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Trading strategy for November 18, 2002

Hemen Kapadia/Morpheus Inc

SENSEX
Last Close: 3033.91
Support: 3007, 2922
Resistance: 3101, 3210

Trading Range: The Sensex opened at 2997.47, moved up to an intra-day high of 3037.61, declined to an intra-day low of 2997.41 and closed at 3033.91.

Review/Outlook: The Sensex has reflected strength by moving up with a gap and has overcome the 2995 level with relative ease. It seems set to appreciate further but resistance comes in at the 3040 level.

BAJAJ AUTO
Last Close: 452.20
Support: 433, 409
Resistance: 457, 472

Trading Range: The scrip opened at 441.50, moved up to an intra-day high of 455.70, declined to an intra-day low of 440.00 and closed at 452.20.

Review/Outlook: The scrip continues its upward march and has overcome its tested supply line during this journey. It has also closed above the 450 level showing short term strength and will to appreciate further.

PENTAMEDIA
Last Close: 18.85
Support: 18, 15
Resistance: 22, 25

Trading Range: The scrip opened at 018.35, moved up to an intra-day high of 018.95, declined to an intra-day low of 018.35 and closed at 018.85.

Review/Outlook: The scrip seems set for a major rebound after being battered down badly. Pentamedia is looking highly oversold on the weekly chart and there are bright chances of a smart rally being built up from current levels.

SSI
Last Close: 88.10
Support: 86, 82
Resistance: 89, 97

Trading Range: The scrip opened at 086.50, moved up to an intra-day high of 089.00, declined to an intra-day low of 085.55 and closed at 088.10.

Review/Outlook: The scrip has made a minor higher top higher bottom formation and is quite oversold like many of the information technology stocks. The oscillators are a picture of strength and a rally seems to be on the cards.

TV 18
Last Close: 57.35
Support: 56, 51
Resistance: 58, 62

Trading Range: The scrip opened at 056.90, moved up to an intra-day high of 057.85, declined to an intra-day low of 056.15 and closed at 057.35.

Review/Outlook: The scrip seems to be making a small base for the past 13 trading sessions and has only yesterday shown signs of life. TV 18 is all set to give a corrective rally from here barring some resistance from the 59 level.

Stock Track

Scrip Support Last Close Resistance Trend ACC 153, 148 153.80 165, 175 Up HLL 155, 141 158.95 163, 172 Sd INFOSYS 3977, 3468 4330.80 4360, 4816 Up ITC 592, 541 617.90 665, 729 Sd MTNL 95, 85 96.10 103, 115 Sd RIL 242, 217 268.15 269, 298 Sd SATYAM 253, 224 265.35 301, 345 Up SBI 223, 213 236 235, 248 Sd TELCO 148, 135 158.25 166, 186 Tu TISCO 125, 118 126.70 131, 139 Tu 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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