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Trading strategy for July 3

Hemen Kapadia/ Morpheus Inc | July 02, 2003 20:34 IST

The market seems to have run into profit taking at higher levels to just about finish flat. Banks, IT and PSUs were the weak spots of the day while capital goods, FMCG and pharma remained positive.

The stars of the day were very clearly consumer durables and textiles, which gave breath-taking moves.

Volume was distinctly better (read as turnover) while the undertone was mixed.

Sensex -- Last Close: 3601.39 | Support: 3545, 3467 | Resistance: 3651, 3759

Trading Range -- The Sensex opened at 3613.42, moved up to an intra-day high of 3640.97, declined to an intra-day low of 3596.47 and closed at 3601.39.

Review/Outlook -- The Sensex has given a downward "key" reversal (bearish intra-day pattern) indicating the possibility of a range bound movement while the intermediate uptrend remains intact.

Bata -- Last Close: 45.70 | Support: 39, 33 | Resistance: 47, 59

Trading Range -- The scrip opened at 44.30, moved up to an intra-day high of 47.00, declined to an intra-day low of 42.80 and closed at 45.70.

Review/Outlook -- The scrip has given an upward breakout from a consolidation phase and with the oscillators looking strong, a further upside seems possible.

ABB -- Last Close: 388.15 | Support: 380, 362 | Resistance: 414, 460

Trading Range -- The scrip opened at 383.00, moved up to an intra-day high of 394.00, declined to an intra-day low of 382.00 and closed at 388.15.

Review/Outlook -- The scrip has reflected strength by overcoming a supply line and with the oscillators signalling a buy, a further upside cannot be ruled out.

Arvind Mills -- Last Close: 43.05 | Support: 41, 35 | Resistance: 50, 58

Trading Range -- The scrip opened at 41.50, moved up to an intra-day high of 44.20, declined to an intra-day low of 41.50 and closed at 43.05.

Review/Outlook -- The scrip has reflected strength by sustaining its upward breakout from a consolidation phase and with the oscillators looking positive, further appreciation seems to be on the cards.

Jindal Steel -- Last Close: 495.65 | Support: 480, 455 | Resistance: 505, 550

Trading Range -- The scrip opened at 473.90, moved up to an intra-day high of 499.00, declined to an intra-day low of 473.90 and closed at 495.65.

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

Stock Track
ScripSupportLast CloseResistanceTrend
ACC155, 148164.70166, 175Up
HLL172, 163176.85183, 192Up
INFOSYS2985, 24053159.103468, 3977Up
ITC729, 665758.55759, 802Up
MTNL115, 103117.50124, 132 Up
RIL324, 302327.15345, 374Up
SATYAM173, 149187.60199, 224Tu
SBI380, 358389.55415, 450Up
TELCO199, 186204.70215, 232Up
TISCO166, 150173.00175, 189Up
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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