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Stock picks for September 24
Hemen Kapadia/ Morpheus Inc |
September 23, 2003 20:25 IST
The market has staged what is by now a trademark recovery to bounce back smartly from its intra-day lows to end in positive territory.
Banks, pharma, FMCG, IT, PSUs and capital goods all ended positive in varying degrees while the consumer durables sector ended slightly negative.
Volume registered an increase (read as turnover) while the undertone was cautious.
Sensex --Last Close: 4231.69 | Support: 4166, 4028 | Resistance: 4328, 4409
Trading Range -- The Sensex opened at 4138.01, moved up to an intra-day high of 4240.02, declined to an intra-day low of 4111.54 and closed at 4231.69.
Review/Outlook -- The Sensex has reflected minor strength by giving an upward "key" reversal (bullish intra-day pattern) and is expected to appreciate further in intra-day movements while the low volume yesterday seems to suggest volatile movements today also.
Ashok Leyland --Last Close: 174.55 | Support: 159, 123 | Resistance: 190, 225
Trading Range -- The scrip opened at 169.40, moved up to an intra-day high of 175.90, declined to an intra-day low of 167.95 and closed at 174.55.'
Review/Outlook -- The scrip has reflected short-term strength by closing above a tested supply line and with the indicators looking positive, a further upside seems to be on the cards.
Bhel --Last Close: 381.75 | Support: 370, 321 | Resistance: 403, 436
Trading Range -- The scrip opened at 364.00, moved up to an intra-day high of 383.90, declined to an intra-day low of 362.00 and closed at 381.75.
Review/Outlook -- The scrip has reflected strength by entering an intermediate uptrend and with the indicators looking positive, a further upside seems to be on the cards.
Hero Honda --Last Close: 287.10 | Support: 272, 254 | Resistance: 311, 330
Trading Range -- The scrip opened at 282.70, moved up to an intra-day high of 288.75, declined to an intra-day low of 277.50 and closed at 287.10.
Review/Outlook -- The scrip has reflected strength by overcoming a "working" supply line and with the indicators looking positive, a further upside seems to be on the cards.
ICICI Bank --Last Close: 192.65 | Support: 191, 154 | Resistance: 214, 242
Trading Range -- The scrip opened at 186.00, moved up to an intra-day high of 193.50, declined to an intra-day low of 184.00 and closed at 192.65.
Review/Outlook -- The scrip has reflected short-term strength by giving an upward breakout from a consolidation pattern and with the indicators looking positive, a further upside seems to be on the cards.
| Scrip | -- Support -- | -- Last Close -- | -- Resistance -- | Trend | | ACC | 188, 175 | 190.20 | 203, 219 | Dt | | HLL | 172, 163 | 181.10 | 183, 192 | Dt | | INFOSYS | 3977, 3468 | 4314.70 | 4360, 4816 | Sd | | ITC | 729, 665 | 792.25 | 802, 882 | Dt | | MTNL | 103, 85 | 113.05 | 115, 124 | Dt | | RIL | 407, 374 | 414.00 | 452, 500 | Dt | | SATYAM | 224, 199 | 242.65 | 253, 301 | Sd | | SBI | 415, 380 | 417.35 | 450, 488 | Sd | | TATA MOTORS | 284, 260 | 291.15 | 302, 328 | Sd | | TISCO | 231, 220 | 255.95 | 260, 295 | Dt | | 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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