting a new high (a 29 month high) to end in positive territory while the intermediate uptrend is intact and continues to forge ahead relentlessly.  

Ranbaxy Labs -- Last Close -- 1034.80 -- Support -- 1000, 925 -- Resistance -- 1050, 1200

Trading Range -- The scrip opened at 1015.60, moved up to an intra-day high of 1047.00, declined to an intra-day low of 1010.00 and closed at 1034.80.

Review/Outlook -- The scrip has reflected strength by giving an upward "key" reversal (bullish intra-day pattern) and with the indicators looking up, a further upside seems to be on the cards.

GlaxoSmithKline Consumer -- Last Close -- 307.15 -- Support -- 306, 250 -- Resistance -- 340, 362

Trading Range -- The scrip opened at 303.00, moved up to an intra-day high of 311.00, declined to an intra-day low of 303.00 and closed at 307.15.

Review/Outlook -- The scrip is in the midst of an intermediate uptrend and with the oscillators signalling a buy, a further upside cannot be ruled out. 

Siemens -- Last Close -- 446.45 -- Support -- 445, 397 -- Resistance -- 500, 581

Trading Range -- The scrip opened at 441.00, moved up to an intra-day high of 449.90, declined to an intra-day low of 439.00 and closed at 446.45.

Review/Outlook -- The scrip has reflected strength by posting a 43-month high and with the oscillators looking positive, further appreciation seems to be on the cards.  

Digital -- Last Close -- 552.05 -- Support -- 536, 494 -- Resistance -- 575, 629

Trading Range -- The scrip opened at 538.00, moved up to an intra-day high of 560.00, declined to an intra-day low of 533.00 and closed at 552.05.

Review/Outlook -- The scrip has reflected strength by posting a 14-month high and with the indicators looking strong, a further upside seems to be on the cards.

Stock Track
Scrip Support Last Close Resistance Trend
ACC 203, 188 216.10 219, 243 Sd
HLL 192, 183 193.55 203, 224 Tu
INFOSYS 3977, 3468 4205.50 4360, 4816 Up
ITC 802, 729 838.05 882, 963 Sd
MTNL 124, 115 125.30 139, 157 Sd
RIL 407, 374 419.40 452, 500 Up
SATYAM 224, 199 252.50 253, 301 Up
SBI 415, 380 435.25 450, 488 Sd
TATA MOTORS 260, 232 283.40 284, 302 Up
TISCO 260, 231 267.70 295, 316 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.

Moneywiz Live!