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Stock pick of the day

By Hemen Kapadia, Morpheus Inc
November 02, 2005 11:01 IST
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The market has not been able to sustain itself after facing selling pressure at higher levels to end moderately in positive territory. Banks, Capital Goods, Pharma, Consumer Durables, FMCG, IT and PSU's have all ended positive in varying degrees while no sector has ended in negative territory. Volume registered a sharp decrease (read as turnover) while the undertone seemed hopeful.

Sensex (Daily)

Last Close - 7944.10 | Support - 7843, 7790 | Resistance - 7983, 8083

Trading Range - The Sensex opened at 7989.86, moved up to an intra-day high of 8023.52, declined to an intra-day low of 7914.77 and closed at 7944.10.

Review/Outlook - The Sensex been able to sustain itself at higher levels while the outlook hasn't changed much. A range bound movement today with an upward bias cannot be ruled out and for any significant upside to materialise, the Sensex will have to sustain above the 8024 level.

Nesco Ltd (Daily)

Last Close - 554.40 | Support - 550, 483 | Resistance - 613, 650

Trading Range - The scrip opened at 554.40, moved up to an intra-day high of 554.40, declined to an intra-day low of 554.40 and closed at 554.40.

Review/Outlook - The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.

Denison Hydro (Daily)

Last Close - 266.15 | Support - 260, 240 | Resistance - 285, 300

Trading Range - The scrip opened at 252.25, moved up to an intra-day high of 266.15, declined to an intra-day low of 252.25 and closed at 266.15.

Review/Outlook - The scrip has reflected strength by appreciating from open to close and with the indicators looking positive, a further upside seems to be on the cards.

Nandan Exim (Daily)

Last Close - 117.00 | Support - 110, 091 | Resistance - 128, 143

Trading Range - The scrip opened at 110.00, moved up to an intra-day high of 117.00, declined to an intra-day low of 110.00 and closed at 117.00.

Review/Outlook - The scrip has reflected strength by appreciating with an upward gap and with the indicators looking positive, a further upside seems to be on the cards.

Ushdev Intnl (Daily)

Last Close - 061.90 | Support - 060, 054 | Resistance - 073, 086

Trading Range - The scrip opened at 061.75, moved up to an intra-day high of 062.70, declined to an intra-day low of 058.60 and closed at 061.90.

Review/Outlook - The scrip has reflected strength after receiving support from the 060 level and with the indicators looking positive, a further upside seems to be on the cards.

Daily Stock Track

Scrip

Support

Last Close

Resistance

Trend

ACC

420, 398

538.95

450, 477

Td

DR. REDDY

798, 794

803.20

850, 879

Td

HLL

155, 149

162.40

163, 172

Dt

INFOSYS

2460, 2313

2467.70

2537, 2650

Dt

ITC

108, 101

115.75

117, 126

Dt

RIL

740, 713

751.20

780, 800

Td

SATYAM

580, 560

589.95

645, 700

Td

SBI

800, 750

830.65

850, 900

Dt

T MOTORS

472, 448

484.60

494, 518

Td

TISCO

331, 316

338.65

349, 361

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, 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, Ob -- Overbought, Os - Oversold.

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 is an active market participant and could be having positions in the stocks mentioned above.

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Hemen Kapadia, Morpheus Inc
 

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