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Stock picks for July 18

Hemen Kapadia/ Morpheus Inc | July 17, 2003 22:50 IST

The market has come off sharply from its intra-day high to end in negative territory. Banks, capital goods, consumer durables, FMCG, pharma, IT and PSUs all came under pressure to end on a negative note.

Volume registered an increase (read as turnover) while the undertone was shaky.

Sensex --Last Close: 3668.91 | Support: 3651, 3545 | Resistance: 3759, 3895

Trading Range -- The Sensex opened at 3728.84, moved up to an intra-day high of 3750.00, declined to an intra-day low of 3660.34 and closed at 3668.91.

Review/Outlook -- The Sensex has reflected weakness by giving a downward "key" reversal (bearish intra-day pattern) on higher volume while further weakness seems possible.

ABB --Last Close: 360.30 | Support: 350, 330 | Resistance: 362, 380

Trading Range -- The scrip opened at 372.50, moved up to an intra-day high of 374.00, declined to an intra-day low of 360.00 and closed at 360.30.

Review/Outlook -- The scrip has reflected weakness by giving a downward "bar" reversal (bearish intra-day pattern) and with the oscillators looking weak, a further downside seems possible.

Aurobindo Pharma --Last Close: 386.90 | Support: 350, 317 | Resistance: 395, 432

Trading Range -- The scrip opened at 399.95, moved up to an intra-day high of 409.00, declined to an intra-day low of 385.00 and closed at 386.90.

Review/Outlook -- The scrip has reflected weakness by giving a downward "bar" reversal (bearish intra-day pattern) and with the oscillators signalling a sell, a further downside cannot be ruled out.

Bharat Forge --Last Close: 359.45 | Support: 352, 332 | Resistance: 375, 400

Trading Range -- The scrip opened at 370.75, moved up to an intra-day high of 375.90, declined to an intra-day low of 357.60 and closed at 359.45.

Review/Outlook -- The scrip has closed below a minor demand line and with the oscillators looking negative, further depreciation seems to be on the cards.

Century --Last Close: 78.75 | Support: 75, 65 | Resistance: 85, 97

Trading Range -- The scrip opened at 80.40, moved up to an intra-day high of 81.90, declined to an intra-day low of 78.05 and closed at 78.75.

Review/Outlook -- The scrip has reflected weakness by giving downward "key" reversal (bearish intra-day pattern) and with the indicators looking weak, a further downside seems to be on the cards.

Stock Track
ScripSupportLast CloseResistanceTrend
ACC175, 166176.85188, 203Up
HLL155, 141157.50163, 172Td
INFOSYS2985, 24053453.803468, 3977Sd
ITC729, 665750.75759, 802Td
MTNL103, 95111.70115, 124Td
RIL324, 302337.60345, 374Up
SATYAM173, 149175.05199, 224Td
SBI415, 380417.40450, 488Up
TELCO215, 199216.95232, 260Up
TISCO189, 175194.70207, 220Up
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.

Sebi Disclosure: The author has no positions in the stocks mentioned above


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