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Trading strategy for Friday

Hemen Kapadia / Morpheus Inc | July 03, 2003 20:22 IST

The market has staged a smart comeback to finish in positive territory.

Banks and pharma were the movers and shakers of the day while FMCG and PSUs also remained positive.

Capital goods, consumer durables and IT exhibited weakness to remain under pressure. Volume was sharply higher (read as turnover) while the undertone was firm.

Sensex -- Last Close -- 3639.89 | Support -- 3545, 3467 | Resistance -- 3651, 3759

Trading Range -- The Sensex opened at 3616.98, moved up to an intra-day high of 3661.99, declined to an intra-day low of 3592.18 and closed at 3639.89.

Review/Outlook -- The Sensex has given an upward 'key' reversal (bullish intra-day pattern) indicating the possibility of a further upside while the intermediate uptrend remains intact.

Adani Exports -- Last Close -- 202.90 | Support -- 195, 184 | Resistance -- 223, 260

Trading Range -- The scrip opened at 199.10, moved up to an intra-day high of 208.90, declined to an intra-day low of 199.10 and closed at 202.90.

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

Chennai Petro --  Last Close -- 54.70 | Support -- 50, 39 | Resistance -- 60, 80

Trading Range -- The scrip opened at 53.00, moved up to an intra-day high of 56.00, declined to an intra-day low of 52.35 and closed at 54.70.

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.

Indian Hotels  -- Last Close -- 262.30 | Support -- 260, 245 | Resistance -- 281, 295

Trading Range -- The scrip opened at 251.00, moved up to an intra-day high of 265.00, declined to an intra-day low of 251.00 and closed at 262.30.

Review/Outlook -- The scrip has reflected strength by posting a 28 month high and with the oscillators looking positive, further appreciation seems to be on the cards.

Oriental Bank -- Last Close -- 163.55 | Support -- 150, 135 | Resistance -- 175, 200

Trading Range -- The scrip opened at 154.85, moved up to an intra-day high of 167.45, declined to an intra-day low of 152.30 and closed at 163.55.

Review/Outlook -- The scrip has reflected strength by posting an all time high and with the indicators looking firm, a further upside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC166, 155168.65175, 188Up
HLL172, 163178.20183, 192Up
INFOSYS2985, 24053122.103468, 3977Sd
ITC729, 665755.88759, 802Sd
MTNL115, 103119.55124, 132Up
RIL324, 302330.90345, 374Up
SATYAM173, 149186.40199, 224Sd
SBI380, 358399.00415, 450Up
TELCO199, 186204.05215, 232Up
TISCO166, 150172.35175, 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.

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.


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