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Money> Technicals November 11, 2002 | 1900 IST |
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Trading strategy for November 12, 2002Hemen Kapadia/Morpheus Inc Sensex 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 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 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 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 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.
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