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Stock picks for September 4
Hemen Kapadia/ Morpheus Inc |
September 03, 2003 20:38 IST
The market on Wednesday came off sharply from its high to end in negative territory.
Banks, consumer durables, FMCG, IT, capital goods, pharma and PSUs all ended quite negative in varying degrees.
Volume registered an increase (read as turnover) while the undertone was cautious.
Sensex --Last Close: 4257.94 | Support: 4166, 4028 | Resistance: 4328, 4554
Trading Range -- The Sensex opened at 4361.87, moved up to an intra-day high of 4367.87, declined to an intra-day low of 4248.86 and closed at 4257.94.
Review/Outlook -- The Sensex has once again posted a new high (a 29 month high) but has retreated sharply from its intra-day high to end in negative territory. This has resulted in a downward "bar" reversal (bearish intra-day pattern) on higher volume indicating the possibility of a further downside today.
Bajaj Auto --Last Close: 728.65 | Support: 707, 630 | Resistance: 859, 999
Trading Range -- The scrip opened at 740.00, moved up to an intra-day high of 747.75, declined to an intra-day low of 725.00 and closed at 728.65.
Review/Outlook -- The scrip has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) and with the indicators slipping a bit, a further downside seems to be on the cards.
GlaxoSmithKline Consumer --Last Close: 297.00 | Support: 250, 198 | Resistance: 306, 340
Trading Range -- The scrip opened at 289.00, moved up to an intra-day high of 298.20, declined to an intra-day low of 285.00 and closed at 297.00.
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: 436.15 | Support: 397, 344 | Resistance: 445, 500
Trading Range -- The scrip opened at 434.50, moved up to an intra-day high of 445.00, declined to an intra-day low of 420.00 and closed at 436.15.
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.
ACC --Last Close: 213.30 | Support: 203, 188 | Resistance: 219, 243
Trading Range -- The scrip opened at 221.60, moved up to an intra-day high of 222.90, declined to an intra-day low of 212.25 and closed at 213.30.
Review/Outlook -- The scrip has wilted a bit by closing below a demand line and with the indicators looking weak, a further downside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 203, 188 | 213.30 | 219, 243 | Sd | | HLL | 183, 172 | 185.95 | 192, 203 | Sd | | INFOSYS | 3468, 2985 | 3815.90 | 3977, 4360 | UP | | ITC | 802, 729 | 832.00 | 882, 963 | Up | | MTNL | 124, 115 | 124.30 | 139, 157 | Sd | | RIL | 407, 374 | 407.20 | 452, 500 | Up | | SATYAM | 224, 199 | 237.60 | 253, 301 | Up | | SBI | 415, 380 | 432.65 | 450, 488 | Sd | | TELCO | 260, 232 | 276.95 | 284, 302 | Up | | TISCO | 231, 220 | 252.40 | 260, 295 | Tu | | 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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