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Trading strategy for November 15, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 2986.56
Support: 2922, 2826
Resistance: 3007, 3101

Trading Range: The Sensex opened at 2963.82, moved up to an intra-day high of 2991.61, declined to an intra-day low of 2963.82 and closed at 2986.56.

Review/Outlook: The Sensex has closed on a positive note by overcoming the 2979 level but faces selling pressure at the 2995 level. While the Sensex could gain some ground, it needs to remain above the 2979 level to continue its progress.

HCL Tech
Last Close: 167.95
Support: 165, 139
Resistance: 193, 214

Trading Range: The scrip opened at 164.10, moved up to an intra-day high of 169.20, declined to an intra-day low of 162.40 and closed at 167.95.

Review/Outlook: The scrip has sprung back to life after 14 trading sessions of promising but inconclusive sideways movement. Hcl Tech is poised to overcome resistance from the 10 day average and with volume also improving, there is hope for appreciation.

Hexaware
Last Close: 82.30
Support: 77, 65
Resistance: 88, 99

Trading Range: The scrip opened at 080.00, moved up to an intra-day high of 083.50, declined to an intra-day low of 079.70 and closed at 082.30.

Review/Outlook: The scrip has recovered after receiving support from the 80 level and has closed above the 55 day moving average. The mechanical indicators seem to be pointing towards further progress while volume is also reassuringly high.

Punjab Tractor
Last Close: 129.65
Support: 126, 121
Resistance: 132, 140

Trading Range: The scrip opened at 128.00, moved up to an intra-day high of 130.00, declined to an intra-day low of 126.00 and closed at 129.65.

Review/Outlook: The scrip has staged a smart intra-day recovery and also managed to overcome the 55 day average. The short term trend appears to be up while yesterdays movement seems to suggest continuation of this uptrend.

Zee Tele
Last Close: 91.05
Support: 85, 71
Resistance: 106, 124

Trading Range: The scrip opened at 089.00, moved up to an intra-day high of 091.65, declined to an intra-day low of 088.60 and closed at 091.05.

Review/Outlook: The scrip has finally closed above the 90 level after 5 trading sessions and a couple of attempts. The oscillators seem to suggest the onset of an overdue corrective rally and further appreciation cannot be ruled out.

Stock Track

Scrip Support Last Close Resistance Trend ACC 143, 135 147.00 148, 153 Up HLL 155, 141 158.05 163, 172 Sd INFOSYS 3977, 3468 4133.50 4360, 4816 Tu ITC 592, 541 611.65 665, 729 Sd MTNL 95, 85 96.50 103, 115 Sd RIL 242, 217 264.90 269, 298 Sd SATYAM 224, 200 247.95 253, 301 Tu SBI 223, 213 233.80 235, 248 Sd TELCO 135, 121 146.80 148, 166 Sd TISCO 118, 110 123.85 125, 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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