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November 11, 2002 | 1900 IST
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Trading strategy for November 12, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 2948.04
Support: 2922, 2826
Resistance: 3007, 3101

Trading Range: The Sensex opened at 2954.99, moved up to an intra-day high of 2959.12, declined to an intra-day low of 2942.16 and closed at 2948.04.

Review/Outlook: The Sensex outlook hasn't changed much and it remains in the midst of a minor correction. The Sensex needs to overcome the 2955 level during intra-day movements to stage a small recovery meanwhile a continuation of its current sideways/downward movement cannot be ruled out. It needs to overcome the 2995 level on the daily chart and the 3040 level on the weekly chart for further appreciation to take place.

Britannia
Last Close: 523.70
Support: 505, 485
Resistance: 530, 555

Trading Range: The scrip opened at 522.00, moved up to an intra-day high of 525.00, declined to an intra-day low of 520.10 and closed at 523.70.

Review/Outlook: The scrip has been waging a constant battle with the 10 and 55 day average, only now it seems like winning. The oscillators seem to be on the recovery path and Britannia could appreciate above the 525 level on the intra-day chart and the 530 level on the daily chart.

Cipla
Last Close: 872.50
Support: 840, 812
Resistance: 888, 925

Trading Range: The scrip opened at 868.50, moved up to an intra-day high of 876.50, declined to an intra-day low of 864.00 and closed at 872.50.

Review/Outlook: The scrip has been facing selling pressure from a supply line for the past couple of trading sessions. The oscillators are a picture of strength, indicating that Cipla is quite likely to overcome this supply line and appreciate further.

Dr Reddy
Last Close: 701.90
Support: 695, 660
Resistance: 723, 755

Trading Range: The scrip opened at 697.10, moved up to an intra-day high of 708.70, declined to an intra-day low of 689.50 and closed at 701.90.

Review/Outlook: The scrip finally seems to be in the process of a recovery after making a small base on the daily chart. Dr. Reddy looks poised to give an overdue relief rally while the volume continues to be reassuring.

NIIT
Last Close: 129.30
Support: 126, 116
Resistance: 140, 155

Trading Range: The scrip opened at 125.00, moved up to an intra-day high of 130.60, declined to an intra-day low of 123.35 and closed at 129.30.

Review/Outlook: The scrip has finally managed to close above the 126 level after 9 trading sessions and numerous minor attempts. The oscillators seem to be supporting this rise while volume has also responded favourably indicating scope for appreciation.

Stock Track
Scrip Support Last Close Resistance Trend
ACC 135, 126 141.50 143, 148 Tu
HLL 155, 141 159.45 163, 172 Sd
INFOSYS 3468, 2985 3938.80 3977, 4360 Sd
ITC 592, 541 614.80 665, 729 Sd
MTNL 85, 63 94.70 95, 103 Sd
RIL 242, 217 255.90 269, 298 Sd
SATYAM 224, 200 237.30 253, 301 Sd
SBI 223, 213 234.50 235, 248 Sd
TELCO 135, 121 143.55 148, 166 Sd
TISCO 118, 110 123.65 125, 131 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.

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