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Home > Business > Market Report > Technicals

Trading strategy for April 11

Hemen Kapadia/Morpheus Inc | April 10, 2003 19:18 IST

The market is reeling under the software onslaught led by Infosys and there was virtually blood on the streets. Sentiment has been badly battered and the situation still remains grim.

Sensex (Daily) | Last Close- 3035.33 | Support- 3007, 2922| Resistance- 3110, 3210

Trading Range- The Sensex opened at 3137.24, moved up to an intra-day high of 3137.24, declined to an intra-day low of 3021.74 and closed at 3035.33.

Review/Outlook -The Sensex has accentuated its weakness and has posted a new five-month low. Important levels have been breached and a further downside seems possible.

ACC (Daily) | Last Close- 140.60 | Support- 135, 127 | Resistance- 143, 148

Trading Range -The scrip opened at 142.50, moved up to an intra-day high of 142.70, declined to an intra-day low of 139.05 and closed at 140.60.

Review/Outlook -The scrip has slipped below its support level of 143, indicating short-term weakness while the oscillators seem to be infavour of further depreciation.

Dr Reddy (Daily) | Last Close- 931.55 | Support- 919, 879 | Resistance- 998, 1081

Trading Range- The scrip opened at 923.25, moved to an intra-day high of 938.75, declined to an intra-day low of 920.00 and closed at 931.55.

Review/Outlook- The scrip seems to be in a constructive uptrend and has once again gained ground after a minor consolidation while further progress seems to be on the cards.

ITC (Daily) | Last Close- 673.95 | Support- 665, 592 | Resistance- 729, 802

Trading Range- The scrip opened at 659.00, moved up to an intra-day high of 677.90, declined to an intra-day low of 654.00 and closed at 673.95.

Review/Outlook- The scrip has outperformed the market in the short-term and seems set to do so in the medium-term also while some selling pressure could come in at the 687 level.

SBI (Daily) | Last Close- 290.90 | Support- 276, 258 | Resistance- 293, 314

Trading Range- The scrip opened at 283.50, moved up to an intra-day high of 293.35, declined to an intra-day low of 281.40 and closed at 290.90.

Review/Outlook- The scrip has bounced back smartly after taking support on the 10 and 55 day averages indicating its intention to further carry on this positive movement.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC135, 127140.60143,148Td
INFOSYS2985, 24053044.603468, 3977Dt
ITC665, 592673.95729, 802Tu
MTNL95,8598.90103, 115Tu
SATYAM149, 109150.70173, 199Dt
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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