This article was first published 22 years ago

Stock picks for September 18

September 17, 2003 20:42 IST

The market has found life difficult at higher levels and its early gains have been erased to end in negative territory.

Banks, pharma, FMCG, consumer durables, PSUs and capital goods all ended negative in varying degrees, while IT was the sole spoilsport.

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

Sensex -- Last Close -- 4235.35 -- Support -- 4166, 4028 -- Resistance -- 4328, 4409

Trading Range -- The Sensex opened at 4299.37, moved up to an intra-day high of 4330.85, declined to an intra-day low of 4222.60 and closed at 4235.35.

Review/Outlook -- The Sensex has reflected weakness by forming a downward "key" reversal (bearish intra-day pattern) while the weak closing would seem to suggest further downside on Wendesday.

Bata -- Last Close -- 048.75 -- Support -- 048, 037 -- Resistance -- 057, 075

Trading Range -- The scrip opened at 046.00, moved up to an intra-day high of 049.75, declined to an intra-day low of 046.00 and closed at 048.75.

Review/Outlook -- The scrip seems to have given an upward breakout from a consolidation pattern and with the indicators looking positive, a further upside seems to be on the cards.

ACC -- Last Close -- 189.90 -- Support -- 188, 175 -- Resistance -- 203, 219

Trading Range -- The scrip opened at 201.30, moved up to an intra-day high of 202.90, declined to an intra-day low of 188.00 and closed at 189.90.

Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators looking weak, a further downside seems to be on the cards.

Century -- Last Close -- 104.45 -- Support -- 097, 080    -- Resistance -- 114, 131

Trading Range -- The scrip opened at 109.40, moved up to an intra-day high of 111.65, declined to an intra-day low of 104.00 and closed at 104.45.

Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators looking weak, a further downside seems to be on the cards.

Videocon International -- Last Close -- 063.05 -- Support -- 058, 040 -- Resistance -- 075, 105

Trading Range -- The scrip opened at 065.45, moved up to an intra-day high of 068.00, declined to an intra-day low of 062.75 and closed at 063.05.

Review/Outlook -- The scrip has reflected weakness by giving a downward 'key' reversal (bearish intra-day pattern) and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track
Scrip Support Last Close Resistance Trend
ACC 188, 175 189.90 203, 219 Dt
HLL 183, 172 184.35 192, 203 Td
INFOSYS 3977, 3468 4315.50 4360, 4816 Sd
ITC 729, 665 780.95 802, 882 Dt
MTNL 115, 103 114.70 124, 139 Dt
RIL 407, 374 405.35 452, 500 Dt
SATYAM 224, 199 240.90 253, 301 Td
SBI 415, 380 424.85 450, 488 Td
TATA MOTORS 260, 232 278.60 284, 302 Dt
TISCO 260, 231 260.50 260, 316 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.

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

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