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Trading strategy for November 20, 2002

Hemen Kapadia/Morpheus Inc

Sensex
Last Close: 3057.16
Support: 3007, 2922
Resistance: 3101, 3210

Trading Range: The Sensex opened at 3046.90, moved up to an intra-day high of 3071.28, declined to an intra-day low of 3041.34 and closed at 3057.16.

Review/Outlook: The Sensex has given a 135 point rally over the last 5 trading sessions and it is beginning to look just a wee bit heavy on the intra-day charts. Further progress above the 3072 level can be expected but the Sensex runs into stiff resistance at higher levels.

Essel Packaging
Last Close: 190.80
Support: 188, 185
Resistance: 195, 206

Trading Range: The scrip opened at 188.50, moved up to an intra-day high of 192.00, declined to an intra-day low of 188.45 and closed at 190.80.

Review/Outlook: The scrip seems to be in the last stages of its 8 trading session old sideways movement and needs to decisively overcome the 191 level to spark off an overdue relief rally.

Hindalco
Last Close: 539.75
Support: 535, 518
Resistance: 542, 554

Trading Range: The scrip opened at 537.00, moved up to an intra-day high of 541.00, declined to an intra-day low of 535.00 and closed at 539.75.

Review/Outlook: The scrip is hanging around these levels for the past 5 trading sessions trying to overcome the 540 level. Hindalco has recovered to close above the 55 day average indicating its intention to appreciate further from here.

NIIT
Last Close: 136.90
Support: 126, 116
Resistance: 140, 155

Trading Range: The scrip opened at 133.00, moved up to an intra-day high of 138.00, declined to an intra-day low of 132.50 and closed at 136.90.

Review/Outlook: The scrip has finally managed to overcome a tried and tested supply line on the daily chart. The oscillators seem to be supporting the move indicating scope for an upward movement barring some resistance from the 55 day average which is currently placed at 139.

Sesa Goa
Last Close: 62.95
Support: 60, 57
Resistance: 65, 69

Trading Range: The scrip opened at 062.45, moved up to an intra-day high of 063.65, declined to an intra-day low of 061.75 and closed at 062.95.

Review/Outlook: The scrip is recovering from lower levels and seems poised to form a minor higher top, higher bottom formation. The oscillators are a picture of strength indicating that this current recovery might be the beginning of an intermediate uptrend.

Stock Track

Scrip Support Last Close Resistance Trend ACC 148, 143 151.60 153, 165 Up HLL 163, 155 164.00 172, 183 Tu INFOSYS 3977, 3468 4233.35 4360, 4816 Sd ITC 592, 541 624.95 665, 729 Tu MTNL 95, 85 99.10 103, 115 Tu RIL 269, 242 271.20 298, 324 Tu SATYAM 253, 224 264.25 301, 345 Sd SBI 235, 223 239.20 248, 258 Sd TELCO 148, 135 158.30 166, 186 Tu TISCO 125, 118 130.45 131, 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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