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Home > Business > Market Report > Technicals
Trading strategy for April 11
Hemen Kapadia/Morpheus Inc |
April 10, 2003 19:18 IST
The market is reeling under the software onslaught led by Infosys and there was virtually blood on the streets. Sentiment has been badly battered and the situation still remains grim. Sensex (Daily) | Last Close- 3035.33 | Support- 3007, 2922| Resistance- 3110, 3210 Trading Range- The Sensex opened at 3137.24, moved up to an intra-day high of 3137.24, declined to an intra-day low of 3021.74 and closed at 3035.33. Review/Outlook -The Sensex has accentuated its weakness and has posted a new five-month low. Important levels have been breached and a further downside seems possible. ACC (Daily) | Last Close- 140.60 | Support- 135, 127 | Resistance- 143, 148 Trading Range -The scrip opened at 142.50, moved up to an intra-day high of 142.70, declined to an intra-day low of 139.05 and closed at 140.60. Review/Outlook -The scrip has slipped below its support level of 143, indicating short-term weakness while the oscillators seem to be infavour of further depreciation. Dr Reddy (Daily) | Last Close- 931.55 | Support- 919, 879 | Resistance- 998, 1081 Trading Range- The scrip opened at 923.25, moved to an intra-day high of 938.75, declined to an intra-day low of 920.00 and closed at 931.55. Review/Outlook- The scrip seems to be in a constructive uptrend and has once again gained ground after a minor consolidation while further progress seems to be on the cards. ITC (Daily) | Last Close- 673.95 | Support- 665, 592 | Resistance- 729, 802 Trading Range- The scrip opened at 659.00, moved up to an intra-day high of 677.90, declined to an intra-day low of 654.00 and closed at 673.95. Review/Outlook- The scrip has outperformed the market in the short-term and seems set to do so in the medium-term also while some selling pressure could come in at the 687 level. SBI (Daily) | Last Close- 290.90 | Support- 276, 258 | Resistance- 293, 314 Trading Range- The scrip opened at 283.50, moved up to an intra-day high of 293.35, declined to an intra-day low of 281.40 and closed at 290.90. Review/Outlook- The scrip has bounced back smartly after taking support on the 10 and 55 day averages indicating its intention to further carry on this positive movement. Scrip | Support | Last Close | Resistance | Trend | ACC | 135, 127 | 140.60 | 143,148 | Td | HLL | 141,127 | 143.75 | 155,163 | Dt | INFOSYS | 2985, 2405 | 3044.60 | 3468, 3977 | Dt | ITC | 665, 592 | 673.95 | 729, 802 | Tu | MTNL | 95,85 | 98.90 | 103, 115 | Tu | RIL | 269,242 | 285.50 | 302,324 | Sd | SATYAM | 149, 109 | 150.70 | 173, 199 | Dt | SBI | 276,258 | 290.90 | 293,314 | Tu | TELCO | 148,135 | 161.00 | 168,186 | Td | TISCO | 139,131 | 139.10 | 150,166 | 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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What do you think about the story?
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Read what others have to say:
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Number of User Comments: 3
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Sub: Trading strategy
I look at Stock Track and it is useful to know the trend of the scrips. If you can add a row for sensex it ...
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Posted by S.S.Guna
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Sub: day trading.......
sir. nice to have such comments in this ...but will you able to provide some hints.. on day trading scrips? if yes this can be ...
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Posted by pintu chakraborty
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Sub: trading strategy
Rediff, pls don't get into this area of advice on stock market, pls stick to your core competency of general reporting - there are umpteen ...
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Posted by himesh shah
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