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Trading strategy for November 14, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 2960.66
Support: 2922, 2826
Resistance: 3007, 3101

Trading Range: The Sensex opened at 2972.35, moved up to an intra-day high of 2977.67, declined to an intra-day low of 2957.19 and closed at 2960.66.

Review/Outlook: The Sensex has given a slightly weak closing after facing selling pressure at higher levels. Intra-day weakness could come in below the 2955 level while the Sensex could remain relatively range bound.

Ashok Leyland
Last Close: 085.40
Support: 79, 72
Resistance: 86, 92

Trading Range: The scrip opened at 087.40, moved up to an intra-day high of 087.75, declined to an intra-day low of 085.15 and closed at 085.40.

Review/Outlook: The scrip has reflected weakness by closing below the 10 and 55 day moving average besides the short term support level of 86. The oscillators are in a similar situation and seem to suggest a further decline.

Cipla
Last Close: 877.10
Support: 840, 812
Resistance: 888, 925

Trading Range: The scrip opened at 874.90, moved up to an intra-day high of 879.85, declined to an intra-day low of 870.00 and closed at 877.10.

Review/Outlook: The scrip has been facing selling pressure from a supply line for the past few trading sessions. Only yesterday, Cipla has overcome this supply line, indicating its intention to appreciate further over the short term.

Finolex Cables
Last Close: 101.65
Support: 98, 93
Resistance: 104, 110

Trading Range: The scrip opened at 100.00, moved up to an intra-day high of 101.90, declined to an intra-day low of 099.75 and closed at 101.65.

Review/Outlook: The scrip has given a small bounce after taking support on the 100 level and is due for a much delayed relief rally. The oscillators seem to suggest an upmove in the making barring some selling pressure from the 104 level.

Mirc Electronics
Last Close: 368.00
Support: 365, 355
Resistance: 374, 379

Trading Range: The scrip opened at 372.00, moved up to an intra-day high of 372.80, declined to an intra-day low of 368.00 and closed at 368.00.

Review/Outlook: The scrip has made a lower top, lower bottom pattern signifying some weakness. It has closed below the 10 and 55 day average indicating its readiness to depreciate further.

Stock Track

Scrip Support Last Close Resistance Trend ACC 143, 135 145.80 148, 153 Tu HLL 155, 141 159.45 163, 172 Sd INFOSYS 3468, 2985 3963.95 3977, 4360 Sd ITC 592, 541 610.70 665, 729 Sd MTNL 95, 85 95.65 103, 115 Sd RIL 242, 217 262.80 269, 298 Sd SATYAM 224, 200 240.10 253, 301 Sd SBI 223, 213 234.90 235, 248 Sd TELCO 135, 121 145.45 148, 166 Sd TISCO 118, 110 124.40 125, 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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