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Stock picks for September 26
Hemen Kapadia/ Morpheus Inc |
September 25, 2003 22:03 IST
The market has been unable to sustain itself at higher levels and has retreated after a decent opening to end in negative territory.
Banks, FMCG, IT and capital goods all ended negative in varying degrees while consumer durables, PSUs and pharma sectors ended positive.
Volume registered an increase (read as turnover) while the undertone was cautious.
Sensex --Last Close: 4297.15 | Support: 4166, 4028 | Resistance: 4328, 4409
Trading Range -- The Sensex opened at 4347.23, moved up to an intra-day high of 4360.72, declined to an intra-day low of 4285.01 and closed at 4297.15.
Review/Outlook -- The Sensex has reflected indecision by staying within the previous day's trading range but has ended negative on higher volume. The picture has turned hazy for the time being and it would better to wait for a clearer picture to emerge.
Nirma --Last Close: 353.10 | Support: 333, 291 | Resistance: 365, 424
Trading Range -- The scrip opened at 375.00, moved up to an intra-day high of 378.80, declined to an intra-day low of 350.05 and closed at 353.10.
Review/Outlook -- The scrip has reflected weakness by giving a downward breakout from a distribution pattern and with the indicators looking negative, a further downside seems to be on the cards.
Videocon International --Last Close: 55.00 | Support: 40, 28 | Resistance: 58, 80
Trading Range -- The scrip opened at 57.90, moved up to an intra-day high of 57.90, declined to an intra-day low of 54.80 and closed at 55.00.
Review/Outlook -- The scrip has reflected weakness by entering a short-term downtrend and with the indicators looking negative, a further downside seems to be on the cards.
Titan --Last Close: 75.80 | Support: 70, 50 | Resistance: 83, 103
Trading Range -- The scrip opened at 70.20, moved up to an intra-day high of 77.00, declined to an intra-day low of 70.00 and closed at 75.80.
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.
Sesa Goa --Last Close: 284.25 | Support: 267, 229 | Resistance: 300, 326
Trading Range -- The scrip opened at 271.70, moved up to an intra-day high of 287.00, declined to an intra-day low of 271.05 and closed at 284.25.
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 | 193.95 | 203, 219 | Sd | | HLL | 172, 163 | 179.55 | 183, 192 | Sd | | INFOSYS | 4360, 3977 | 4514.85 | 4816, 5600 | Tu | | ITC | 802, 729 | 814.80 | 882, 963 | Sd | | MTNL | 103, 85 | 113.95 | 115, 124 | Sd | | RIL | 407, 374 | 418.85 | 452, 500 | Sd | | SATYAM | 224, 199 | 243.85 | 253, 301 | Tu | | SBI | 415, 380 | 416.30 | 450, 488 | Sd | | TATA MOTORS | 284, 260 | 292.30 | 302, 328 | Sd | | TISCO | 260, 231 | 260.85 | 295, 316 | 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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