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Stock picks for September 17
Hemen Kapadia / Morpheus Inc. |
September 16, 2003 20:26 IST
The market staged a stunning comeback after recouping its early losses to end sharply in positive territory.
Banks, pharma, FMCG, IT, PSUs and capital goods all ended positive in varying degrees, while consumer durables was the sole spoilsport.
Volume registered an increase (read, turnover), while the undertone was hopeful.
Sensex -- Last Close -- 4274.75 -- Support -- 4166, 4028 -- Resistance -- 4328, 4409
Trading Range -- The Sensex opened at 4195.10, moved up to an intra-day high of 4290.07, declined to an intra-day low of 4134.69 and closed at 4274.75.
Review/Outlook -- The Sensex has reflected strength by forming an upward "key" reversal (bullish intra-day pattern) while the solid closing would seem to suggest further upside today.
Bata -- Last Close -- 045.75 -- Support -- 037, 030 -- Resistance -- 048, 057
Trading Range -- The scrip opened at 044.80, moved up to an intra-day high of 046.40, declined to an intra-day low of 043.40 and closed at 045.75.
Review/Outlook -- The scrip seems poised to give an upward breakout from a consolidation pattern and with the indicators looking positive, a further upside seems to be on the cards.
HCL Infosys -- Last Close -- 220.55 -- Support -- 212, 165 -- Resistance -- 254, 285
Trading Range -- The scrip opened at 217.00, moved up to an intra-day high of 227.90, declined to an intra-day low of 212.00 and closed at 220.55.
Review/Outlook -- The scrip has reflected strength by giving an upward "key" reversal (bullish intra-day pattern) and with the indicators looking strong, a further upside seems to be on the cards.
Saw Pipes -- Last Close -- 208.10 -- Support -- 178, 152 -- Resistance -- 225, 253
Trading Range -- The scrip opened at 188.90, moved up to an intra-day high of 209.90, declined to an intra-day low of 183.00 and closed at 208.10.
Review/Outlook -- The scrip has reflected strength by posting a 30 month high and with the oscillators looking positive, further appreciation seems to be on the cards.
SSI -- Last Close -- 144.10 -- Support -- 130, 114 -- Resistance -- 179, 235
Trading Range -- The scrip opened at 127.20, moved up to an intra-day high of 145.90, declined to an intra-day low of 126.80 and closed at 144.10.
Review/Outlook -- The scrip has reflected strength by giving an upward breakout from a consolidation pattern and with the indicators looking strong, a further upside seems to be on the cards.
| Scrip | Support | Last Close | Resistance | Trend | | ACC | 188, 175 | 199.70 | 203, 219 | Dt | | HLL | 183, 172 | 187.35 | 192, 203 | Td | | INFOSYS | 3977, 3468 | 4196.75 | 4360, 4816 | Sd | | ITC | 729, 665 | 793.35 | 802, 882 | Dt | | MTNL | 115, 103 | 116.90 | 124, 139 | Dt | | RIL | 407, 374 | 409.55 | 452, 500 | Dt | | SATYAM | 224, 199 | 242.10 | 253, 301 | Td | | SBI | 415, 380 | 438.05 | 450, 488 | Td | | TATA MOTORS | 260, 232 | 281.95 | 284, 302 | Dt | | TISCO | 231, 220 | 262.70 | 260, 295 | 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. | 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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